Chubb Limited (CB) 8-K Ace Reports Fourth Quarter Operating Income of $492 Million

Exhibit 99.2

Investor Contact	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.
Helen M. Wilson
Phone: (441) 299-9283
Fax: (441) 292-8675
email: investorrelations@acegroup.com	Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect ACE’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, our 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.
	Our 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. We undertake 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
III.   Segment Results
	- Insurance—North American		6
	- Insurance—Overseas General		7
	- Global Reinsurance		8
	- Life		9
IV.   Balance Sheet Details
	- Loss Reserve Rollforward		10
	- Reinsurance Recoverable Analysis		11
	- Investment Portfolio		12-17
	- Net Realized and Unrealized Gains (Losses)		18
	- Capital Structure		19
	- Computation of Basic and Diluted Earnings Per Share		20
V.     Other Disclosures
	- Non-GAAP Financial Measures		21-22
	- Book Value and Book Value per Common Share		23
	- Glossary		24

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

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

							% Change 4Q-12 vs. 4Q-11			Constant $ 2011(2)		Constant $ %  Change 4Q-12 vs. 4Q-11 (2)									% Change 2012 vs. 2011			Constant $ 2011(2)		Constant $ %  Change 2012 vs. 2011(2)
	Three months ended December 31														Year ended December 31
	2012			2011											2012			2011
Gross premiums written	$	5,146		$	4,864			5.8	%	$	4,848		6.1	%	$	21,593		$	20,831			3.7	%	$	20,580		4.9	%
Net premiums written	$	3,657		$	3,630			0.8	%	$	3,617		1.1	%	$	16,075		$	15,372			4.6	%	$	15,160		6.0	%
Net premiums earned	$	3,848		$	3,831			0.5	%	$	3,817		0.8	%	$	15,677		$	15,387			1.9	%	$	15,158		3.4	%
Net investment income	$	567		$	565			0.2	%						$	2,181		$	2,242			-2.8	%
Net income	$	765		$	735			4.0	%						$	2,706		$	1,540			75.6	%
Income excluding net realized gains (losses)(1)	$	492		$	648			-24.1	%						$	2,624		$	2,331			12.5	%
Comprehensive income	$	638		$	807			-20.9	%						$	3,682		$	1,857			98.3	%
Operating cash flow	$	970		$	472										$	3,995		$	3,470
P&C combined ratio
Loss and loss expense ratio		75.5	%		63.4	%										65.7	%		66.0	%
Underwriting and administrative expense ratio		30.0	%		29.6	%										28.2	%		28.7	%
Combined ratio		105.5	%		93.0	%										93.9	%		94.7	%
Operating return on equity (ROE)(1)		8.0	%		11.6	%										11.0	%		10.6	%
ROE		11.2	%		12.3	%										10.4	%		6.5	%
Operating effective tax rate(1) (3)		-46.8	%		14.4	%										7.5	%		17.1	%
Effective tax rate(3)		-21.4	%		14.1	%										9.1	%		24.6	%
Diluted earnings per share
Income excluding net realized gains (losses)(1)	$	1.43		$	1.90			-24.7	%						$	7.65		$	6.84			11.8	%
Net income	$	2.22		$	2.15			3.3	%						$	7.89		$	4.52			74.6	%
Book value per common share(1)															$	80.90		$	72.22			12.0	%
Tangible book value per common share (1)															$	66.28		$	57.97			14.3	%
Weighted average basic common shares outstanding		340.8			338.3											339.8			338.2
Weighted average diluted common shares outstanding		343.7			341.0											342.7			340.8
Debt/total capitalization																14.6	%		15.8	%

(1) See Non-GAAP Financial Measures.

(2) Prior periods on a constant dollar basis.

(3) For Q4 2012, Operating effective tax rate and Effective tax rate include a $121 million tax benefit from the favorable resolution of prior years’ tax matters.

Adoption of New Accounting Pronouncement:

Shareholders’ equity and book value per common share at December 31, 2011 and ROE percentages for the three months and year ended December 31, 2011 have been retrospectively adjusted to reflect the adoption of new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. The adoption of this guidance decreased shareholders’ equity by $181 million as of December 31, 2011. The effect of the adoption of the new guidance on net income for the three months and year ended December 31, 2011 was a decrease of $12 million and $42 million, respectively.

Page 1

ACE Limited Consolidated Results—Consecutive Quarters (in millions of U.S. dollars, except ratios) (Unaudited)

ACE Limited Consolidated	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Consolidated Results Excluding Life Segment
Gross premiums written	$	4,602		$	5,496		$	5,140		$	4,275		$	4,344		$	19,513		$	18,841
Net premiums written		3,140			4,228			3,644			3,084			3,134			14,096			13,459
Net premiums earned		3,359			4,185			3,309			2,908			3,361			13,761			13,528
Losses and loss expenses		2,535			2,883			1,968			1,656			2,132			9,042			8,927
Policy acquisition costs		546			529			531			506			546			2,112			2,133
Administrative expenses		462			438			436			432			447			1,768			1,751
Underwriting income (loss)(1)		(184	)		335			374			314			236			839			717
Net investment income		502			470			475			483			505			1,930			2,016
Net realized gains (losses)		83			11			27			29			76			150			11
Interest expense		60			60			59			59			61			238			239
Other income (expense)		20			3			(15	)		(6	)		3			2			(19	)
Income tax expense (benefit)(2)		(149	)		133			129			99			111			212			452
Net income (loss)		510			626			673			662			648			2,471			2,034
Net realized gains (losses)		83			11			27			29			76			150			11
Net realized gains (losses) in other income (expense) (1) (3)		30			23			(1	)		23			15			75			25
Tax expense on net realized gains (losses)		21			9			17			7			12			54			18
Income excluding net realized gains (losses)(1)		418			601			664			617			569			2,300			2,016
Life segment income excluding net realized gains (losses)(1)		74			87			79			84			79			324			315
Consolidated income excluding net realized gains (losses)(1)	$	492		$	688		$	743		$	701		$	648		$	2,624		$	2,331
% Change versus prior year period(4)
Net premiums written as reported		0.3	%		9.6	%		5.3	%		2.5	%		4.9	%		4.7	%		11.6	%
Net premiums earned as reported		-0.1	%		4.4	%		1.1	%		0.8	%		6.4	%		1.7	%		13.9	%
Net premiums written constant $		0.7	%														6.3	%
Net premiums earned constant $		0.4	%														3.3	%
Other ratios
Net premiums written/gross premiums written		68	%		77	%		71	%		72	%		72	%		72	%		71	%
Operating effective tax rate(1)		-46.8	%		16.7	%		14.6	%		13.0	%		14.4	%		7.5	%		17.1	%
P&C combined ratio(4)
Loss and loss expense ratio		75.5	%		68.9	%		59.5	%		56.9	%		63.4	%		65.7	%		66.0	%
Policy acquisition cost ratio		16.2	%		12.7	%		16.1	%		17.4	%		16.3	%		15.3	%		15.8	%
Administrative expense ratio		13.8	%		10.4	%		13.1	%		14.9	%		13.3	%		12.9	%		12.9	%
Combined ratio		105.5	%		92.0	%		88.7	%		89.2	%		93.0	%		93.9	%		94.7	%
Combined ratio excluding catastrophe losses and PPD(1) (5)		91.4	%		96.5	%		90.4	%		91.7	%		92.0	%		92.8	%		92.2	%
Combined ratio excluding catastrophe losses, PPD, and crop(1) (5)		90.9	%		90.5	%								92.9	%		91.2	%		92.7	%
P&C expense ratio		30.0	%		23.1	%		29.2	%		32.3	%		29.6	%		28.2	%		28.7	%
P&C expense ratio excluding A&H		26.2	%		19.3	%		25.3	%		28.4	%		25.5	%		24.3	%		24.7	%
Large losses and other items (before tax)(4)
Reinstatement premiums (expensed) collected	$	(7	)	$	2		$	—		$	—		$	—		$	(5	)	$	(40	)
Catastrophe losses	$	504		$	55		$	55		$	19		$	155		$	633		$	859
Favorable prior period development (PPD) - net of asbestos and environmental(5)	$	(37	)	$	(236	)	$	(113	)	$	(93	)	$	(123	)	$	(479	)	$	(556	)
Loss and loss expense ratio excluding catastrophe losses and PPD(1) (5)		61.4	%		73.4	%		61.2	%		59.5	%		62.5	%		64.6	%		63.6	%

(1) See Non-GAAP Financial Measures.

(2) For Q4 2012, Income tax expense (benefit) includes a $121 million benefit from the favorable resolution of prior years’ tax matters included in the following segments: $63 million in Insurance – Overseas General, $56 million in Insurance – North American, and $2 million in Global Re.

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

(4) Presented excluding the Life segment. This is a non-GAAP measure.

(5) For Q4 2012, favorable prior period development includes approximately $140 million of reserve charges for asbestos and environmental and other run-off business. For Q3 2012, favorable prior period development is net of $32 million of net earned premium adjustments on loss sensitive policies.

Page 2

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

	December 31 2012			September 30 2012			June 30 2012			March 31 2012			December 31 2011
Assets
Fixed maturities available for sale, at fair value	$	47,306		$	46,504		$	44,386		$	43,468		$	41,967
Fixed maturities held to maturity, at amortized cost		7,270			7,493			7,782			8,117			8,447
Equity securities, at fair value		744			770			729			679			647
Short-term investments, at fair value		2,228			2,429			2,260			2,099			2,301
Other investments		2,716			2,621			2,524			2,429			2,314
Total investments		60,264			59,817			57,681			56,792			55,676
Cash		615			690			617			715			614
Securities lending collateral		1,791			2,039			2,247			2,204			1,375
Insurance and reinsurance balances receivable		4,147			5,288			4,985			4,487			4,387
Reinsurance recoverable on losses and loss expenses		12,078			11,857			11,752			12,057			12,389
Deferred policy acquisition costs		1,873			1,793			1,710			1,649			1,548
Value of business acquired		614			632			637			669			676
Prepaid reinsurance premiums		1,617			1,613			1,775			1,643			1,541
Goodwill and other intangible assets		4,975			4,990			4,826			4,860			4,799
Deferred tax assets		453			344			557			568			673
Investments in partially-owned insurance companies		454			354			339			346			352
Other assets		3,664			4,091			3,575		��	3,759			3,291
Total assets	$	92,545		$	93,508		$	90,701		$	89,749		$	87,321
Liabilities
Unpaid losses and loss expenses	$	37,946		$	38,200		$	36,850		$	37,247		$	37,477
Unearned premiums		6,864			7,068			7,044			6,664			6,334
Future policy benefits		4,470			4,414			4,436			4,358			4,274
Insurance and reinsurance balances payable		3,472			3,448			3,490			3,454			3,542
Securities lending payable		1,795			2,044			2,253			2,211			1,385
Accounts payable, accrued expenses, and other liabilities		5,397			6,300			5,796			5,184			5,057
Short-term debt		1,401			1,402			1,401			1,531			1,251
Long-term debt		3,360			3,360			3,360			3,360			3,360
Trust preferred securities		309			309			309			309			309
Total liabilities		65,014			66,545			64,939			64,318			62,989
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		24,644			23,949			23,424			23,222			22,421
Accumulated other comprehensive income (AOCI)		2,887			3,014			2,338			2,209			1,911
Total shareholders’ equity		27,531			26,963			25,762			25,431			24,332
Total liabilities and shareholders’ equity	$	92,545		$	93,508		$	90,701		$	89,749		$	87,321
Book value per common share(1)	$	80.90		$	79.36		$	75.98		$	75.09		$	72.22
% change over prior quarter		1.9	%		4.4	%		1.2	%		4.0	%		3.0	%
Tangible book value per common share(1)	$	66.28		$	64.67		$	61.75		$	60.74		$	57.97
% change over prior quarter		2.5	%		4.7	%		1.7	%		4.8	%		3.7	%

(1) See Non-GAAP Financial Measures.

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

	4Q-12			% of Total Consolidated			4Q-11		% of Total Consolidated			% Change 4Q-12 vs. 4Q-11			Full Year 2012			% of Total Consolidated			Full Year 2011		% of Total Consolidated			% Change YTD-12 vs. YTD-11
Net premiums written
Property and all other	$	939			26	%	$	849		24	%		10.6	%	$	4,240			26	%	$	3,808		25	%		11.3	%
Agriculture		84			2	%		272		7	%		-69.2	%		1,859			12	%		1,951		12	%		-4.7	%
Casualty		1,475			40	%		1,393		38	%		5.9	%		5,476			34	%		5,210		34	%		5.1	%
Subtotal		2,498			68	%		2,514		69	%		-0.6	%		11,575			72	%		10,969		71	%		5.5	%
Personal accident (A&H)(1)		911			25	%		874		24	%		4.3	%		3,532			22	%		3,486		23	%		1.3	%
Life		248			7	%		242		7	%		2.5	%		968			6	%		917		6	%		5.6	%
Total consolidated	$	3,657			100	%	$	3,630		100	%		0.8	%	$	16,075			100	%	$	15,372		100	%		4.6	%
Net premiums earned
Property and all other	$	1,087			28	%	$	1,009		27	%		7.7	%	$	4,101			26	%	$	3,770		24	%		8.8	%
Agriculture		263			7	%		428		11	%		-38.6	%		1,872			12	%		1,942		13	%		-3.6	%
Casualty		1,367			36	%		1,304		34	%		4.8	%		5,292			34	%		5,340		35	%		-0.9	%
Subtotal		2,717			71	%		2,741		72	%		-0.9	%		11,265			72	%		11,052		72	%		1.9	%
Personal accident (A&H)(1)		894			23	%		866		22	%		3.1	%		3,499			22	%		3,471		23	%		0.8	%
Life		237			6	%		224		6	%		5.8	%		913			6	%		864		5	%		5.7	%
Total consolidated	$	3,848			100	%	$	3,831		100	%		0.5	%	$	15,677			100	%	$	15,387		100	%		1.9	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	314			64	%	$	437		67	%		-28.1	%	$	1,998			76	%	$	1,590		68	%		25.7	%
Agriculture		(1	)		0	%		46		7	%		NM			(38	)		-1	%		120		5	%		NM
Personal accident (A&H)(1)		141			28	%		122		19	%		15.6	%		498			19	%		463		20	%		7.6	%
Life		38			8	%		43		7	%		-11.6	%		166			6	%		158		7	%		5.1	%
Total consolidated	$	492			100	%	$	648		100	%		-24.1	%	$	2,624			100	%	$	2,331		100	%		12.5	%

(1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance-Overseas General segments, respectively, are included in the Personal Accident (A&H) line items above.

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

					Constant $ % Change 4Q-12 vs. 4Q-11(2)			Full  Year 2012		Constant $ Full Year 2011(2)		Constant $ % Change 2012 vs. 2011(2)
	4Q-12		Constant $ 4Q-11 (2)
Net premiums written
Property, casualty, agriculture, and all other	$	2,498	$	2,501		-0.1	%	$	11,575	$	10,849		6.7	%
Personal accident (A&H)(1)		911		873		4.4	%		3,532		3,411		3.6	%
Life		248		243		2.1	%		968		900		7.6	%
Total consolidated	$	3,657	$	3,617		1.1	%	$	16,075	$	15,160		6.0	%
Net premiums earned
Property, casualty, agriculture, and all other	$	2,717	$	2,728		-0.4	%	$	11,265	$	10,918		3.2	%
Personal accident (A&H)(1)		894		865		3.4	%		3,499		3,392		3.2	%
Life		237		224		5.8	%		913		848		7.7	%
Total consolidated	$	3,848	$	3,817		0.8	%	$	15,677	$	15,158		3.4	%
Income excluding net realized gains (losses)
Property, casualty, agriculture, and all other	$	313	$	483		-35.2	%	$	1,960	$	1,679		16.7	%
Personal accident (A&H)(1)		141		121		16.5	%		498		451		10.4	%
Life		38		44		-13.6	%		166		159		4.4	%
Total consolidated	$	492	$	648		-24.1	%	$	2,624	$	2,289		14.6	%

(1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance-Overseas General segments, respectively, are included in the Personal Accident (A&H) line items above.

(2) Prior periods on a constant dollar basis.

Page 5

ACE Limited Segment Results—Consecutive Quarters (in millions of U.S. dollars, except ratios) (Unaudited)

Insurance—North American

	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Gross premiums written	$	2,528		$	3,345		$	2,856		$	2,012		$	2,394		$	10,741		$	10,360
Net premiums written		1,518			2,537			1,860			1,293			1,624			7,208			6,851
Net premiums earned		1,608			2,472			1,652			1,287			1,662			7,019			6,911
Losses and loss expenses		1,504			2,110			1,163			849			1,211			5,626			5,276
Policy acquisition costs		142			160			157			127			157			586			612
Administrative expenses		153			148			153			147			144			601			592
Underwriting income (loss)		(191	)		54			179			164			150			206			431
Net investment income		283			263			271			274			284			1,091			1,170
Net realized gains (losses)		26			(1	)		18			(1	)		26			42			34
Interest expense		3			3			3			3			4			12			15
Other income (expense)		13			5			(10	)		1			3			9			(5	)
Income tax expense (benefit)(1)		(79	)		81			107			91			91			200			395
Net income		207			237			348			344			368			1,136			1,220
Net realized gains (losses)		26			(1	)		18			(1	)		26			42			34
Net realized gains (losses) in other income (expense)		21			17			5			15			10			58			28
Tax expense on net realized gains (losses)		10			2			10			4			10			26			19
Income excluding net realized gains (losses)(2)	$	170		$	223		$	335		$	334		$	342		$	1,062		$	1,177
Combined ratio
Loss and loss expense ratio		93.6	%		85.3	%		70.4	%		66.0	%		72.8	%		80.2	%		76.3	%
Policy acquisition cost ratio		8.8	%		6.5	%		9.5	%		9.9	%		9.5	%		8.3	%		8.9	%
Administrative expense ratio		9.5	%		6.0	%		9.3	%		11.4	%		8.7	%		8.6	%		8.6	%
Combined ratio		111.9	%		97.8	%		89.2	%		87.3	%		91.0	%		97.1	%		93.8	%
Combined ratio excluding catastrophe losses, PPD, and crop(2) (3)		88.5	%		88.9	%								91.9	%		90.1	%		92.3	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(8	)	$	—		$	—		$	—		$	—		$	(8	)	$	(5	)
Catastrophe losses	$	338		$	38		$	49		$	16		$	42		$	441		$	347
Unfavorable (favorable) prior period development (PPD)—net of A&E(3)	$	7		$	(80	)	$	(59	)	$	(60	)	$	(31	)	$	(192	)	$	(195	)
Loss and loss expense ratio excluding catastrophe losses and PPD(2) (3)		71.8	%		87.2	%		71.1	%		69.3	%		72.2	%		76.6	%		74.1	%
% Change versus prior year period
Net premiums written		-6.5	%		14.9	%		7.2	%		0.6	%		6.9	%		5.2	%		18.2	%
Net premiums earned		-3.2	%		7.5	%		3.0	%		-4.4	%		10.0	%		1.6	%		22.3	%
Net premiums written excluding crop		6.9	%		27.4	%		17.2	%		1.9	%		1.0	%		13.1	%		-8.8	%
Net premiums earned excluding crop		11.3	%		15.2	%		6.1	%		-2.0	%		-12.6	%		7.6	%		-5.4	%
Other ratios
Net premiums written/gross premiums written		60	%		76	%		65	%		64	%		68	%		67	%		66	%

(1) For Q4 2012, Income tax expense (benefit) includes a $56 million benefit from the favorable resolution of prior years’ tax matters.

(2) See Non-GAAP Financial Measures.

(3) For Q4 2012, favorable prior period development includes approximately $140 million of reserve charges for asbestos and environmental and other run-off business. For Q3 2012, favorable prior period development is net of $28 million of net earned premium adjustments on loss sensitive policies.

Page 6

ACE Limited Segment Results—Consecutive Quarters (in millions of U.S. dollars, except ratios) (Unaudited)

Insurance—Overseas General

	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Gross premiums written	$	1,925		$	1,841		$	1,952		$	1,984		$	1,818		$	7,702		$	7,467
Net premiums written		1,476			1,384			1,475			1,528			1,378			5,863			5,629
Net premiums earned		1,497			1,432			1,420			1,391			1,450			5,740			5,614
Losses and loss expenses		832			622			703			705			785			2,862			3,029
Policy acquisition costs		357			329			332			335			346			1,353			1,335
Administrative expenses		239			234			233			229			241			935			939
Underwriting income		69			247			152			122			78			590			311
Net investment income		135			127			128			131			140			521			546
Net realized gains (losses)		44			13			26			20			51			103			33
Interest expense		1			2			1			1			1			5			5
Other income (expense)		—			3			(6	)		—			3			(3	)		—
Income tax expense (benefit)(1)		(33	)		77			51			38			52			133			164
Net income		280			311			248			234			219			1,073			721
Net realized gains (losses)		44			13			26			20			51			103			33
Net realized gains (losses) in other income (expense)		1			2			(3	)		3			2			3			(2	)
Tax expense on net realized gains (losses)		11			6			7			3			3			27			1
Income excluding net realized gains (losses)(2)	$	246		$	302		$	232		$	214		$	169		$	994		$	691
Combined ratio
Loss and loss expense ratio		55.5	%		43.4	%		49.6	%		50.7	%		54.1	%		49.8	%		54.0	%
Policy acquisition cost ratio		23.8	%		23.1	%		23.4	%		24.1	%		23.8	%		23.6	%		23.8	%
Administrative expense ratio		16.1	%		16.2	%		16.3	%		16.4	%		16.6	%		16.3	%		16.7	%
Combined ratio		95.4	%		82.7	%		89.3	%		91.2	%		94.5	%		89.7	%		94.5	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(8	)	$	—		$	—		$	—		$	1		$	(8	)	$	(42	)
Catastrophe losses	$	65		$	4		$	5		$	2		$	98		$	76		$	329
Favorable prior period development (PPD)	$	(30	)	$	(135	)	$	(39	)	$	(22	)	$	(80	)	$	(226	)	$	(290	)
Loss and loss expense ratio excluding catastrophe losses and PPD(2)		52.9	%		52.6	%		51.9	%		52.1	%		53.0	%		52.4	%		52.9	%
% Change versus prior year period
Net premiums written as reported		7.1	%		-1.0	%		2.2	%		8.4	%		3.9	%		4.2	%		8.5	%
Net premiums earned as reported		3.2	%		-2.6	%		0.3	%		8.8	%		5.1	%		2.2	%		9.0	%
Net premiums written constant $		8.5	%														7.7	%
Net premiums earned constant $		4.4	%														6.0	%
Other ratios
Net premiums written/gross premiums written		77	%		75	%		76	%		77	%		76	%		76	%		75	%

(1) For Q4 2012, Income tax expense (benefit) includes a $63 million benefit from the favorable resolution of prior years’ tax matters.

(2) See Non-GAAP Financial Measures.

Page 7

ACE Limited Segment Results—Consecutive Quarters (in millions of U.S. dollars, except ratios) (Unaudited)

Global Reinsurance

	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Gross premiums written	$	149		$	310		$	332		$	279		$	132		$	1,070		$	1,014
Net premiums written		146			307			309			263			132			1,025			979
Net premiums earned		254			281			237			230			249			1,002			1,003
Losses and loss expenses		198			151			102			102			136			553			621
Policy acquisition costs		47			40			42			43			42			172			185
Administrative expenses		13			13			13			12			14			51			52
Underwriting income (loss)		(4	)		77			80			73			57			226			145
Net investment income		77			72			70			71			74			290			287
Net realized gains (losses)		12			(2	)		(17	)		13			6			6			(50	)
Interest expense		1			1			1			1			1			4			2
Other income (expense)		8			5			(3	)		5			3			15			1
Income tax expense (benefit)(1)		(2	)		11			—			6			5			15			30
Net income		94			140			129			155			134			518			351
Net realized gains (losses)		12			(2	)		(17	)		13			6			6			(50	)
Net realized gains (losses) in other income (expense)		8			4			(3	)		5			3			14			(1	)
Tax expense (benefit) on net realized gains (losses)		—			1			—			—			—			1			(1	)
Income excluding net realized gains (losses)(2)	$	74		$	139		$	149		$	137		$	125		$	499		$	401
Combined ratio
Loss and loss expense ratio		78.2	%		53.9	%		42.5	%		44.4	%		54.8	%		55.2	%		62.0	%
Policy acquisition cost ratio		18.3	%		14.1	%		17.8	%		18.7	%		17.0	%		17.1	%		18.4	%
Administrative expense ratio		5.2	%		4.7	%		5.8	%		5.2	%		5.3	%		5.2	%		5.2	%
Combined ratio		101.7	%		72.7	%		66.1	%		68.3	%		77.1	%		77.5	%		85.6	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	9		$	2		$	—		$	—		$	(1	)	$	11		$	7
Catastrophe losses	$	101		$	13		$	1		$	1		$	15		$	116		$	183
Favorable prior period development (PPD) (3)	$	(14	)	$	(21	)	$	(15	)	$	(11	)	$	(12	)	$	(61	)	$	(71	)
Loss and loss expense ratio excluding catastrophe losses and PPD(2) (3)		45.6	%		57.7	%		48.3	%		48.7	%		53.2	%		50.4	%		51.7	%
% Change versus prior year period
Net premiums written as reported		12.0	%		22.2	%		9.4	%		-16.5	%		-7.7	%		4.7	%		-8.9	%
Net premiums earned as reported		2.3	%		16.8	%		-6.5	%		-11.5	%		-7.1	%		0.0	%		-6.3	%
Net premiums written constant $		12.0	%														5.3	%
Net premiums earned constant $		2.4	%														0.4	%
Other ratios
Net premiums written/gross premiums written		99	%		99	%		93	%		94	%		100	%		96	%		97	%

(1) For Q4 2012, income tax expense (benefit) includes a $2 million benefit from the favorable resolution of prior years’ tax matters.

(2) See Non-GAAP Financial Measures.

(3) For Q3 2012, favorable prior period development is net of $4 million of net earned premium adjustments on loss sensitive policies.

Page 8

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

Life

	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Gross premiums written	$	544		$	511		$	513		$	512		$	520		$	2,080		$	1,990
Net premiums written		517			488			486			488			496			1,979			1,913
Net premiums earned		489			480			474			473			470			1,916			1,859
Losses and loss expenses		148			164			151			148			154			611			593
Policy benefits(1)		142			130			102			147			119			521			401
(Gains) losses from fair value changes in separate account assets(1)		(11	)		(14	)		14			(18	)		(3	)		(29	)		36
Policy acquisition costs		90			80			88			76			86			334			339
Administrative expenses		91			81			78			78			84			328			317
Net investment income		65			63			62			61			60			251			226
Life underwriting income(2)		94			102			103			103			90			402			399
Net realized gains (losses):
Mark-to-market on guaranteed living benefits derivative (net of related hedges)		138			(64	)		(397	)		197			(10	)		(126	)		(783	)
Foreign exchange gains (losses) and all other		51			(7	)		(24	)		34			17			54			(23	)
Interest expense		3			3			3			3			2			12			11
Other income (expense)(1)		(11	)		—			(5	)		(9	)		1			(25	)		(26	)
Income tax expense		14			14			19			11			9			58			50
Net income (loss)		255			14			(345	)		311			87			235			(494	)
Net realized gains (losses)		189			(71	)		(421	)		231			7			(72	)		(806	)
Net realized gains (losses) in other income (expense)		(7	)		(3	)		2			(5	)		1			(13	)		(1	)
Tax expense (benefit) on net realized gains (losses)		1			(1	)		5			(1	)		—			4			2
Income excluding net realized gains (losses)(3)	$	74		$	87		$	79		$	84		$	79		$	324		$	315
% Change versus prior year period
Net premiums written as reported		3.9	%		0.0	%		-1.2	%		11.9	%		14.5	%		3.4	%		16.2	%
Net premiums earned as reported		4.2	%		0.0	%		-1.9	%		11.3	%		13.7	%		3.1	%		14.1	%
Net premiums written constant $(4)		3.5	%														4.5	%
Net premiums earned constant $		3.7	%														4.2	%

(1) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP are reclassified from Other income (expense) for purposes of presenting Life underwriting income. The offsetting movement in the separate account liabilities is included in Policy benefits.

(2) We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.

(3) See Non-GAAP Financial Measures.

(4) Net premiums written and deposits breakdown:

	4Q-12		Constant $ 4Q-11		Constant $ % Change
Life excluding life reinsurance runoff products (1)	$	639	$	530		20.6	%
Life reinsurance runoff products including variable annuity		77		84		-8.3	%
Total Life	$	716	$	614		16.6	%

(1) Includes deposits collected on universal life and investment contracts of $199 million for Q4 2012 and $114 million for Q4 2011 on a constant-dollar basis. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.

Page 9

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

	Unpaid Losses									Net Paid  to Incurred Ratio
	Gross			Ceded			Net
Balance at December 31, 2010	$	37,391		$	12,149		$	25,242
Losses and loss expenses incurred		3,820			1,557			2,263
Losses and loss expenses paid		(2,847	)		(884	)		(1,963	)		87	%
Other (incl. foreign exch. revaluation)		479			161			318
Balance at March 31, 2011	$	38,843		$	12,983		$	25,860
Losses and loss expenses incurred		2,752			526			2,226
Losses and loss expenses paid		(2,730	)		(872	)		(1,858	)		83	%
Other (incl. foreign exch. revaluation)		86			30			56
Balance at June 30, 2011	$	38,951		$	12,667		$	26,284
Losses and loss expenses incurred		3,207			462			2,745
Losses and loss expenses paid		(3,366	)		(992	)		(2,374	)		86	%
Other (incl. foreign exch. revaluation)		(316	)		(95	)		(221	)
Balance at September 30, 2011	$	38,476		$	12,042		$	26,434
Losses and loss expenses incurred		3,066			780			2,286
Losses and loss expenses paid		(3,837	)		(1,166	)		(2,671	)		117	%
Other (incl. foreign exch. revaluation)		(228	)		(54	)		(174	)
Balance at December 31, 2011	$	37,477		$	11,602		$	25,875
Losses and loss expenses incurred		2,361			557			1,804
Losses and loss expenses paid		(2,876	)		(931	)		(1,945	)		108	%
Other (incl. foreign exch. revaluation)		285			90			195
Balance at March 31, 2012	$	37,247		$	11,318		$	25,929
Losses and loss expenses incurred		2,851			732			2,119
Losses and loss expenses paid		(2,916	)		(893	)		(2,023	)		95	%
Other (incl. foreign exch. revaluation)		(332	)		(171	)		(161	)
Balance at June 30, 2012	$	36,850		$	10,986		$	25,864
Losses and loss expenses incurred		4,073			1,026			3,047
Losses and loss expenses paid		(3,078	)		(1,013	)		(2,065	)		68	%
Other (incl. foreign exch. revaluation)		355			163			192
Balance at September 30, 2012	$	38,200		$	11,162		$	27,038
Losses and loss expenses incurred		4,642			1,959			2,683
Losses and loss expenses paid		(4,913	)		(1,727	)		(3,186	)		119	%
Other (incl. foreign exch. revaluation)		17			5			12
Balance at December 31, 2012	$	37,946		$	11,399		$	26,547
Add net recoverable on paid losses		—			679			(679	)
Balance including net recoverable on paid losses	$	37,946		$	12,078		$	25,868

Page 10

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

Net Reinsurance Recoverable by Division⁽¹⁾

	December 31 2012			September 30 2012			June 30 2012			March 31 2012			December 31 2011
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	464		$	496		$	586		$	575		$	632
Brandywine and Other Runoff		303			291			284			274			270
Total	$	767		$	787		$	870		$	849		$	902
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,199		$	9,931		$	9,623		$	9,729		$	9,931
Brandywine and Other Runoff		1,551			1,592			1,730			1,959			2,035
Total	$	11,750		$	11,523		$	11,353		$	11,688		$	11,966
Gross reinsurance recoverable
Active operations	$	10,663		$	10,427		$	10,209		$	10,304		$	10,563
Brandywine and Other Runoff		1,854			1,883			2,014			2,233			2,305
Total	$	12,517		$	12,310		$	12,223		$	12,537		$	12,868
Provision for uncollectible reinsurance(2)
Active operations	$	(277	)	$	(281	)	$	(297	)	$	(303	)	$	(302	)
Brandywine and Other Runoff		(162	)		(172	)		(174	)		(177	)		(177	)
Total	$	(439	)	$	(453	)	$	(471	)	$	(480	)	$	(479	)
Net reinsurance recoverable
Active operations	$	10,386		$	10,146		$	9,912		$	10,001		$	10,261
Brandywine and Other Runoff	��	1,692			1,711			1,840			2,056			2,128
Total	$	12,078		$	11,857		$	11,752		$	12,057		$	12,389

(1) Prior period amounts have been revised to reflect reclassification of certain businesses between active and run-off operations.

(2) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance recoverables, net of approximately $2.5 billion of collateral.

Page 11

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

	December 31 2012					September 30 2012					June 30 2012					March 31 2012					December 31 2011
Market Value
Fixed maturities available for sale	$	47,306				$	46,504				$	44,386				$	43,468				$	41,967
Fixed maturities held to maturity		7,633					7,879					8,062					8,348					8,605
Short-term investments		2,228					2,429					2,260					2,099					2,301
Total	$	57,167				$	56,812				$	54,708				$	53,915				$	52,873
Asset Allocation by Market Value
Treasury	$	2,794		5	%	$	2,731		5	%	$	2,614		5	%	$	2,451		5	%	$	2,361		5	%
Agency		2,024		4	%		1,952		3	%		1,816		3	%		1,811		3	%		1,725		3	%
Corporate and asset-backed		18,983		33	%		18,155		32	%		17,581		32	%		17,618		33	%		17,030		32	%
Mortgage-backed		12,589		22	%		13,066		23	%		12,725		23	%		12,800		24	%		13,237		25	%
Municipal(1)		3,872		7	%		3,542		7	%		3,495		7	%		3,295		6	%		2,888		6	%
Non-U.S.		14,677		25	%		14,937		26	%		14,217		26	%		13,841		26	%		13,331		25	%
Short-term investments		2,228		4	%		2,429		4	%		2,260		4	%		2,099		3	%		2,301		4	%
Total	$	57,167		100	%	$	56,812		100	%	$	54,708		100	%	$	53,915		100	%	$	52,873		100	%
Note: Insured municipal bonds represent $729 million, or 19% of our municipal bond holdings.
Credit Quality by Market Value
AAA	$	9,285		16	%	$	9,270		17	%	$	9,132		17	%	$	9,115		17	%	$	9,284		18	%
AA		22,014		39	%		22,423		39	%		20,931		38	%		20,665		38	%		20,562		39	%
A		10,760		19	%		10,391		18	%		10,400		19	%		10,523		20	%		10,106		19	%
BBB		6,591		12	%		6,424		11	%		6,243		11	%		6,244		12	%		6,152		12	%
BB		4,146		7	%		4,264		8	%		4,298		8	%		4,009		7	%		3,755		7	%
B		3,846		6	%		3,506		6	%		3,217		6	%		2,828		5	%		2,428		4	%
Other		525		1	%		534		1	%		487		1	%		531		1	%		586		1	%
Total	$	57,167		100	%	$	56,812		100	%	$	54,708		100	%	$	53,915		100	%	$	52,873		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	44,666				$	43,758				$	42,316				$	41,661				$	40,450
Fixed maturities held to maturity		7,270					7,493					7,782					8,117					8,447
Short-term investments		2,228					2,429					2,260					2,099					2,301
Subtotal		54,164					53,680					52,358					51,877					51,198
Equity securities		707					741					724					662					671
Other investments		2,465					2,385					2,297					2,221					2,112
Total	$	57,336				$	56,806				$	55,379				$	54,760				$	53,981
Avg. duration of fixed maturities		3.9 years					3.7 years					3.8 years					3.9 years					3.7 years
Avg. market yield of fixed maturities(2)		2.3	%				2.2	%				2.8	%				3.0	%				3.1	%
Avg. credit quality(3)		A/Aa					A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets (4)		3.7	%				3.8	%				3.9	%				4.0	%				4.2	%

(1) The rating of the municipal portfolio is AA with 8% of our holdings pre-funded with AA/Aaa Federal securities. The portfolio is highly diversified predominantly in State general obligation bonds and essential service revenue bonds, including education and utilities (water, power, and sewers).

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

(3) We use a split rating due to S&P’s downgrade of U.S. Treasury and Agency securities.

(4) Net investment income, excluding non-recurring items, divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Page 12

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

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Market Value at December 31, 2012
Agency residential mortgage-backed (RMBS)	$	—	$	10,637	$	—	$	—	$	—	$	10,637
Non-agency RMBS		108		16		36		26		395		581
Commercial mortgage-backed		1,338		14		12		7		—		1,371
Total mortgage-backed securities at market value	$	1,446	$	10,667	$	48	$	33	$	395	$	12,589
	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Amortized Cost at December 31, 2012
Agency RMBS	$	—	$	10,188	$	—	$	—	$	—	$	10,188
Non-agency RMBS		107		16		35		26		425		609
Commercial mortgage-backed		1,255		12		9		6		—		1,282
Total mortgage-backed securities at amortized cost	$	1,362	$	10,216	$	44	$	32	$	425	$	12,079

Mortgage-backed securitiestotal $12.6 billion, are rated predominantly AA and comprise 22% of the fixed income portfolio. This compares to a 32% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage-backed securities is AA for agency mortgages and AAA for non-agency mortgages.

Securities issued by Federal agencies with implied or explicit government guarantees total $10.6 billion and represent 95% of the residential mortgage-backed portfolio.

Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 42,000 loans. The portfolio’s original loan-to-value ratio is approximately 67% with an average FICO score of 732. With this conservative loan-to-value ratio and subordinated collateral of 6%, the cumulative 5-year foreclosure rate would have to rise to 17% before principal is significantly impaired. The foreclosure rate of ACE’s non-agency RMBS portfolio at December 31, 2012 was 7%.

Commercial mortgage-backed securitiesof $1.4 billion are rated predominantly AAA, broadly diversified with over 13,000 loans and seasoned with 30% of the portfolio issued before 2006 and 50% of the portfolio issued after 2009. The average loan-to-value ratio is approximately 64% with a debt service coverage ratio in excess of 1.9 and weighted average subordinated collateral of 30%. The cumulative foreclosure rate would have to rise to 43% before principal is impaired. The foreclosure rate of ACE’s commercial mortgage-backed securities portfolio at December 31, 2012 was 1.8%.

Page 13

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

U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at December 31, 2012

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Asset-backed	$	716	$	73	$	1	$	—	$	790
Banks		—		—		2,311		357		2,668
Basic Materials		—		—		78		242		320
Communications		—		—		608		746		1,354
Consumer, Cyclical		—		89		282		252		623
Consumer, Non-Cyclical		60		513		931		577		2,081
Diversified Financial Services		—		54		216		109		379
Energy		35		27		215		648		925
Industrial		—		371		364		171		906
Utilities		—		12		495		526		1,033
All Others		49		148		455		522		1,174
Total	$	860	$	1,287	$	5,956	$	4,150	$	12,253

U.S. Investment Grade Corporate Fixed Income Portfolio

The average credit quality of ACE’s U.S. 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.

Market Value at December 31, 2012

	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Asset-backed	$	4	$	—	$	13	$	17
Banks		—		3		—		3
Basic Materials		185		130		6		321
Communications		461		527		25		1,013
Consumer, Cyclical		503		532		31		1,066
Consumer, Non-Cyclical		583		881		21		1,485
Diversified Financial Services		71		90		9		170
Energy		649		422		15		1,086
Industrial		381		350		9		740
Utilities		294		17		1		312
All Others		221		290		6		517
Total	$	3,352	$	3,242	$	136	$	6,730

U.S. 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 750 issuers with our largest current issuer exposure at $97 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.

Page 14

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

Non-U.S. Fixed Income Portfolio

December 31, 2012

	Market Value by S&P Credit Rating												Amortized Cost
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	1,068	$	—	$	—	$	—	$	—	$	1,068	$	1,041
Canada		948		—		—		—		—		948		921
Republic of Korea		—		513		74		—		—		587		535
Germany		397		—		—		—		—		397		389
Japan		—		367		—		—		—		367		366
France		—		307		—		—		—		307		295
Province of Ontario		—		231		—		—		—		231		220
Federative Republic of Brazil		—		—		—		229		—		229		222
Kingdom of Thailand		—		—		186		34		—		220		217
Province of Quebec		—		—		171		—		—		171		161
Commonwealth of Australia		160		1		—		—		—		161		148
State of Queensland		68		81		—		—		—		149		139
Federation of Malaysia		—		—		132		—		—		132		132
Swiss Confederation		120		—		—		—		—		120		113
People’s Republic of China		68		50		1		—		—		119		116
United Mexican States		1		—		44		65		—		110		102
State of New South Wales		87		—		—		—		—		87		82
Taiwan		—		78		2		—		—		80		78
Socialist Republic of Vietnam		—		—		—		—		63		63		61
Russian Federation		—		—		—		55		—		55		53
State of Victoria		54		—		—		—		—		54		50
Republic of Indonesia		—		—		—		—		53		53		50
Republic of Colombia		—		—		—		47		—		47		45
Arab Republic of Egypt		—		22		—		—		21		43		41
Dominion of New Zealand		1		40		1		—		—		42		41
Other Non-U.S. Government		241		209		102		49		125		726		688
Non-U.S. Government Securities	$	3,213	$	1,899	$	713	$	479	$	262	$	6,566	$	6,306
Eurozone Non-U.S. Corporate(1)		584		341		528		459		444		2,356		2,219
Other Non-U.S. Corporate		726		576		2,433		1,392		628		5,755		5,403
	$	4,523	$	2,816	$	3,674	$	2,330	$	1,334	$	14,677	$	13,928

(1) Excludes United Kingdom

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.

76% of ACE’s non-U.S. fixed income portfolios are denominated in G7 currencies.

Average credit quality of non-U.S. fixed income securities is high at A and 54% 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.

Page 15

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

Eurozone Non-U.S. Fixed Income Portfolio (Excluding United Kingdom)

December 31, 2012

	Market Value by Industry										Amortized Cost
	Bank		Financial		Industrial		Utility		Total
Netherlands	$	183	$	156	$	343	$	145	$	828	$	772
France		115		36		150		159		460		437
Luxembourg		10		5		225		100		340		320
Germany		227		1		65		8		301		287
Euro Supranational		200		—		—		—		200		191
Ireland		12		2		96		15		125		115
Finland		26		—		10		3		39		37
Belgium		3		—		31		—		33		31
Austria		19		—		3		1		23		22
Spain		6		—		—		—		6		6
Portugal		—		—		1		—		1		1
Eurozone Non-U.S. Corporate Securities	$	801	$	200	$	924	$	431	$	2,356	$	2,219

Note: ACE has no investments in Greece and Italy

Top 10 Exposures—Eurozone Banks (Excluding United Kingdom)

December 31, 2012	Market Value		Amortized Cost		Rating
European Investment Bank	$	167	$	160	AAA
KFW		146		139	AAA
Rabobank Nederland NV		112		102	AA-
Bank Nederlandse Gemeenten		35		34	AAA
Credit Agricole Groupe		33		32	A
BNP Paribas SA		31		29	A+
Erste Abwicklungsanstalt		24		23	AA-
Groupe BPCE		23		22	A
Nordea Bank AB		23		22	AA-
Societe Generale SA		20		19	A

Top 10 Exposures—Eurozone Corporate (Excluding United Kingdom)

December 31, 2012	Market Value		Amortized Cost		Rating
ING Groep NV	$	94	$	89	A
Electricite de France SA		92		87	A+
Intelsat SA		82		78	B
Royal Dutch Shell PLC		75		71	AA
Deutsche Telekom AG		72		64	BBB+
LyondellBasell Industries NV		57		49	BB+
France Telecom SA		43		40	A-
Gazprom OAO		40		36	BBB
General Electric Co		35		32	AA+
NIBC Holding NV		33		32	BBB-

Page 16

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

Investment portfolio

Top 25 Exposures—Fixed Maturity Investments

	December 31, 2012	Market Value		Rating
1	JP Morgan Chase & Co	$	455	A
2	General Electric Co		438	AA+
3	Goldman Sachs Group Inc		366	A-
4	Citigroup Inc		348	A-
5	Bank of America Corp		310	A-
6	Morgan Stanley		289	A-
7	Verizon Communications Inc		267	A-
8	Wells Fargo & Co		266	A+
9	AT&T INC		217	A-
10	HSBC Holdings Plc		215	A+
11	Comcast Corp		166	BBB+
12	Mondelez International Inc		165	BBB
13	Anheuser-Busch InBev NV		147	A
14	BP Plc		130	A
15	Time Warner Cable Inc		128	BBB
16	Duke Energy Corp		126	BBB+
17	Royal Bank of Scotland Group Plc		125	A-
18	Barclays Plc		124	A
19	Pfizer Inc		122	AA
20	Philip Morris International Inc		116	A
21	Credit Suisse Group		115	A
22	Rabobank Nederland NV		112	AA-
23	American Express Co		111	BBB+
24	UBS AG		109	A
25	Enterprise Products Partners LP		106	BBB

Page 17

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

	Three months ended December 31, 2012									Year ended December 31, 2012
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses)(1)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	81		$	(131	)	$	(50	)	$	230		$	1,005		$	1,235
Fixed income derivatives		(3	)		—			(3	)		(6	)		—			(6	)
Total fixed maturities		78			(131	)		(53	)		224			1,005			1,229
Public equity		6			9			15			4			61			65
Private equity		36			16			52			79			49			128
Total equity		42			25			67			83			110			193
Mark-to-market gains (losses) from derivative transactions(2)		138			—			138			(130	)		—			(130	)
Foreign exchange gains (losses)(2)		48			—			48			(16	)		—			(16	)
Other		2			—			2			3			5			8
Partially-owned entities(3)		(13	)		—			(13	)		(24	)		(4	)		(28	)
Income tax expense (benefit)		22			(36	)		(14	)		58			198			256
Net gains (losses)	$	273		$	(70	)	$	203		$	82		$	918		$	1,000

(1) Other-than-temporary impairments for the quarter includes $7 million for fixed maturities. Year to date other-than-temporary impairments includes $25 million for fixed maturities, $7 million for private equity, and $5 million for public equity.

(2) Includes $138 million of realized gains from variable annuity reinsurance for the quarter which comprises $127 million in mark-to-market gains from derivative transactions and $11 million of gains on applicable hedges. The variable annuity reinsurance foreign exchange gains for the quarter were $35 million. For the year, the $126 million of realized losses from variable annuity reinsurance includes $171 million in mark-to-market gains from derivative transactions and $297 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange gains for the year were $33 million.

(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

	Three months ended December 31, 2011									Year ended December 31, 2011
	Net Realized Gains (Losses) (4)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses)(4)			Net Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	21		$	236		$	257		$	164		$	480		$	644
Fixed income derivatives		14			—			14			(143	)		—			(143	)
Total fixed maturities		35			236			271			21			480			501
Public equity		—			4			4			9			(47	)		(38	)
Private equity		18			(20	)		(2	)		24			22			46
Total equity		18			(16	)		2			33			(25	)		8
Mark-to-market losses from derivative transactions(5)		(13	)		—			(13	)		(787	)		—			(787	)
Foreign exchange gains (losses)(5)		76			—			76			(13	)		—			(13	)
Other		(14	)		13			(1	)		(21	)		15			(6	)
Partially-owned entities(6)		(3	)		1			(2	)		(4	)		3			(1	)
Income tax expense		12			45			57			20			157			177
Net gains (losses)	$	87		$	189		$	276		$	(791	)	$	316		$	(475	)

(4) Other-than-temporary impairments for the quarter includes $18 million for fixed maturities. Year to date other-than-temporary impairments includes $46 million for fixed maturities, $3 million for private equity, and $1 million for public equity.

(5) Includes $10 million of realized losses from variable annuity reinsurance for the quarter which comprises $146 million in mark-to-market gains from derivatives transactions, net of $156 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange gains for the quarter were $11 million. For the year $783 million of realized losses from variable annuity reinsurance includes $779 million in mark-to-market losses from derivative transactions and $4 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange losses for the year were $33 million.

(6) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

Page 18

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

	December 31 2012			September 30 2012			June 30 2012			March 31 2012			December 31 2011			December 31 2010
Total short-term debt(1)	$	1,401		$	1,402		$	1,401		$	1,531		$	1,251		$	1,300
Total long-term debt		3,360			3,360			3,360			3,360			3,360			3,358
Total debt	$	4,761		$	4,762		$	4,761		$	4,891		$	4,611		$	4,658
Total trust preferred securities	$	309		$	309		$	309		$	309		$	309		$	309
Total shareholders’ equity	$	27,531		$	26,963		$	25,762		$	25,431		$	24,332		$	22,835
Total capitalization	$	32,601		$	32,034		$	30,832		$	30,631		$	29,252		$	27,802
Tangible capital(2)	$	27,626		$	27,044		$	26,006		$	25,771		$	24,453		$	23,138
Leverage ratios
Debt/ total capitalization		14.6	%		14.9	%		15.4	%		16.0	%		15.8	%		16.8	%
Debt plus trust preferred securities/ total capitalization		15.6	%		15.8	%		16.4	%		17.0	%		16.8	%		17.9	%
Debt/ tangible capital		17.2	%		17.6	%		18.3	%		19.0	%		18.9	%		20.1	%
Debt plus trust preferred securities/ tangible capital		18.4	%		18.8	%		19.5	%		20.2	%		20.1	%		21.5	%

Note: As of December 31, 2012, there was $1.5 billion usage of credit facilities on a total commitment of $1.9 billion.

(1) Repurchase agreements in the amount of $850 million matured during the quarter, and there were new repurchase agreements in the amount of $849 million.

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

Page 19

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 December 31					Year ended December 31
	2012		2011			2012			2011
Numerator
Income to common shares, excl. net realized gains (losses)(1)	$	492	$	648		$	2,624		$	2,331
Net realized gains (losses), net of income tax		273		87			82			(791	)
Net income	$	765	$	735		$	2,706		$	1,540
Rollforward of Common Shares Outstanding
Shares—beginning of period		339,735,109		336,390,293			336,927,276			334,942,852
Repurchase of shares		—		(461,428	)		(100,000	)		(2,058,860	)
Shares issued, excluding option exercises		55,188		(41,115	)		1,092,389			1,302,046
Issued for option exercises		531,237		1,039,526			2,401,869			2,741,238
Shares—end of period		340,321,534		336,927,276			340,321,534			336,927,276
Denominator
Weighted average shares outstanding		340,821,273		338,260,786			339,843,438			338,159,409
Effect of other dilutive securities		2,920,626		2,740,500			2,903,512			2,620,815
Adj. wtd. avg. shares outstanding and assumed conversions		343,741,899		341,001,286			342,746,950			340,780,224
Basic earnings per share
Income excluding net realized gains (losses)(1)	$	1.44	$	1.91		$	7.72		$	6.89
Net realized gains (losses), net of income tax		0.80		0.26			0.24			(2.34	)
Net income	$	2.24	$	2.17		$	7.96		$	4.55
Diluted earnings per share
Income excluding net realized gains (losses)(1)	$	1.43	$	1.90		$	7.65		$	6.84
Net realized gains (losses), net of income tax		0.79		0.25			0.24			(2.32	)
Net income	$	2.22	$	2.15		$	7.89		$	4.52

(1) See Non-GAAP Financial Measures.

Page 20

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 page 23.

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). Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Loss and loss expense ratio excluding the impact of catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The loss ratio numerator includes Losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

Combined ratio excluding catastrophe losses, PPD, and crop is a non-GAAP financial measure. The ratio numerator includes losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses, PPD, and crop insurance. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected, net earned premium adjustments on loss sensitive policies and net premiums earned on crop insurance business. We believe that excluding the impact of catastrophe losses, PPD, and crop insurance provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

Operating return on equity (ROE) or ROE calculated using income excluding net realized gains (losses) is an annualized non-GAAP financial measure. The ROE numerator includes income adjusted to exclude net realized gains (losses), net of tax. The ROE denominator includes the average shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

Income excluding net realized gains (losses), net of tax, is a common performance measurement for insurance companies and non-GAAP financial measure. 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.

Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on net realized gains (losses). The denominator excludes net realized gains (losses), before tax. We exclude net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.

The following table presents the reconciliation of Net income to Income excluding net realized gains (losses):

	4Q-12		3Q-12			2Q-12			1Q-12		4Q-11		Full Year 2012		Full Year 2011
Net income, as reported	$	765	$	640		$	328		$	973	$	735	$	2,706	$	1,540
Net realized gains (losses)		272		(60	)		(394	)		260		83		78		(795	)
Net realized gains (losses) in other income (expense)(1)		23		20			1			18		16		62		24
Income tax expense on net realized gains (losses)		22		8			22			6		12		58		20
Income excluding net realized gains (losses)	$	492	$	688		$	743		$	701	$	648	$	2,624	$	2,331

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

Page 21

ACE Limited Non-GAAP Financial Measures—2 (in millions of U.S. dollars, except ratios) (Unaudited)

Regulation G—Non-GAAP Financial Measures (continued)

The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

	4Q-12			3Q-12			2Q-12			1Q-12			4Q-11			Full Year 2012			Full Year 2011
Tax expense (benefit), as reported	$	(135	)	$	147		$	148		$	110		$	120		$	270		$	502
Tax expense on net realized gains (losses)		22			8			22			6			12			58			20
Tax expense (benefit), adjusted	$	(157	)	$	139		$	126		$	104		$	108		$	212		$	482
Income before tax, as reported	$	630		$	787		$	476		$	1,083		$	855		$	2,976		$	2,042
Less: realized gains (losses)		272			(60	)		(394	)		260			83			78			(795	)
Less: realized gains (losses) in other income (expense)		23			20			1			18			16			62			24
Income excluding net realized gains (losses) before tax	$	335		$	827		$	869		$	805		$	756		$	2,836		$	2,813
Effective tax rate		-21.4	%		18.7	%		31.0	%		10.2	%		14.1	%		9.1	%		24.6	%
Adjustment for tax impact of net realized gains (losses)		-25.4	%		-2.0	%		-16.4	%		2.8	%		0.3	%		-1.6	%		-7.5	%
Operating effective tax rate		-46.8	%		16.7	%		14.6	%		13.0	%		14.4	%		7.5	%		17.1	%

The following table presents the reconciliation of ROE to Operating ROE:

	4Q-12			4Q-11			Full Year 2012			Full Year 2011
Net income	$	765		$	735		$	2,706		$	1,540
Income excluding net realized gains (losses)	$	492		$	648		$	2,624		$	2,331
Equity—beginning of period, as reported	$	26,963		$	23,581		$	24,332		$	22,835
Less: unrealized gains (losses) on investments, net of deferred tax		2,703			1,526			1,715			1,399
Equity—beginning of period, as adjusted	$	24,260		$	22,055		$	22,617		$	21,436
Equity—end of period, as reported	$	27,531		$	24,332		$	27,531		$	24,332
Less: unrealized gains (losses) on investments, net of deferred tax		2,633			1,715			2,633			1,715
Equity—end of period, as adjusted	$	24,898		$	22,617		$	24,898		$	22,617
Average equity, as reported	$	27,247		$	23,957		$	25,932		$	23,584
Average equity, as adjusted	$	24,579		$	22,336		$	23,758		$	22,027
Operating ROE calculated using income excluding net realized gains (losses)		8.0	%		11.6	%		11.0	%		10.6	%
ROE calculated using net income		11.2	%		12.3	%		10.4	%		6.5	%

Page 22

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

	December 31 2012			September 30 2012			June 30 2012			March 31 2012			December 31 2011
Reconciliation of Book Value per Common Share
Shareholders’ equity	$	27,531		$	26,963		$	25,762		$	25,431		$	24,332
Less: goodwill and other intangible assets		4,975			4,990			4,826			4,860			4,799
Numerator for tangible book value per share	$	22,556		$	21,973		$	20,936		$	20,571		$	19,533
Book value—% change over prior quarter (1)		2.1	%		4.7	%		1.3	%		4.5	%		3.2	%
Tangible book value—% change over prior quarter (1)		2.7	%		5.0	%		1.8	%		5.3	%		3.9	%
Denominator		340,321,534			339,735,109			339,060,885			338,653,382			336,927,276
Book value per common share	$	80.90		$	79.36		$	75.98		$	75.09		$	72.22
Tangible book value per common share	$	66.28		$	64.67		$	61.75		$	60.74		$	57.97
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	26,963		$	25,762		$	25,431		$	24,332		$	23,581
Income excluding net realized gains (losses)		492			688			743			701			648
Net realized gains (losses), net of tax		273			(48	)		(415	)		272			87
Net unrealized gains (losses), net of tax		(70	)		537			208			243			189
Repurchase of shares		—			—			—			(7	)		(32	)
Dividend declared on common shares		(168	)		(168	)		(168	)		(200	)		(118	)
Cumulative translation, net of tax		(37	)		141			(79	)		56			(123	)
Pension liability		(20	)		(2	)		—			(1	)		6
Other (2)		98			53			42			35			94
	$	27,531		$	26,963		$	25,762		$	25,431		$	24,332

(1) At December 31, 2012, book value increased 13.1% and tangible book value increased 15.5% from December 31, 2011.

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

Page 23

ACE Limited Glossary

ACE Limited Consolidated comprises all segments including Corporate and Other.

Operating return on equity (ROE) or ROE calculated using income excluding net realized gains (losses): Income excluding net realized gains (losses), net of tax, divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments, net of tax. 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.

Operating effective tax rate: Income tax expense excluding tax expense (benefit) on net realized gains (losses) divided by income excluding net realized gains (losses) before tax.

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. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

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.

Page 24