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

Exhibit 99.2

Investor Contact
Helen M. Wilson Phone: (441) 299-9283 Fax: (441) 292-8675	This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
email: investorrelations@acegroup.com	Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect the company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the company’s forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
	The company’s forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ACE Limited Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters		2
	- Summary Consolidated Balance Sheets		3
	- Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business		4 - 5
	- Consolidating Statement of Operations		6 - 7
III.	Segment Results
	- Insurance - North American		8
	- Insurance - Overseas General		9
	- Global Reinsurance		10
	- Life		11 - 12
IV.	Balance Sheet Details
	- Loss Reserve Rollforward		13
	- Reinsurance Recoverable Analysis		14
	- Investment Portfolio		15 - 21
	- Net Realized and Unrealized Gains (Losses)		22
	- Capital Structure		23 - 24
	- Computation of Basic and Diluted Earnings Per Share		25
V.	Other Disclosures
	- Non-GAAP Financial Measures		26
	- Book Value and Book Value per Common Share		27
	- Comprehensive Income		28
	- Glossary		29

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

	Three  months ended September 30						% Change 3Q-10 vs. 3Q-09			Constant $ 2009(2)		% Change 3Q-10 vs. 3Q-09(2)			Nine months ended September 30						%  Change YTD-10 vs. YTD-09			Constant $ 2009(2)		%  Change YTD-10 vs. YTD-09(2)
	2010			2009											2010			2009
Gross premiums written	$	5,002		$	5,005			0	%	$	4,991		0	%	$	14,946		$	14,657			2	%	$	14,889		0	%
Net premiums written	$	3,295		$	3,155			4	%	$	3,150		5	%	$	10,286		$	9,994			3	%	$	10,193		1	%
Net premiums earned	$	3,422		$	3,393			1	%	$	3,379		1	%	$	9,932		$	9,853			1	%	$	10,037		-1	%
Net investment income	$	516		$	511			1	%						$	1,538		$	1,519			1	%
Net income	$	675		$	494			37	%						$	2,107		$	1,596			32	%
Income excluding net realized gains (losses) (1)	$	688		$	701			-2	%						$	1,955		$	2,076			-6	%
Comprehensive income	$	1,491		$	2,270			NM							$	3,394		$	4,297			-21	%
Operating cash flow	$	1,084		$	1,010			7	%						$	2,775		$	2,332			19	%
P&C combined ratio
Loss and loss expense ratio		58.2	%		58.2	%										59.6	%		58.7	%
Underwriting and administrative expense ratio		30.2	%		29.9	%										30.6	%		29.1	%
Combined ratio		88.4	%		88.1	%										90.2	%		87.8	%
Annualized ROE*		13.4	%		15.8	%										13.1	%		16.2	%
Annualized ROE on net income		12.2	%		11.2	%										13.2	%		12.8	%
Effective tax rate on income excluding net realized gains (losses)		18.7	%		17.9	%										16.9	%		17.5	%
Diluted earnings per share
Income excluding net realized gains (losses) (1)	$	2.01		$	2.07			-3	%						$	5.73		$	6.16			-7	%
Net income	$	1.97		$	1.46			35	%						$	6.18		$	4.73			31	%
Book value per common share	$	67.34		$	55.71			21	%
Tangible book value per common share	$	55.83		$	44.49			25	%
Weighted average basic common shares outstanding		340.2			337.2											339.5			336.5
Weighted average diluted common shares outstanding		341.9			338.4											340.8			337.1
Debt/total capitalization		12.5	%		15.6	%

(1) See Non-GAAP Financial Measures.

(2) Prior periods on a constant dollar basis.

* Calculated using income excluding net realized gains (losses).

Financial Highlights Page 1

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

ACE Limited Consolidated

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Consolidated Results Excluding Life Segment
Gross premiums written	$	4,624		$	4,756		$	4,400		$	4,110		$	4,622		$	13,780		$	13,505		$	17,615
Net premiums written		2,922			3,029			3,186			2,915			2,783			9,137			8,909			11,824
Net premiums earned		3,036			2,845			2,897			3,018			3,031			8,778			8,792			11,810
Losses and loss expenses		1,768			1,671			1,790			1,784			1,764			5,229			5,156			6,940
Policy benefits		—			1			3			1			—			4			3			4
Policy acquisition costs		542			470			493			504			508			1,505			1,410			1,914
Administrative expenses		374			409			402			416			400			1,185			1,152			1,568
Underwriting income excluding Life segment		352			294			209			313			359			855			1,071			1,384
Life underwriting income excluding investment income		50			53			46			60			52			149			108			168
Net investment income		516			518			504			512			511			1,538			1,519			2,031
Net realized gains (losses)		(50	)		9			168			373			(223	)		127			(569	)		(196	)
Interest expense		58			52			52			56			60			162			169			225
Other income (expense)(1)		25			(3	)		4			(41	)		(51	)		26			(44	)		(85	)
Income tax expense		160			142			124			208			94			426			320			528
Net income		675			677			755			953			494			2,107			1,596			2,549
Net realized gains (losses)		(50	)		9			168			373			(223	)		127			(569	)		(196	)
Net realized gains (losses) in other income (expense) (1)		39			3			10			(31	)		(43	)		52			(32	)		(63	)
Tax expense (benefit) on net realized gains (losses)		2			23			2			72			(59	)		27			(121	)		(49	)
Income excluding net realized gains (losses)(2)	$	688		$	688		$	579		$	683		$	701		$	1,955		$	2,076		$	2,759
% Change versus prior year period(3)
Net premiums written		5	%		-1	%		4	%		9	%		-5	%		3	%		-3	%		0	%
Net premiums earned		0	%		-2	%		1	%		5	%		-7	%		0	%		-4	%		-2	%
Net premiums written constant $		5	%		-3	%		0	%		4	%		-1	%		1	%		2	%		3	%
Net premiums earned constant $		1	%		-4	%		-3	%		1	%		-4	%		-2	%		2	%		2	%
Other ratios
Net premiums written/gross premiums written		63	%		64	%		72	%		71	%		60	%		66	%		66	%		67	%
Effective tax rate on income excluding net realized gains (losses)		18.7	%		14.7	%		17.4	%		16.6	%		17.9	%		16.9	%		17.5	%		17.3	%
P&C combined ratio(3)
Loss and loss expense ratio		58.2	%		58.8	%		61.9	%		59.1	%		58.2	%		59.6	%		58.7	%		58.8	%
Policy acquisition cost ratio		17.9	%		16.5	%		17.0	%		16.7	%		16.7	%		17.1	%		16.0	%		16.2	%
Administrative expense ratio		12.3	%		14.4	%		13.9	%		13.8	%		13.2	%		13.5	%		13.1	%		13.3	%
Combined ratio		88.4	%		89.7	%		92.8	%		89.6	%		88.1	%		90.2	%		87.8	%		88.3	%
P&C expense ratio		30.2	%		30.9	%		30.9	%		30.5	%		29.9	%		30.6	%		29.1	%		29.5	%
P&C expense ratio excluding A&H		25.7	%		26.5	%		26.9	%		26.0	%		25.3	%		26.3	%		24.7	%		25.0	%
Large losses and other items (before tax)(3)
Reinstatement premiums (expensed) collected	$	(6	)	$	(5	)	$	(25	)	$	—		$	—		$	(36	)	$	1		$	1
Catastrophe losses	$	91		$	76		$	148		$	23		$	45		$	315		$	114		$	137
Prior period development excluding Life - unfavorable (favorable)(4)	$	(201	)	$	(149	)	$	(96	)	$	(147	)	$	(203	)	$	(446	)	$	(429	)	$	(576	)
Loss and loss expense ratio excluding catastophe losses and prior period development		61.7	%		61.2	%		61.1	%		63.3	%		63.4	%		61.4	%		62.3	%		62.5	%

(1) Net realized investment and derivative losses related to unconsolidated entities.

(2) See Non-GAAP Financial Measures.

(3) Presented excluding the Life segment to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure.

(4) For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Consolidated Results Page 2

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

	September  30 2010			June  30 2010			March  31 2010			December  31 2009
	(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
Assets
Fixed maturities available for sale, at fair value	$	41,103		$	41,554		$	40,564		$	39,525
Fixed maturities held to maturity, at amortized cost		5,977			3,222			3,335			3,481
Equity securities, at fair value		415			214			316			467
Short-term investments, at fair value		1,857			2,097			2,052			1,667
Other investments		1,619			1,462			1,472			1,375
Total investments		50,971			48,549			47,739			46,515
Cash		487			668			726			669
Securities lending collateral		1,629			1,429			1,611			1,544
Insurance and reinsurance balances receivable		3,694			3,958			3,685			3,671
Reinsurance recoverable on losses and loss expenses		13,475			13,132			13,335			13,595
Deferred policy acquisition costs		1,621			1,574			1,517			1,445
Value of business acquired		656			668			712			748
Prepaid reinsurance premiums		1,678			1,904			1,646			1,521
Goodwill and other intangible assets		3,906			3,836			3,883			3,931
Deferred tax assets		873			1,105			1,174			1,154
Investments in partially owned insurance companies		510			459			454			433
Other assets		2,888			2,878			2,847			2,754
Total assets	$	82,388		$	80,160		$	79,329		$	77,980
Liabilities
Unpaid losses and loss expenses	$	37,742		$	37,062		$	37,551		$	37,783
Unearned premiums		6,571			6,836			6,437			6,067
Future policy benefits		3,083			3,034			3,057			3,008
Insurance and reinsurance balances payable		3,091			3,331			3,147			3,295
Securities lending payable		1,653			1,454			1,639			1,586
Payable for securities purchased		473			400			534			154
Accounts payable, accrued expenses, and other liabilities		3,308			3,019			2,711			2,792
Short-term debt		155			147			150			161
Long-term debt		3,158			3,158			3,158			3,158
Trust preferred securities		309			309			309			309
Total liabilities		59,543			58,750			58,693			58,313
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		20,735			20,116			19,510			18,844
Accumulated other comprehensive income (AOCI)		2,110			1,294			1,126			823
Total shareholders’ equity		22,845			21,410			20,636			19,667
Total liabilities and shareholders’ equity	$	82,388		$	80,160		$	79,329		$	77,980
Book value per common share(1)	$	67.34		$	63.20		$	60.94		$	58.44
% change over prior quarter		7	%		4	%		4	%		5	%
Tangible book value per common share(1)	$	55.83		$	51.88		$	49.48		$	46.76
% change over prior quarter		8	%		5	%		6	%		5	%

(1) See Non-GAAP Financial Measures.

Consol Bal Sheet Page 3

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

	3Q-10		% of Total Consolidated			3Q-09		% of Total Consolidated			% Change 3Q-10 vs. 3Q-09			YTD 2010		% of Total Consolidated			YTD 2009		% of Total Consolidated			% Change YTD-10 vs. YTD-09
Net premiums written
Property and all other	$	953		29	%	$	954		30	%		0	%	$	3,099		30	%	$	3,293		33	%		-6	%
Casualty		1,420		43	%		1,293		41	%		10	%		4,324		42	%		3,992		40	%		8	%
Subtotal		2,373		72	%		2,247		71	%		6	%		7,423		72	%		7,285		73	%		2	%
Personal accident (A&H)(1)		792		24	%		789		25	%		0	%		2,470		24	%		2,365		24	%		4	%
Life (2)		130		4	%		119		4	%		9	%		393		4	%		344		3	%		14	%
Total consolidated	$	3,295		100	%	$	3,155		100	%		4	%	$	10,286		100	%	$	9,994		100	%		3	%
Add: Life deposits on investment contracts		51					109					-53	%		164					304					-46	%
Non-GAAP total net premium written	$	3,346				$	3,264					3	%	$	10,450				$	10,298					1	%
Net premiums earned
Property and all other	$	1,056		31	%	$	1,081		32	%		-2	%	$	2,871		29	%	$	3,062		31	%		-6	%
Casualty		1,399		41	%		1,383		41	%		1	%		4,206		42	%		4,122		42	%		2	%
Subtotal		2,455		72	%		2,464		73	%		0	%		7,077		71	%		7,184		73	%		-1	%
Personal accident (A&H) (1)		833		24	%		818		24	%		2	%		2,470		25	%		2,348		24	%		5	%
Life(2)		134		4	%		111		3	%		21	%		385		4	%		321		3	%		20	%
Total consolidated	$	3,422		100	%	$	3,393		100	%		1	%	$	9,932		100	%	$	9,853		100	%		1	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	548		80	%	$	564		80	%		-3	%	$	1,542		79	%	$	1,694		82	%		-9	%
Personal accident (A&H)(1)		105		15	%		102		15	%		3	%		306		16	%		291		14	%		5	%
Life (2)		35		5	%		35		5	%		0	%		107		5	%		91		4	%		18	%
Total consolidated	$	688		100	%	$	701		100	%		-2	%	$	1,955		100	%	$	2,076		100	%		-6	%
																							��

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

Line of Business Page 4

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business, Adjusted for Foreign Exchange (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated Constant Dollar

	3Q-10		Constant $ 3Q-09 (3)		Constant $ % Change 3Q-10 vs. 3Q-09(3)			YTD 2010		Constant $ YTD 2009 (3)		Constant $ % Change YTD-10 vs. YTD-09(3)
Net premiums written
Property, casualty, and all other	$	2,373	$	2,242		6	%	$	7,423	$	7,378		1	%
Personal accident (A&H)(1)		792		789		0	%		2,470		2,469		0	%
Life(2)		130		119		9	%		393		346		14	%
Total consolidated	$	3,295	$	3,150		5	%	$	10,286	$	10,193		1	%
Net premiums earned
Property, casualty, and all other	$	2,455	$	2,452		0	%	$	7,077	$	7,265		-3	%
Personal accident (A&H)(1)		833		816		2	%		2,470		2,449		1	%
Life(2)		134		111		21	%		385		323		19	%
Total consolidated	$	3,422	$	3,379		1	%	$	9,932	$	10,037		-1	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	548	$	559		-2	%	$	1,542		1,699		-9	%
Personal accident (A&H)(1)		105		102		3	%		306		308		-1	%
Life(2)		35		35		0	%		107		91		18	%
Total consolidated	$	688	$	696		-1	%	$	1,955	$	2,098		-7	%

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

(3) Prior periods on a constant dollar basis.

Line of Business 2 Page 5

ACE Limited Consolidating Statement of Operations Three months ended September 30, 2010 and 2009 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
September 30, 2010
Gross premiums written	$	2,759		$	1,584		$	281		$	—		$	4,624		$	378		$	5,002
Net premiums written		1,445			1,205			272			—			2,922			373			3,295
Net premiums earned		1,444			1,321			271			—			3,036			386			3,422
Losses and loss expenses		1,026			605			137			—			1,768			119			1,887
Policy benefits		—			—			—			—			—			93			93
Policy acquisition costs		165			326			51			—			542			65			607
Administrative expenses		112			204			14			44			374			59			433
Underwriting income (loss)		141			186			69			(44	)		352			50			402
Net investment income		287			118			71			(3	)		473			43			516
Net realized gains (losses)		(2	)		32			10			(5	)		35			(85	)		(50	)
Interest expense		6			—			—			52			58			—			58
Other income (expense)		20			4			10			(4	)		30			(5	)		25
Income tax expense (benefit)		108			63			12			(39	)		144			16			160
Net income (loss)		332			277			148			(69	)		688			(13	)		675
Net realized gains (losses)		(2	)		32			10			(5	)		35			(85	)		(50	)
Net realized gains (losses) in other income (expense)		20			9			10			—			39			—			39
Tax expense (benefit) on net realized gains (losses)		(2	)		6			1			(3	)		2			—			2
Income (loss) excluding net realized gains (losses)(1)	$	312		$	242		$	129		$	(67	)	$	616		$	72		$	688
September 30, 2009
Gross premiums written	$	2,730		$	1,677		$	215		$	—		$	4,622		$	383		$	5,005
Net premiums written		1,374			1,203			206			—			2,783			372			3,155
Net premiums earned		1,467			1,317			247			—			3,031			362			3,393
Losses and loss expenses		1,053			631			80			—			1,764			121			1,885
Policy benefits		—			—			—			—			—			79			79
Policy acquisition costs		142			316			50			—			508			59			567
Administrative expenses		146			204			15			35			400			51			451
Underwriting income (loss)		126			166			102			(35	)		359			52			411
Net investment income		278			121			65			4			468			43			511
Net realized gains (losses)		(25	)		40			(11	)		(15	)		(11	)		(212	)		(223	)
Interest expense		—			—			—			60			60			—			60
Other income (expense)		(4	)		(3	)		1			(45	)		(51	)		—			(51	)
Income tax expense (benefit)		47			56			9			(35	)		77			17			94
Net income (loss)		328			268			148			(116	)		628			(134	)		494
Net realized gains (losses)		(25	)		40			(11	)		(15	)		(11	)		(212	)		(223	)
Net realized gains (losses) in other income (expense)		(5	)		1			—			(42	)		(46	)		3			(43	)
Tax expense (benefit) on net realized gains (losses)		(59	)		6			(1	)		(4	)		(58	)		(1	)		(59	)
Income (loss) excluding net realized gains (losses)(1)	$	299		$	233		$	158		$	(63	)	$	627		$	74		$	701

(1) See Non-GAAP Financial Measures.

Segment 2010 Qtr Page 6

ACE Limited Consolidating Statement of Operations Nine months ended September 30, 2010 and 2009 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
September 30, 2010
Gross premiums written	$	7,538		$	5,242		$	1,000		$	—		$	13,780		$	1,166		$	14,946
Net premiums written		4,278			3,927			932			—			9,137			1,149			10,286
Net premiums earned		4,140			3,835			803			—			8,778			1,154			9,932
Losses and loss expenses		2,888			1,950			391			—			5,229			379			5,608
Policy benefits		—			4			—			—			4			263			267
Policy acquisition costs		447			905			153			—			1,505			192			1,697
Administrative expenses		407			613			41			124			1,185			171			1,356
Underwriting income (loss)		398			363			218			(124	)		855			149			1,004
Net investment income		852			347			213			(3	)		1,409			129			1,538
Net realized gains (losses)		163			102			69			(10	)		324			(197	)		127
Interest expense		6			—			—			156			162			—			162
Other income (expense)		21			5			16			(5	)		37			(11	)		26
Income tax expense (benefit)		322			136			31			(109	)		380			46			426
Net income (loss)		1,106			681			485			(189	)		2,083			24			2,107
Net realized gains (losses)		163			102			69			(10	)		324			(197	)		127
Net realized gains (losses) in other income (expense)		21			15			15			—			51			1			52
Tax expense (benefit) on net realized gains (losses)		12			20			1			(8	)		25			2			27
Income (loss) excluding net realized gains (losses)(1)	$	934		$	584		$	402		$	(187	)	$	1,733		$	222		$	1,955
September 30, 2009
Gross premiums written	$	7,472		$	5,080		$	953		$	—		$	13,505		$	1,152		$	14,657
Net premiums written		4,220			3,795			894			—			8,909			1,085			9,994
Net premiums earned		4,319			3,747			726			—			8,792			1,061			9,853
Losses and loss expenses		3,054			1,879			223			—			5,156			366			5,522
Policy benefits		—			3			—			—			3			253			256
Policy acquisition costs		394			869			147			—			1,410			161			1,571
Administrative expenses		433			569			41			109			1,152			173			1,325
Underwriting income (loss)		438			427			315			(109	)		1,071			108			1,179
Net investment income		816			355			210			6			1,387			132			1,519
Net realized gains (losses)		(242	)		(40	)		(47	)		(145	)		(474	)		(95	)		(569	)
Interest expense		—			—			—			169			169			—			169
Other income (expense)		(9	)		(12	)		—			(22	)		(43	)		(1	)		(44	)
Income tax expense (benefit)		219			131			38			(105	)		283			37			320
Net income (loss)		784			599			440			(334	)		1,489			107			1,596
Net realized gains (losses)		(242	)		(40	)		(47	)		(145	)		(474	)		(95	)		(569	)
Net realized gains (losses) in other income (expense)		(5	)		6			—			(40	)		(39	)		7			(32	)
Tax expense (benefit) on net realized gains (losses)		(104	)		(1	)		—			(14	)		(119	)		(2	)		(121	)
Income (loss) excluding net realized gains (losses)(1)	$	927		$	632		$	487		$	(163	)	$	1,883		$	193		$	2,076

(1) See Non-GAAP Financial Measures.

Segment 2010 YTD Page 7

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

Insurance - North American

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	2,759		$	2,649		$	2,130		$	2,196		$	2,730		$	7,538		$	7,472		$	9,668
Net premiums written		1,445			1,438			1,395			1,421			1,374			4,278			4,220			5,641
Net premiums earned		1,444			1,326			1,370			1,365			1,467			4,140			4,319			5,684
Losses and loss expenses		1,026			924			938			959			1,053			2,888			3,054			4,013
Policy acquisition costs		165			126			156			123			142			447			394			517
Administrative expenses		112			147			148			139			146			407			433			572
Underwriting income		141			129			128			144			126			398			438			582
Net investment income		287			287			278			278			278			852			816			1,094
Net realized gains (losses)		(2	)		85			80			252			(25	)		163			(242	)		10
Interest expense		6			—			—			1			—			6			—			1
Other income (expense)		20			(4	)		5			(27	)		(4	)		21			(9	)		(36	)
Income tax expense		108			110			104			165			47			322			219			384
Net income		332			387			387			481			328			1,106			784			1,265
Net realized gains (losses)		(2	)		85			80			252			(25	)		163			(242	)		10
Net realized gains (losses) in other income (expense)		20			1			—			(26	)		(5	)		21			(5	)		(31	)
Tax expense (benefit) on net realized gains (losses)		(2	)		12			2			63			(59	)		12			(104	)		(41	)
Income excluding net realized gains (losses)(1)	$	312		$	313		$	309		$	318		$	299		$	934		$	927		$	1,245
Combined ratio
Loss and loss expense ratio		71.0	%		69.7	%		68.5	%		70.3	%		71.7	%		69.8	%		70.7	%		70.6	%
Policy acquisition cost ratio		11.4	%		9.5	%		11.4	%		9.0	%		9.7	%		10.8	%		9.1	%		9.1	%
Administrative expense ratio		7.8	%		11.1	%		10.8	%		10.2	%		9.9	%		9.8	%		10.0	%		10.1	%
Combined ratio		90.2	%		90.3	%		90.7	%		89.5	%		91.3	%��		90.4	%		89.8	%		89.8	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	1		$	(3	)	$	(3	)	$	—		$	—		$	(5	)	$	—		$	—
Catastrophe losses	$	17		$	53		$	52		$	10		$	24		$	122		$	48		$	58
Prior period development - unfavorable (favorable) (2)	$	(35	)	$	(73	)	$	(45	)	$	(50	)	$	(45	)	$	(153	)	$	(129	)	$	(179	)
Loss and loss expense ratio excluding catastophe losses and prior period development		72.4	%		71.0	%		71.1	%		73.3	%		73.1	%		71.5	%		72.6	%		72.7	%
% Change versus prior year period
Net premiums written		5	%		-1	%		0	%		9	%		-6	%		1	%		-3	%		0	%
Net premiums earned		-2	%		-6	%		-5	%		-1	%		-7	%		-4	%		0	%		0	%
Other ratios
Net premiums written/gross premiums written		52	%		54	%		65	%		65	%		50	%		57	%		56	%		58	%

(1) See Non-GAAP Financial Measures.

(2) For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Insurance-North American Page 8

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

Insurance - Overseas General

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	1,584		$	1,787		$	1,871		$	1,752		$	1,677		$	5,242		$	5,080		$	6,832
Net premiums written		1,205			1,302			1,420			1,350			1,203			3,927			3,795			5,145
Net premiums earned		1,321			1,263			1,251			1,400			1,317			3,835			3,747			5,147
Losses and loss expenses		605			644			701			718			631			1,950			1,879			2,597
Policy benefits		—			1			3			1			—			4			3			4
Policy acquisition costs		326			296			283			333			316			905			869			1,202
Administrative expenses		204			207			202			214			204			613			569			783
Underwriting income		186			115			62			134			166			363			427			561
Net investment income		118			115			114			124			121			347			355			479
Net realized gains (losses)		32			48			22			20			40			102			(40	)		(20	)
Other income (expense)		4			3			(2	)		(8	)		(3	)		5			(12	)		(20	)
Income tax expense		63			59			14			55			56			136			131			186
Net income		277			222			182			215			268			681			599			814
Net realized gains (losses)		32			48			22			20			40			102			(40	)		(20	)
Net realized gains (losses) in other income (expense)		9			1			5			(2	)		1			15			6			4
Tax expense (benefit) on net realized gains (losses)		6			13			1			10			6			20			(1	)		9
Income excluding net realized gains (losses)(1)	$	242		$	186		$	156		$	207		$	233		$	584		$	632		$	839
Combined ratio
Loss and loss expense ratio		45.8	%		51.0	%		56.3	%		51.3	%		48.0	%		50.9	%		50.2	%		50.5	%
Policy acquisition cost ratio		24.7	%		23.5	%		22.6	%		23.7	%		24.0	%		23.6	%		23.2	%		23.3	%
Administrative expense ratio		15.5	%		16.4	%		16.1	%		15.3	%		15.4	%		16.0	%		15.2	%		15.2	%
Combined ratio		86.0	%		90.9	%		95.0	%		90.3	%		87.4	%		90.5	%		88.6	%		89.0	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(7	)	$	(2	)	$	(24	)	$	—		$	(1	)	$	(33	)	$	(1	)	$	(1	)
Catastrophe losses	$	25		$	18		$	64		$	10		$	16		$	107		$	41		$	51
Prior period development - unfavorable (favorable)	$	(117	)	$	(45	)	$	(37	)	$	(86	)	$	(119	)	$	(199	)	$	(169	)	$	(255	)
Loss and loss expense ratio excluding catastophe losses and prior period development		52.5	%		53.0	%		53.1	%		56.7	%		55.7	%		52.9	%		53.6	%		54.5	%
% Change versus prior year period
Net premiums written as reported		0	%		3	%		7	%		8	%		-7	%		3	%		-7	%		-4	%
Net premiums earned as reported		0	%		1	%		6	%		12	%		-8	%		2	%		-8	%		-4	%
Net premiums written constant $		1	%		-1	%		0	%		0	%		2	%		0	%		4	%		3	%
Net premiums earned constant $		2	%		-2	%		-3	%		3	%		0	%		-1	%		3	%		3	%
Underwriting income constant $													$	160					$	431
Income excluding net realized gains (losses), constant $													$	224					$	640
Other ratios
Net premiums written/gross premiums written		76	%		73	%		76	%		77	%		72	%		75	%		75	%		75	%

(1) See Non-GAAP Financial Measures.

Insurance-Overseas General Page 9

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

Global Reinsurance

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written	$	281		$	320		$	399		$	162		$	215		$	1,000		$	953		$	1,115
Net premiums written		272			289			371			144			206			932			894			1,038
Net premiums earned		271			256			276			253			247			803			726			979
Losses and loss expenses		137			103			151			107			80			391			223			330
Policy acquisition costs		51			48			54			48			50			153			147			195
Administrative expenses		14			15			12			14			15			41			41			55
Underwriting income		69			90			59			84			102			218			315			399
Net investment income		71			73			69			68			65			213			210			278
Net realized gains (losses)		10			28			31			30			(11	)		69			(47	)		(17	)
Other income (expense)		10			2			4			(2	)		1			16			—			(2	)
Income tax expense		12			9			10			8			9			31			38			46
Net income		148			184			153			172			148			485			440			612
Net realized gains (losses)		10			28			31			30			(11	)		69			(47	)		(17	)
Net realized gains (losses) in other income (expense)		10			1			4			(4	)		—			15			—			(4	)
Tax expense (benefit) on net realized gains (losses)		1			—			—			—			(1	)		1			—			—
Income excluding net realized gains (losses)(1)	$	129		$	155		$	118		$	146		$	158		$	402		$	487		$	633
Combined ratio
Loss and loss expense ratio		50.4	%		40.4	%		54.7	%		42.4	%		32.5	%		48.7	%		30.7	%		33.7	%
Policy acquisition cost ratio		19.0	%		18.5	%		19.6	%		19.1	%		20.1	%		19.0	%		20.2	%		19.9	%
Administrative expense ratio		4.9	%		5.8	%		4.5	%		5.6	%		5.9	%		5.1	%		5.6	%		5.6	%
Combined ratio		74.3	%		64.7	%		78.8	%		67.1	%		58.5	%		72.8	%		56.5	%		59.2	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	—		$	—		$	2		$	—		$	1		$	2		$	2		$	2
Catastrophe losses	$	49		$	5		$	32		$	3		$	5		$	86		$	25		$	28
Prior period development - unfavorable (favorable)	$	(49	)	$	(31	)	$	(14	)	$	(11	)	$	(39	)	$	(94	)	$	(131	)	$	(142	)
Loss and loss expense ratio excluding catastophe losses and prior period development		50.2	%		50.9	%		48.4	%		45.5	%		46.4	%		49.9	%		45.4	%		45.4	%
% Change versus prior year period
Net premiums written		32	%		-12	%		3	%		14	%		18	%		4	%		13	%		14	%
Net premiums earned		10	%		6	%		16	%		5	%		-4	%		11	%		-7	%		-4	%
Other ratios
Net premiums written/gross premiums written		97	%		90	%		93	%		89	%		96	%		93	%		94	%		93	%

(1) See Non-GAAP Financial Measures.

Global Reinsurance Page 10

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

Life

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Gross premiums written (1)	$	378		$	398		$	390		$	397		$	383		$	1,166		$	1,152		$	1,549
Net premiums written		373			391			385			390			372			1,149			1,085			1,475
Net premiums earned		386			388			380			369			362			1,154			1,061			1,430
Losses and loss expenses		119			129			131			116			121			379			366			482
Policy benefits		93			86			84			68			79			263			253			321
Policy acquisition costs		65			66			61			55			59			192			161			216
Administrative expenses		59			54			58			70			51			171			173			243
Net investment income		43			43			43			44			43			129			132			176
Life underwriting income(2)		93			96			89			104			95			278			240			344
Net realized gains (losses)		(85	)		(155	)		43			80			(212	)		(197	)		(95	)		(15	)
Other income (expense)		(5	)		(3	)		(3	)		(1	)		—			(11	)		(1	)		(2	)
Income tax expense		16			16			14			11			17			46			37			48
Net income (loss)		(13	)		(78	)		115			172			(134	)		24			107			279
Net realized gains (losses)		(85	)		(155	)		43			80			(212	)		(197	)		(95	)		(15	)
Net realized gains (losses) in other income (expense)		—			—			1			2			3			1			7			9
Tax expense (benefit) on net realized gains (losses)		—			1			1			—			(1	)		2			(2	)		(2	)
Income excluding net realized gains (losses)(3)	$	72		$	78		$	72		$	90		$	74		$	222		$	193		$	283
Prior period development - unfavorable (favorable)	$	(4	)	$	(3	)	$	—		$	(4	)	$	—			(7	)	$	1			(3	)
Deposits collected on universal life and investment contracts (1)	$	51		$	58		$	55		$	100		$	109		$	164		$	304		$	404
Fees on universal life and investment contracts(1)	$	10		$	11		$	7		$	11		$	8		$	28		$	23		$	34
% Change versus prior year period
Net premiums written		0	%		7	%		11	%		5	%		7	%		6	%		31	%		23	%
Net premiums earned		7	%		7	%		13	%		3	%		5	%		9	%		31	%		22	%

(1) Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. Fees on universal life and investment contracts are revenue for GAAP and have been classified as gross premiums written.

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

(3) See Non-GAAP Financial Measures.

Life Page 11

ACE Limited Segment Results - Life Reinsurance (in millions of U.S. dollars) (Unaudited)

Variable Annuity (VA) Lines

Historical Cash Flow Summary by Quarter

Death Benefits (GMDB)

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	26		$	27		$	28		$	28		$	28		$	81		$	80		$	108
Less paid claims		32			28			33			33			33			93			119			152
Net	$	(6	)	$	(1	)	$	(5	)	$	(5	)	$	(5	)	$	(12	)	$	(39	)	$	(44	)
Living Benefits (Includes GMIB and GMAB)
	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	41		$	40		$	40		$	41		$	41		$	121		$	121		$	162
Less paid claims		1			—			1			1			1			2			4			5
Net	$	40		$	40		$	39		$	40		$	40		$	119		$	117		$	157
Total VA Guaranteed Benefits
	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Premium	$	67		$	67		$	68		$	69		$	69		$	202		$	201		$	270
Less paid claims		33			28			34			34			34			95			123			157
Net	$	34		$	39		$	34		$	35		$	35		$	107		$	78		$	113

Amounts represent accrued past premium received and claims paid by quarter, split by benefit type.

Death Benefits (GMDB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Death Benefits (GMDB).

At current market levels we expect approximately $120 million of claims and $92 million of premium on death benefits over the next 12 months.

Living Benefits (Includes GMIB and GMAB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation Benefits (GMAB), collectively known as Living Benefits.

At current market levels we expect approximately $1 million of claims and $149 million of premium on living benefits over the next 12 months.

Variable Annuity Page 12

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

	Unpaid Losses									Net Paid  to Incurred Ratio
	Gross			Ceded			Net
Balance at December 31, 2008	$	37,176		$	12,935		$	24,241
Losses and loss expenses incurred		2,454			638			1,816
Losses and loss expenses paid		(2,504	)		(762	)		(1,742	)		96	%
Other (incl. foreign exch. revaluation)		(195	)		(57	)		(138	)
Balance at March 31, 2009	$	36,931		$	12,754		$	24,177
Losses and loss expenses incurred		2,633			812			1,821
Losses and loss expenses paid		(2,868	)		(1,154	)		(1,714	)		94	%
Other (incl. foreign exch. revaluation)		572			144			428
Balance at June 30, 2009	$	37,268		$	12,556		$	24,712
Losses and loss expenses incurred		3,268			1,383			1,885
Losses and loss expenses paid		(2,972	)		(1,235	)		(1,737	)		92	%
Other (incl. foreign exch. revaluation)		307			96			211
Balance at September 30, 2009	$	37,871		$	12,800		$	25,071
Losses and loss expenses incurred		2,786			886			1,900
Losses and loss expenses paid		(2,749	)		(994	)		(1,755	)		92	%
Other (incl. foreign exch. revaluation)		(125	)		53			(178	)
Balance at December 31, 2009	$	37,783		$	12,745		$	25,038
Losses and loss expenses incurred		2,544			623			1,921
Losses and loss expenses paid		(2,491	)		(729	)		(1,762	)		92	%
Other (incl. foreign exch. revaluation)		(285	)		(79	)		(206	)
Balance at March 31, 2010	$	37,551		$	12,560		$	24,991
Losses and loss expenses incurred		2,725			925			1,800
Losses and loss expenses paid		(2,824	)		(976	)		(1,848	)		103	%
Other (incl. foreign exch. revaluation)		(390	)		(135	)		(255	)
Balance at June 30, 2010	$	37,062		$	12,374		$	24,688
Losses and loss expenses incurred		3,236			1,349			1,887
Losses and loss expenses paid		(3,010	)		(1,139	)		(1,871	)		99	%
Other (incl. foreign exch. revaluation)		454			166			288
Balance at September 30, 2010	$	37,742		$	12,750		$	24,992
Add net recoverable on paid losses		—			725			(725	)
Balance including net recoverable on paid losses	$	37,742		$	13,475		$	24,267

Loss Reserve Rollforward Page 13

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

Net Reinsurance Recoverable by Division

	September 30 2010			June 30 2010			March 31 2010			December 31 2009
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	571		$	550		$	605		$	703
Brandywine		278			294			284			289
Westchester Run-off		31			31			36			36
Other Run-off		12			13			13			13
Total	$	892		$	888		$	938		$	1,041
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,638		$	10,212		$	10,250		$	10,316
Brandywine		1,998			2,084			2,197			2,268
Westchester Run-off		464			473			474			482
Other Run-off		23			27			30			70
Total	$	13,123		$	12,796		$	12,951		$	13,136
Gross reinsurance recoverable
Active operations	$	11,209		$	10,762		$	10,855		$	11,019
Brandywine		2,276			2,378			2,481			2,557
Westchester Run-off		495			504			510			518
Other Run-off		35			40			43			83
Total	$	14,015		$	13,684		$	13,889		$	14,177
Provision for uncollectible reinsurance
Active operations	$	(326	)	$	(357	)	$	(360	)	$	(399	)
Brandywine		(184	)		(166	)		(165	)		(147	)
Westchester Run-off		(25	)		(25	)		(25	)		(25	)
Other Run-off		(5	)		(4	)		(4	)		(11	)
Total	$	(540	)	$	(552	)	$	(554	)	$	(582	)
Net reinsurance recoverable
Active operations	$	10,883		$	10,405		$	10,495		$	10,620
Brandywine		2,092			2,212			2,316			2,410
Westchester Run-off		470			479			485			493
Other Run-off		30			36			39			72
Total	$	13,475		$	13,132		$	13,335		$	13,595

Reinsurance Recoverable Page 14

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

	September 30 2010					June 30 2010					March 31 2010					December 31 2009
Market Value
Fixed maturities available for sale	$	41,103				$	41,554				$	40,564				$	39,525
Fixed maturities held to maturity		6,104					3,339					3,433					3,561
Short-term investments		1,857					2,097					2,052					1,667
Total	$	49,064				$	46,990				$	46,049				$	44,753
Asset Allocation by Market Value
Treasury	$	2,168		4	%	$	2,207		5	%	$	2,268		5	%	$	2,068		5	%
Agency		2,242		5	%		2,298		5	%		2,449		5	%		2,698		6	%
Corporate and asset-backed		16,186		33	%		15,089		32	%		14,492		31	%		13,537		30	%
Mortgage-backed		12,074		25	%		11,926		25	%		11,406		25	%		11,311		25	%
Municipal		2,207		4	%		2,148		5	%		2,091		5	%		2,300		5	%
Non-U.S.		12,330		25	%		11,225		24	%		11,291		25	%		11,172		25	%
Short-term investments		1,857		4	%		2,097		4	%		2,052		4	%		1,667		4	%
Total	$	49,064		100	%	$	46,990		100	%	$	46,049		100	%	$	44,753		100	%
Note: Insured municipal bonds represent $683 million, or 31% of our municipal bond holdings.
Credit Quality by Market Value
AAA	$	24,145		49	%	$	23,807		51	%	$	23,472		51	%	$	22,884		51	%
AA		4,367		9	%		4,158		9	%		4,003		9	%		4,021		9	%
A		8,594		17	%		7,884		17	%		7,635		17	%		7,461		17	%
BBB		5,647		11	%		5,231		11	%		5,024		11	%		4,910		11	%
BB		3,213		7	%		2,987		6	%		3,009		6	%		2,866		6	%
B		2,362		5	%		2,175		5	%		2,187		5	%		2,029		5	%
Other		736		2	%		748		1	%		719		1	%		582		1	%
Total	$	49,064		100	%	$	46,990		100	%	$	46,049		100	%	$	44,753		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	39,089				$	40,204				$	39,603				$	38,985
Fixed maturities held to maturity		5,977					3,222					3,335					3,481
Short-term investments		1,857					2,097					2,052					1,667
Subtotal		46,923					45,523					44,990					44,133
Equity securities		387					200					271					398
Other investments		1,449					1,308					1,332					1,258
Total	$	48,759				$	47,031				$	46,593				$	45,789
Avg. duration of fixed maturities		3.6 years					3.6 years					3.7 years					3.7 years
Avg. market yield of fixed maturities(1)		3.2	%				3.7	%				4.0	%				4.3	%
Avg. credit quality		AA					AA					AA					AA
Avg. yield on invested assets (2)		4.3	%				4.4	%				4.4	%				4.5	%

(1) Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

(2) Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Investments Page 15

ACE Limited Investment Portfolio - 2 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed Fixed Income Portfolio

Market Value at September 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	754	$	—	$	—	$	—	$	—	$	754
FNMA		6,122		—		—		—		—		6,122
Freddie Mac		2,466		—		—		—		—		2,466
Total agency RMBS		9,342		—		—		—		—		9,342
Non-agency RMBS		406		22		23		49		802		1,302
Total residential mortgage-backed		9,748		22		23		49		802		10,644
Commercial mortgage-backed		1,393		20		14		3		—		1,430
Total mortgage-backed securities	$	11,141	$	42	$	37	$	52	$	802	$	12,074

Mortgage-backed securities total $12.1 billion, are rated predominantly AAA and comprise 25% of the fixed income portfolio. This compares to a 36% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage-backed securities is AAA.

Securities issued by Federal agencies with implied or explicit government guarantees total $9.3 billion and represent 88% of the residential mortgage-backed portfolio.

Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 230,000 loans. The portfolio’s loan-to-value ratio is approximately 70% with an average FICO score of 730. With this conservative loan-to-value ratio and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have to rise to 19% and real estate values would have to fall 19% from their current levels before principal is impaired. The current foreclosure rate of ACE’s non-agency RMBS portfolio is 8%.

Commercial mortgage-backed securities of $1.4 billion are rated predominantly AAA, broadly diversified with over 17,500 loans and seasoned with 83% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 68% with a debt service coverage ratio in excess of 1.7 and weighted average subordinated collateral of 33%. The cumulative foreclosure rate would have to rise to 41% and commercial real estate values would have to fall more than 8% from their current levels before principal is impaired. The current foreclosure rate of the portfolio is about 2.5%.

Investments 2 Page 16

ACE Limited Investment Portfolio - 3 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed Fixed Income Portfolio

Amortized Cost at September 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	734	$	—	$	—	$	—	$	—	$	734
FNMA		5,986		—		—		—		—		5,986
Freddie Mac		2,402		—		—		—		—		2,402
Total agency RMBS		9,122		—		—		—		—		9,122
Non-agency RMBS		426		26		24		58		951		1,485
Total residential mortgage-backed		9,548		26		24		58		951		10,607
Commercial mortgage-backed		1,306		18		13		3		—		1,340
Total mortgage-backed securities	$	10,854	$	44	$	37	$	61	$	951	$	11,947

Investments 3 Page 17

ACE Limited Investment Portfolio - 4 (in millions of U.S. dollars) (Unaudited)

U.S. Investment Grade Corporate and Asset-backed Fixed Income Portfolio

Market Value at September 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		Total
Asset-backed	$	230	$	7	$	15	$	6	$	258
Banks		749		280		2,173		243		3,445
Basic Materials		—		—		63		112		175
Communications		—		—		650		673		1,323
Consumer, Cyclical		—		74		195		212		481
Consumer, Non-Cyclical		58		512		421		574		1,565
Diversified Financial Services		43		56		154		220		473
Energy		120		15		201		539		875
Industrial		124		387		307		158		976
Utilities		—		1		403		526		930
All Others		120		71		420		330		941
Total	$	1,444	$	1,403	$	5,002	$	3,593	$	11,442

U.S. Investment Grade Corporate Fixed Income Portfolio

The average credit quality of ACE’s US investment grade bond portfolio is high at A.

ACE prohibits investments in complex structured securities (e.g. CDOs, CLOs) and over-the-counter derivatives and does not permit the use of portfolio leverage.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 4 Page 18

ACE Limited Investment Portfolio - 5 (in millions of U.S. dollars) (Unaudited)

Below Investment Grade Corporate and Asset-backed Fixed Income Portfolio

Market Value at September 30, 2010

	S&P Credit Rating
	BB		B		CCC		Other		Total
Asset-backed	$	12	$	16	$	7	$	1	$	36
Basic Materials		255		131		18		—		404
Communications		420		413		4		5		842
Consumer, Cyclical		306		274		17		2		599
Consumer, Non-Cyclical		491		398		8		—		897
Diversified Financial Services		52		57		3		24		136
Energy		616		200		5		—		821
Industrial		300		171		12		1		484
Utilities		232		99		—		—		331
All Others		128		61		5		—		194
Total	$	2,812	$	1,820	$	79	$	33	$	4,744

Below Investment Grade Corporate Fixed Income Portfolio

ACE manages high yield bonds as a distinct and separate asset class from investment grade bonds. ACE’s allocation to high yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B.

Six external investment managers are responsible for high yield security selection and portfolio construction.

ACE’s high yield managers have a conservative approach to credit selection and very low historical default experience.

Securities holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation. The portfolio comprises over 600 issuers with our largest current issuer exposure at $76 million. ACE monitors position limits on a daily basis through an internal compliance system.

Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios.

Investments 5 Page 19

ACE Limited Investment Portfolio - 6 (in millions of U.S. dollars) (Unaudited)

Non-U.S. Fixed Income Portfolio

Market Value at September 30, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	1,136	$	—	$	—	$	—	$	—	$	1,136
Canada		885		—		—		—		—		885
Germany		568		—		—		—		—		568
Japan		—		371		—		—		—		371
France		210		—		—		—		—		210
Province of Ontario		—		190		—		—		—		190
Brazil		—		—		—		184		—		184
Province of Quebec		—		—		140		—		—		140
Switzerland		138		—		—		—		—		138
State of Queensland		70		35		—		—		—		105
Republic of Korea		—		—		95		—		—		95
United Mexican States		1		—		24		70		—		95
Thailand		7		—		73		13		—		93
Australia		66		—		—		—		—		66
State of New South Wales		62		—		—		—		—		62
Taiwan		7		47		—		—		—		54
State of Victoria		49		—		—		—		—		49
New Zealand		49		—		—		—		—		49
Austria		46		—		—		—		—		46
People’s Republic of China		—		25		16		—		—		41
Qatar		—		36		—		—		—		36
Province of Manitoba		—		35		—		—		—		35
State of Western Australia		33		—		—		—		—		33
Province of British Columbia		32		—		—		—		—		32
Province of Alberta Canada		29		—		—		—		—		29
Other Non-U.S. Government		134		121		66		34		39		394
Non-U.S. Government Securities	$	3,522	$	860	$	414	$	301	$	39	$	5,136
Non-U.S. Corporate		1,429		994		2,485		1,569		717		7,194
	$	4,951	$	1,854	$	2,899	$	1,870	$	756	$	12,330

Non-U.S. Fixed Income Portfolio

ACE’s non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of ACE’s non-U.S. operations. 87% of ACE’s non-U.S. fixed income is denominated in G7 currencies.

Average credit quality of non-U.S. fixed income securities is very high at AA and 53% of holdings are rated AAA or guaranteed by governments or quasi-government agencies.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 6 Page 20

ACE Limited Investment Portfolio - 7 (in millions of U.S. dollars) (Unaudited)

Investment portfolio

Top 25 Exposures - Fixed Maturity Investments

September 30, 2010				Rating
1	General Electric Co	$	479		AA+
2	JP Morgan Chase & Co		456		A+
3	Bank of America Corp		436		A
4	Citigroup Inc		329		A
5	Verizon Communications Inc		312		A
6	Goldman Sachs Group Inc/The		308		A
7	Wells Fargo & Co		301		AA-
8	Morgan Stanley		290		A
9	AT&T INC		253		A
10	HSBC Holdings Plc		240		AA-
11	Credit Suisse Group		200		A
12	Barclays PLC		188		A+
13	Comcast Corp		157		BBB+
14	Kraft Foods Inc		154		BBB
15	Lloyds Banking Group Plc		153		A
16	UBS AG		151		A+
17	American Express Co		138		BBB+
18	Time Warner Cable Inc		132		BBB
19	ConocoPhillips		123		A
20	Exxon Mobil Corp		120		AAA
21	Royal Bank of Scotland Group P		117		A
22	Pfizer Inc		112		AA
23	Dominion Resources Inc/VA		107		A-
24	Anheuser-Busch InBev NV		107		BBB+
25	Roche Holding AG		101		AA-

Investments 7 Page 21

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

	Three months ended September 30, 2010								Nine months ended September 30, 2010
	Net  Realized Gains (Losses)(1)			Net  Unrealized Gains (Losses)		Net Impact			Net  Realized Gains (Losses)(1)			Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	113		$	795	$	908		$	271		$	1,626		$	1,897
Equity securities		7			14		21			84			(41	)		43
Equity and fixed income derivatives		(1	)		—		(1	)		23			—			23
Foreign exchange gains (losses)		(62	)		—		(62	)		(10	)		—			(10	)
Other		(8	)		20		12			(16	)		72			56
Sub-total		49			829		878			352			1,657			2,009
Mark-to-market gains (losses) from derivative transactions(2)		(99	)		—		(99	)		(225	)		—			(225	)
Total gains (losses)		(50	)		829		779			127			1,657			1,784
Partially-owned entities(3)		39			4		43			52			20			72
Income tax expense (benefit)		2			153		155			27			366			393
Net gains (losses)	$	(13	)	$	680	$	667		$	152		$	1,311		$	1,463

(1) Other-than-temporary impairments for the quarter include $19 million for fixed maturities. Year to date other-than-temporary impairments of $55 million include $42 million for fixed maturities and $13 million for other investments.

(2) Includes $85 million of realized losses on the life reinsurance operations for the quarter which is comprised of a $25 million gain on guaranteed minimum income benefit derivatives and $110 million of losses on other derivatives, including S&P put options and futures.

(3) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

	Three months ended September 30, 2009								Nine months ended September 30, 2009
	Net Realized Gains (Losses) (4)			Net Unrealized Gains (Losses)		Net Impact			Net Realized Gains (Losses)(4)			Net Unrealized Gains (Losses)(5)		Net Impact
Fixed maturities	$	(1	)	$	1,602	$	1,601		$	(120	)	$	2,736	$	2,616
Equity securities		1			177		178			(180	)		198		18
Equity and fixed income derivatives		28			—		28			62			—		62
Foreign exchange gains (losses)		(7	)		—		(7	)		(31	)		—		(31	)
Other		(16	)		198		182			(133	)		260		127
Sub-total		5			1,977		1,982			(402	)		3,194		2,792
Mark-to-market gains (losses) from derivative transactions(6)		(228	)		—		(228	)		(167	)		—		(167	)
Total gains (losses)		(223	)		1,977		1,754			(569	)		3,194		2,625
Partially-owned entities(7)		(43	)		15		(28	)		(32	)		9		(23	)
Income tax expense (benefit)		(59	)		354		295			(121	)		555		434
Net gains (losses)	$	(207	)	$	1,638	$	1,431		$	(480	)	$	2,648	$	2,168

(4) Other-than-temporary impairments for the quarter of $58 million include $39 million for fixed maturities and $19 million for other investments. Year to date other-than-temporary impairments of $364 million include $217 million for fixed maturities, $26 million for equities and $121 million for other investments.

(5) Excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

(6) The quarter includes $209 million of realized losses on the life reinsurance operations which is comprised of a $65 million loss on guaranteed minimum income benefit derivatives and $144 million of losses on other derivatives, including S&P put options and futures. Year to date includes $82 million of realized losses on the life reinsurance operations which is comprised of a $218 million gain on guaranteed minimum income benefit derivatives offset by $300 million of losses on other derivatives, including S&P put options and futures.

(7) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Investment Gains (Losses) Page 22

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

	September 30 2010			June 30 2010			March 31 2010			December 31 2009			December 31 2008
Total short-term debt	$	155		$	147		$	150		$	161		$	471
Total long-term debt		3,158			3,158			3,158			3,158			2,806
Total debt	$	3,313		$	3,305		$	3,308		$	3,319		$	3,277
Total trust preferred securities	$	309		$	309		$	309		$	309		$	309
Total shareholders’ equity	$	22,845		$	21,410		$	20,636		$	19,667		$	14,446
Total capitalization	$	26,467		$	25,024		$	24,253		$	23,295		$	18,032
Tangible capital(1)	$	22,561		$	21,188		$	20,370		$	19,364		$	14,285
Leverage ratios
Debt/ total capitalization		12.5	%		13.2	%		13.6	%		14.2	%		18.2	%
Debt plus trust preferred securities/ total capitalization		13.7	%		14.4	%		14.9	%		15.6	%		19.9	%
Debt/ tangible capital		14.7	%		15.6	%		16.2	%		17.1	%		22.9	%
Debt plus trust preferred securities/ tangible capital		16.1	%		17.1	%		17.8	%		18.7	%		25.1	%

(1) Tangible capital is equal to total capitalization less goodwill and other intangible assets.

Capital Structure Page 23

ACE Limited Debt, Trust Preferred, and Credit Facilities (in millions of U.S. dollars) (Unaudited)

September 30, 2010

	Par Amount Outstanding		Carrying value		Coupon			Maturity Date
Debt and Trust Preferred
ACE European Holdings No2 Limited Term Loan	$	155	$	155		5.25%		December 13, 2010
ACE INA Holdings Inc. Term Loan	$	50	$	50		3.79%	(1)	December 19, 2011
ACE INA Holdings Inc. Term Loan	$	450	$	450		0.94%	(2)	April 1, 2013
ACE INA Holdings Inc. Senior Notes	$	500	$	500		5.88%		June 15, 2014
ACE INA Holdings Inc. Senior Notes	$	450	$	447		5.60%		May 15, 2015
ACE INA Holdings Inc. Senior Notes	$	500	$	500		5.70%		February 15, 2017
ACE INA Holdings Inc. Senior Notes	$	300	$	300		5.80%		March 15, 2018
ACE INA Holdings Inc. Senior Notes	$	500	$	500		5.90%		June 15, 2019
ACE INA Holdings Inc. Debentures	$	100	$	100		8.88%		August 15, 2029
ACE Capital Trust II Preferred Securities	$	309	$	309		9.70%		April 1, 2030
ACE INA Holdings Inc. Senior Notes	$	300	$	298		6.70%		May 15, 2036
Other	$	13	$	13
	$	3,627	$	3,622
	Commitment		LOC Usage					Date
Credit Facilities
Syndicated Letter of Credit Facility	$	1,000	$	570				November 8, 2012
Revolving Credit / LOC Facility	$	500	$	68				November 8, 2012
Funds at Lloyds Capital Facility	$	465	$	181				December 31, 2013
Bilateral Letter of Credit Facility	$	500	$	500				September 20, 2014
	$	2,465	$	1,319

(1) This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 3.50 percent. In order to economically fix the interest rate, the Company entered into a swap transaction that fixes the rate at 5.61 percent.

(2) This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 0.65 percent. In order to economically fix the interest rate, the Company entered into a swap transaction that fixes the rate at 4.15 percent

Capital Structure 2 Page 24

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

	Three months ended September 30						Nine months ended September 30
	2010			2009			2010		2009
Numerator
Income to common shares, excl. net realized gains (losses)(1)	$	688		$	701			1,955		2,076
Net realized gains (losses), net of income tax		(13	)		(207	)		152		(480	)
Net income available to the holders of common shares	$	675		$	494		$	2,107	$	1,596
Rollforward of Common Shares Outstanding
Shares - beginning of period		338,755,604			336,097,451			336,524,657		333,645,471
Issued under employee stock purchase plan		122,807			—			240,979		259,395
Shares (cancelled) granted		(82,212	)		(35,204	)		1,671,822		2,057,731
Issued for option exercises		433,223			218,229			791,964		317,879
Shares - end of period		339,229,422			336,280,476			339,229,422		336,280,476
Denominator
Weighted average shares outstanding		340,218,717			337,190,828			339,527,671		336,501,257
Effect of other dilutive securities		1,636,802			1,221,041			1,314,662		579,116
Adj. wtd. avg. shares outstanding and assumed conversions		341,855,519			338,411,869			340,842,333		337,080,373
Basic earnings per share
Income excluding net realized gains (losses)(1)	$	2.02		$	2.08		$	5.76	$	6.17
Net realized gains (losses), net of income tax		(0.04	)		(0.62	)		0.45		(1.43	)
Net income	$	1.98		$	1.46		$	6.21	$	4.74
Diluted earnings per share
Income excluding net realized gains (losses)(1)	$	2.01		$	2.07		$	5.73	$	6.16
Net realized gains (losses), net of income tax		(0.04	)		(0.61	)		0.45		(1.43	)
Net income	$	1.97		$	1.46		$	6.18	$	4.73

(1) See Non-GAAP Financial Measures.

Earnings per share Page 25

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

Regulation G - Non-GAAP Financial Measures

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

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

The following non-GAAP measure is a common performance measurement and is defined as income excluding net realized gains (losses) and the related tax expense (benefit). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.

	3Q-10			2Q-10		1Q-10		4Q-09			3Q-09			YTD 2010		YTD 2009			Full Year 2009
Net income, as reported	$	675		$	677	$	755	$	953		$	494		$	2,107	$	1,596		$	2,549
Net realized gains (losses)		(50	)		9		168		373			(223	)		127		(569	)		(196	)
Net realized gains (losses) in other income (expense)(1)		39			3		10		(31	)		(43	)		52		(32	)		(63	)
Income tax expense (benefit) on net realized gains (losses)		2			23		2		72			(59	)		27		(121	)		(49	)
Income excluding net realized gains (losses)	$	688		$	688	$	579	$	683		$	701		$	1,955	$	2,076		$	2,759

(1) Realized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Reconciliation Non-GAAP Page 26

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

Reconciliation of Book Value per Common Share

	September 30 2010			June 30 2010			March 31 2010			December 31 2009			September 30 2009
Shareholders’ equity	$	22,845		$	21,410		$	20,636		$	19,667		$	18,733
Less: goodwill and other intangible assets		3,906			3,836			3,883			3,931			3,772
Numerator for tangible book value per share	$	18,939		$	17,574		$	16,753		$	15,736		$	14,961
Denominator		339,229,422			338,755,604			338,610,718			336,524,657			336,280,476
Book value per common share	$	67.34		$	63.20		$	60.94		$	58.44		$	55.71
Tangible book value per common share	$	55.83		$	51.88		$	49.48		$	46.76		$	44.49
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	21,410		$	20,636		$	19,667		$	18,733		$	16,561
Income excluding net realized gains (losses)		688			688			579			683			701
Net realized gains (losses), net of tax		(13	)		(11	)		176			270			(207	)
Net unrealized gains (losses), net of tax		680			282			349			(37	)		1,638
Cumulative translation, net of tax		140			(115	)		(50	)		97			113
Dividend declared on common shares		(112	)		(113	)		(105	)		(105	)		(105	)
Income tax valuation allowance on the adoption of OTTI standard		—			—			—			—			(1	)
Pension liability		(4	)		1			4			(22	)		—
Other (1)		56			42			16			48			33
	$	22,845		$	21,410		$	20,636		$	19,667		$	18,733

(1) Other includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value Page 27

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

Consolidated Statement of Comprehensive Income

	3Q-10			2Q-10			1Q-10			4Q-09			3Q-09			YTD 2010			YTD 2009			Full Year 2009
Net income	$	675		$	677		$	755		$	953		$	494		$	2,107		$	1,596		$	2,549
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments(1)		953			487			583			201			1,985			2,023			2,511			2,712
Reclassification adjustment for net realized (gains) losses included in net income		(120	)		(97	)		(129	)		(312	)		51			(346	)		387			75
Change in cumulative translation adjustments		186			(169	)		(90	)		141			160			(73	)		427			568
Change in minimum pension liability		(6	)		2			6			(35	)		1			2			(13	)		(48	)
Income tax (expense) benefit related to other comprehensive income items(2)		(197	)		(55	)		(67	)		43			(421	)		(319	)		(611	)		(568	)
Other comprehensive income		816			168			303			38			1,776			1,287			2,701			2,739
Comprehensive income	$	1,491		$	845		$	1,058		$	991		$	2,270		$	3,394		$	4,297		$	5,288

(1) Unrealized appreciation on investments for the full year 2009 includes $305 million of losses related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

(2) Income tax expense for the full year 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

Comprehensive Income Page 28

ACE Limited Glossary

Annualized return on ordinary shareholders’ equity (ROE):Income excluding net realized gains (losses) divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity. To annualize a quarterly rate multiply by four.

Book value per common share: Shareholders’ equity divided by the shares outstanding.

Combined Insurance:Combined Insurance Company of America, acquired April 1, 2008.

Combined ratio:The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis.

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

G7:A group of seven industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the United States.

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

NM: Not meaningful.

Tangible book value per common share:Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

Tangible capital:Total capitalization less goodwill and other intangible assets.

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

Glossary Page 29