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 email: investorrelations@acegroup.com	This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect 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 Operating Income by Line of Business		4 - 5
III.Segment Results
- Insurance—North American—For Reference Only		6
- Insurance—North American P&C		7
- Insurance—North American Agriculture		8
- Insurance—Overseas General		9
- Global Reinsurance		10
- Life		11
IV.Balance Sheet Details
- Loss Reserve Rollforward		12
- Reinsurance Recoverable Analysis		13
- Investment Portfolio		14 - 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.

												Constant $															Constant $
	Three months ended September 30						% Change 3Q-13 vs.			Constant $		% Change 3Q-13 vs.			Nine months ended September 30						% Change YTD-13 vs.			Constant $			% Change YTD-13 vs.
	2013			2012			3Q-12			2012(1)		3Q-12 (1)			2013			2012			YTD-12			2012(1)			YTD-12(1)
Gross premiums written	$	6,373		$	6,007			6.1	%	$	5,945		7.2	%	$	17,366		$	16,447			5.6	%	$	16,324			6.4	%
Net premiums written	$	4,620		$	4,716			-2.0	%	$	4,662		-0.9	%	$	12,809		$	12,418			3.2	%	$	12,317			4.0	%
Global P&C net premiums written (2)	$	3,336		$	3,064			8.9	%	$	3,016		10.6	%	$	9,970		$	9,181			8.6	%	$	9,085			9.7	%
Net premiums earned	$	4,610		$	4,665			-1.2	%	$	4,621		-0.3	%	$	12,250		$	11,829			3.6	%	$	11,740			4.3	%
Net investment income	$	522		$	533			-2.0	%						$	1,587		$	1,614			-1.7	%
Operating income	$	857		$	688			24.6	%						$	2,393		$	2,132			12.2	%
Net income	$	916		$	640			43.1	%						$	2,760		$	1,941			42.2	%
Comprehensive income	$	1,030		$	1,316			-21.7	%						$	1,247		$	3,044			-59.0	%
Operating cash flow	$	928		$	1,642										$	2,736		$	3,025
P&C combined ratio
Loss and loss expense ratio		60.7	%		68.9	%										59.0	%		62.6	%
Underwriting and administrative expense ratio		25.8	%		23.1	%										28.5	%		27.6	%
Combined ratio		86.5	%		92.0	%										87.5	%		90.2	%
Operating return on equity (ROE)		13.0	%		11.5	%										12.3	%		12.1	%
ROE		13.2	%		9.7	%										13.2	%		10.1	%
Operating effective tax rate		14.9	%		16.7	%										12.4	%		14.8	%
Effective tax rate		14.4	%		18.7	%										12.4	%		17.3	%
Diluted earnings per share
Operating income	$	2.49		$	2.01			23.9	%						$	6.95		$	6.23			11.6	%
Net income	$	2.66		$	1.86			43.0	%						$	8.02		$	5.67			41.4	%
																					% Change 3Q-13  vs. 3Q-12			December 31 2012			% Change 3Q-13  vs. 4Q-12
Book value per common share															$	82.98		$	79.36			4.6	%	$	80.90			2.6	%
Tangible book value per common share															$	66.91		$	64.67			3.5	%	$	66.28			1.0	%
Tangible book value per common share excluding 2013 acquisitions (3)															$	68.69		$	64.67			6.2	%	$	66.28			3.6	%
Weighted average basic common shares outstanding		340.9			340.2											340.9			339.5
Weighted average diluted common shares outstanding		343.8			342.9											344.1			342.4
Debt plus trust preferred securities/ tangible capital																20.9	%		18.8	%					18.4	%

(1) Prior periods on a constant dollar basis.

(2) Global P&C net premiums written is defined as consolidated net premiums written excluding net premiums written of the company’s Life and Insurance - North American Agriculture Segments. See non-GAAP financial measures.

(3) For 2013, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisitions of ABA Seguros and Fianzas Monterrey of $408 million and $200 million, respectively.

Financial Highlights Page 1

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

ACE Limited Consolidated

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full  Year 2012
Consolidated Results (Including Corporate and Other) Excluding Life Segment (1)
Gross premiums written	$	5,863		$	5,518		$	4,435		$	4,602		$	5,496		$	15,816		$	14,911		$	19,513
Net premiums written		4,141			3,904			3,296			3,140			4,228			11,341			10,956			14,096
Net premiums earned		4,143			3,587			3,096			3,359			4,185			10,826			10,402			13,761
Adjusted losses and loss expenses(2)		2,515			2,105			1,769			2,535			2,883			6,389			6,507			9,042
Policy acquisition costs		592			570			534			546			529			1,696			1,566			2,112
Administrative expenses		478			478			429			462			438			1,385			1,306			1,768
Underwriting income (loss)		558			434			364			(184	)		335			1,356			1,023			839
Net investment income		461			471			468			502			470			1,400			1,428			1,930
Interest expense		68			69			56			60			60			193			178			238
Other income (expense)—operating(3)		(29	)		(31	)		(22	)		(10	)		(20	)		(82	)		(63	)		(73	)
Income tax expense (benefit)		140			91			78			(170	)		124			309			328			158
Operating income (including Corporate and Other) excluding Life Segment		782			714			676			418			601			2,172			1,882			2,300
Life Segment operating income		75			76			70			74			87			221			250			324
Consolidated operating income		857			790			746			492			688			2,393			2,132			2,624
Adjusted net realized gains (losses)(2)		41			104			206			272			(60	)		351			(194	)		78
Net realized gains (losses) related to unconsolidated entities		22			12			33			23			20			67			39			62
Income tax expense on net realized gains (losses)		4			15			32			22			8			51			36			58
Consolidated net income	$	916		$	891		$	953		$	765		$	640		$	2,760		$	1,941		$	2,706
% Change versus prior year period(1)
Net premiums written as reported		-2.0	%		7.1	%		6.9	%		0.3	%		9.6	%		3.5	%		6.1	%		4.7	%
Net premiums earned as reported		-1.0	%		8.4	%		6.4	%		-0.1	%		4.4	%		4.1	%		2.3	%		1.7	%
Net premiums written constant $		-0.9	%														4.4	%
Net premiums earned constant $		-0.1	%														4.9	%
Other ratios
Net premiums written/gross premiums written(1)		71	%		71	%		74	%		68	%		77	%		72	%		73	%		72	%
Operating effective tax rate		14.9	%		11.2	%		10.8	%		-46.8	%		16.7	%		12.4	%		14.8	%		7.5	%
P&C combined ratio(1)
Loss and loss expense ratio		60.7	%		58.7	%		57.1	%		75.5	%		68.9	%		59.0	%		62.6	%		65.7	%
Policy acquisition cost ratio		14.3	%		15.9	%		17.2	%		16.2	%		12.7	%		15.7	%		15.0	%		15.3	%
Administrative expense ratio		11.5	%		13.3	%		13.9	%		13.8	%		10.4	%		12.8	%		12.6	%		12.9	%
Combined ratio		86.5	%		87.9	%		88.2	%		105.5	%		92.0	%		87.5	%		90.2	%		93.9	%
Combined ratio excluding catastrophe losses and PPD		89.8	%		89.2	%		89.4	%		91.4	%		96.5	%		89.5	%		93.2	%		92.8	%
P&C expense ratio		25.8	%		29.2	%		31.1	%		30.0	%		23.1	%		28.5	%		27.6	%		28.2	%
P&C expense ratio excluding A&H		21.9	%		25.7	%		27.4	%		26.2	%		19.3	%		24.7	%		23.7	%		24.3	%
Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	2		$	—		$	—		$	(7	)	$	2		$	2		$	2		$	(5	)
Catastrophe losses - pre-tax	$	80		$	81		$	32		$	504		$	55		$	193		$	129		$	633
Favorable prior period development (PPD) - pre-tax(4)	$	(210	)	$	(128	)	$	(70	)	$	(37	)	$	(236	)	$	(408	)	$	(442	)	$	(479	)
Loss and loss expense ratio excluding catastrophe losses and PPD		64.1	%		60.0	%		58.3	%		61.4	%		73.4	%		61.1	%		65.7	%		64.6	%

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

(2) Losses from fair value changes on crop derivatives are reclassified from Adjusted net realized gains (losses) to Adjusted losses and loss expenses for this presentation. Crop derivative losses for Q3 2013 and YTD 2013 were $1 million.

(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

(4) For Q3 2013 and YTD 2013, favorable prior period development is net of $23 million of net earned premium adjustments on loss sensitive policies.

Consolidated Results Page 2

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

	September 30 2013			June 30 2013			March 31 2013			December 31 2012
Assets
Fixed maturities available for sale, at fair value	$	48,529		$	47,016		$	47,947		$	47,306
Fixed maturities held to maturity, at amortized cost		6,306			6,576			6,867			7,270
Equity securities, at fair value		831			837			832			744
Short-term investments, at fair value		1,774			2,425			2,893			2,228
Other investments		2,902			2,836			2,820			2,716
Total investments		60,342			59,690			61,359			60,264
Cash		768			679			855			615
Securities lending collateral		1,517			1,662			1,786			1,791
Insurance and reinsurance balances receivable		5,089			5,022			4,154			4,147
Reinsurance recoverable on losses and loss expenses		11,477			11,442			11,530			12,078
Deferred policy acquisition costs		2,224			2,077			1,966			1,873
Value of business acquired		554			560			583			614
Prepaid reinsurance premiums		1,724			1,819			1,653			1,617
Goodwill and other intangible assets		5,465			5,395			4,909			4,975
Deferred tax assets		584			753			505			453
Investments in partially-owned insurance companies		468			452			449			454
Other assets		4,372			4,137			3,712			3,664
Total assets	$	94,584		$	93,688		$	93,461		$	92,545
Liabilities
Unpaid losses and loss expenses	$	37,882		$	37,343		$	37,082		$	37,946
Unearned premiums		7,794			7,851			7,019			6,864
Future policy benefits		4,596			4,502			4,465			4,470
Insurance and reinsurance balances payable		3,627			3,624			3,402			3,472
Securities lending payable		1,520			1,665			1,789			1,795
Accounts payable, accrued expenses, and other liabilities		4,929			5,391			5,744			5,397
Short-term debt		1,902			1,901			1,402			1,401
Long-term debt		3,807			3,807			4,307			3,360
Trust preferred securities		309			309			309			309
Total liabilities		66,366			66,393			65,519			65,014
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		26,844			26,035			25,292			24,644
Accumulated other comprehensive income (AOCI)		1,374			1,260			2,650			2,887
Total shareholders’ equity		28,218			27,295			27,942			27,531
Total liabilities and shareholders’ equity	$	94,584		$	93,688		$	93,461		$	92,545
Book value per common share	$	82.98		$	80.26		$	82.17		$	80.90
% change over prior quarter		3.4	%		-2.3	%		1.6	%		1.9	%
Tangible book value per common share	$	66.91		$	64.40		$	67.74		$	66.28
% change over prior quarter		3.9	%		-4.9	%		2.2	%		2.5	%

Consol Bal Sheet Page 3

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

ACE Limited Consolidated

	3Q-13		% of Total Consolidated			3Q-12			% of Total Consolidated			% Change 3Q-13  vs. 3Q-12			YTD 2013		% of Total Consolidated			YTD 2012			% of Total Consolidated			% Change YTD-13  vs. YTD-12
Net premiums written
Property and all other	$	1,135		25	%	$	962			20	%		18.0	%	$	3,723		29	%	$	3,301			27	%		12.8	%
Agriculture		805		17	%		1,164			25	%		-30.8	%		1,371		11	%		1,775			14	%		-22.8	%
Casualty		1,568		34	%		1,501			32	%		4.5	%		4,288		33	%		4,001			32	%		7.2	%
Subtotal		3,508		76	%		3,627			77	%		-3.3	%		9,382		73	%		9,077			73	%		3.4	%
Personal accident (A&H)(1)		879		19	%		856			18	%		2.8	%		2,718		21	%		2,621			21	%		3.7	%
Life		233		5	%		233			5	%		-0.2	%		709		6	%		720			6	%		-1.5	%
Total consolidated	$	4,620		100	%	$	4,716			100	%		-2.0	%	$	12,809		100	%	$	12,418			100	%		3.2	%
Net premiums earned
Property and all other	$	1,218		27	%	$	1,031			22	%		18.1	%	$	3,443		28	%	$	3,014			25	%		14.2	%
Agriculture		849		18	%		1,166			25	%		-27.2	%		1,252		10	%		1,609			14	%		-22.2	%
Casualty		1,430		31	%		1,366			29	%		4.7	%		4,237		35	%		3,925			33	%		7.9	%
Subtotal		3,497		76	%		3,563			76	%		-1.9	%		8,932		73	%		8,548			72	%		4.5	%
Personal accident (A&H)(1)		893		19	%		882			19	%		1.3	%		2,647		22	%		2,605			22	%		1.6	%
Life		220		5	%		220			5	%		0.1	%		671		5	%		676			6	%		-0.8	%
Total consolidated	$	4,610		100	%	$	4,665			100	%		-1.2	%	$	12,250		100	%	$	11,829			100	%		3.6	%
Operating income (loss)
Property, casualty, and all other	$	647		75	%	$	615			89	%		5.2	%	$	1,835		77	%	$	1,688			79	%		8.7	%
Agriculture		50		6	%		(92	)		-13	%		NM			83		3	%		(37	)		-2	%		NM
Personal accident (A&H) (1)		121		14	%		116			17	%		4.1	%		368		15	%		353			17	%		4.2	%
Life		39		5	%		49			7	%		-20.1	%		107		5	%		128			6	%		-16.0	%
Total consolidated	$	857		100	%	$	688			100	%		24.6	%	$	2,393		100	%	$	2,132			100	%		12.2	%

(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.

Line of Business Page 4

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

ACE Limited Consolidated Constant Dollar

	3Q-13			Constant $ 3Q-12 (2)		Constant $ %  Change 3Q-13 vs. 3Q-12			YTD 2013		Constant  $ YTD 2012(2)		Constant $ %  Change YTD-13 vs. YTD-12(2)
Net premiums written
Property, casualty, agriculture, and all other	$	3,508		$	3,592		-2.3	%	$	9,382	$	9,002		4.2	%
Personal accident (A&H)(1)		879			840		4.7	%		2,718		2,597		4.7	%
Life		233			230		1.1	%		709		718		-1.2	%
Total consolidated	$	4,620		$	4,662		-0.9	%	$	12,809	$	12,317		4.0	%
Net premiums earned
Property, casualty, agriculture, and all other	$	3,497		$	3,537		-1.1	%	$	8,932	$	8,481		5.3	%
Personal accident (A&H)(1)		893			867		3.1	%		2,647		2,584		2.5	%
Life		220			217		1.4	%		671		675		-0.6	%
Total consolidated	$	4,610	��	$	4,621		-0.3	%	$	12,250	$	11,740		4.3	%
Operating income
Property, casualty, agriculture, and all other	$	697		$	519		34.3	%	$	1,918	$	1,644		16.7	%
Personal accident (A&H)(1)		121			114		5.4	%		368		351		4.7	%
Life		39			50		-20.7	%		107		128		-16.3	%
Total consolidated	$	857		$	683		25.4	%	$	2,393	$	2,123		12.7	%

(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.

Line of Business 2 Page 5

ACE Limited Insurance—North American (in millions of U.S. dollars, except ratios) (Unaudited)

Effective Q1 2013, the company’s Insurance—North American business is presented in two distinct reporting segments: Insurance—North American P&C (refer to page 7) and Insurance—North American Agriculture (refer to page 8). The below table shows the previous Insurance—North American business presentation and should be used for reference purposes only.

Insurance—North American

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full  Year 2012
Gross premiums written	$	3,581		$	3,076		$	2,068		$	2,528		$	3,345		$	8,725		$	8,213		$	10,741
Net premiums written		2,305			1,982			1,397			1,518			2,537			5,684			5,690			7,208
Net premiums earned		2,293			1,779			1,390			1,608			2,472			5,462			5,411			7,019
Losses and loss expenses		1,710			1,243			910			1,504			2,110			3,863			4,122			5,626
Policy acquisition costs		191			162			147			142			160			500			444			586
Administrative expenses		158			162			130			153			148			450			448			601
Underwriting income (loss)		234			212			203			(191	)		54			649			397			206
Net investment income		260			257			257			283			263			774			808			1,091
Interest expense		3			3			(2	)		3			3			4			9			12
Other income (expense)—operating		(11	)		(12	)		(7	)		(8	)		(12	)		(30	)		(41	)		(49	)
Income tax expense (benefit)		88			87			87			(89	)		79			262			263			174
Operating income		392			367			368			170			223			1,127			892			1,062
Net realized gains (losses)		10			29			26			26			(1	)		65			16			42
Net realized gains (losses) related to unconsolidated entities		16			14			14			21			17			44			37			58
Income tax expense on net realized gains (losses)		5			12			9			10			2			26			16			26
Net income	$	413		$	398		$	399		$	207		$	237		$	1,210		$	929		$	1,136
Combined ratio
Loss and loss expense ratio		74.6	%		69.9	%		65.5	%		93.6	%		85.3	%		70.7	%		76.2	%		80.2	%
Policy acquisition cost ratio		8.4	%		9.1	%		10.5	%		8.8	%		6.5	%		9.2	%		8.2	%		8.3	%
Administrative expense ratio		6.8	%		9.1	%		9.4	%		9.5	%		6.0	%		8.2	%		8.3	%		8.6	%
Combined ratio		89.8	%		88.1	%		85.4	%		111.9	%		97.8	%		88.1	%		92.7	%		97.1	%
Combined ratio excluding catastrophe losses and PPD		90.1	%		87.7	%		87.6	%		90.0	%		99.5	%		88.7	%		94.5	%		93.4	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	(1	)	$	—		$	(8	)	$	—		$	(1	)	$	—		$	(8	)
Catastrophe losses - pre-tax	$	23		$	53		$	11		$	338		$	38		$	87		$	103		$	441
Unfavorable (favorable) prior period development (PPD)- pre-tax	$	(29	)	$	(47	)	$	(43	)	$	7		$	(80	)	$	(119	)	$	(199	)	$	(192	)
Loss and loss expense ratio excluding catastrophe losses and PPD		75.0	%		69.7	%		67.6	%		71.8	%		87.2	%		71.4	%		78.1	%		76.6	%
% Change versus prior year period
Net premiums written		-9.1	%		6.6	%		8.0	%		-6.5	%		14.9	%		-0.1	%		8.9	%		5.2	%
Net premiums earned		-7.2	%		7.7	%		7.9	%		-3.2	%		7.5	%		0.9	%		3.1	%		1.6	%
Other ratios
Net premiums written/gross premiums written		64	%		64	%		68	%		60	%		76	%		65	%		69	%		67	%

Insurance—North American Page 6

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

Insurance—North American P&C ⁽¹⁾

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full  Year 2012
Gross premiums written	$	2,135		$	2,327		$	1,819		$	2,236		$	1,921		$	6,281		$	5,884		$	8,120
Net premiums written		1,500			1,529			1,284			1,434			1,373			4,313			3,915			5,349
Net premiums earned		1,444			1,428			1,338			1,345			1,306			4,210			3,802			5,147
Losses and loss expenses		963			950			878			1,241			819			2,791			2,474			3,715
Policy acquisition costs		159			142			143			139			147			444			419			558
Administrative expenses		153			159			125			157			148			437			451			608
Underwriting income (loss)		169			177			192			(192	)		192			538			458			266
Net investment income		254			250			251			277			257			755			789			1,066
Interest expense		3			3			(2	)		3			3			4			9			12
Other income (expense)—operating		(3	)		(4	)		1			—			(4	)		(6	)		(17	)		(17	)
Income tax expense (benefit)		75			79			85			(89	)		127			239			292			203
Operating income		342			341			361			171			315			1,044			929			1,100
Net realized gains (losses)		9			28			26			26			(2	)		63			15			41
Net realized gains (losses) related to unconsolidated entities		16			14			14			21			17			44			37			58
Income tax expense on net realized gains (losses)		4			12			9			10			2			25			16			26
Net income	$	363		$	371		$	392		$	208		$	328		$	1,126		$	965		$	1,173
Combined ratio
Loss and loss expense ratio		66.7	%		66.6	%		65.6	%		92.2	%		62.7	%		66.3	%		65.1	%		72.2	%
Policy acquisition cost ratio		11.1	%		9.9	%		10.7	%		10.3	%		11.3	%		10.6	%		11.0	%		10.8	%
Administrative expense ratio		10.5	%		11.1	%		9.4	%		11.8	%		11.3	%		10.3	%		11.9	%		11.8	%
Combined ratio		88.3	%		87.6	%		85.7	%		114.3	%		85.3	%		87.2	%		88.0	%		94.8	%
Combined ratio excluding catastrophe losses and PPD		88.3	%		87.3	%		87.7	%		88.4	%		88.8	%		87.8	%		90.4	%		89.9	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	(1	)	$	—		$	(8	)	$	—		$	(1	)	$	—		$	(8	)
Catastrophe losses - pre-tax	$	21		$	50		$	11		$	334		$	37		$	82		$	96		$	430
Unfavorable (favorable) prior period development (PPD)- pre-tax(2)	$	(19	)	$	(47	)	$	(40	)	$	8		$	(80	)	$	(106	)	$	(188	)	$	(180	)
Loss and loss expense ratio excluding catastrophe losses and PPD		66.9	%		66.5	%		67.6	%		66.4	%		66.7	%		67.0	%		67.7	%		67.4	%
% Change versus prior year period
Net premiums written		9.3	%		11.8	%		9.3	%		6.0	%		20.3	%		10.2	%		10.3	%		9.2	%
Net premiums earned		10.6	%		12.7	%		8.9	%		9.0	%		7.1	%		10.7	%		1.8	%		3.6	%
Other ratios
Net premiums written/gross premiums written		70	%		66	%		71	%		64	%		71	%		69	%		67	%		66	%

(1) Effective Q1 2013, the company’s Insurance—North American business is presented in two distinct reporting segments: Insurance—North American P&C and Insurance—North American Agriculture. Prior year amounts have been adjusted to conform to the new segment presentation.

(2) For Q3 2013 and YTD 2013, favorable prior period development is net of $15 million of net earned premium adjustments on loss sensitive policies.

Insurance—North American P&C Page 7

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

Insurance—North American Agriculture ⁽¹⁾

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full  Year 2012
Gross premiums written	$	1,446		$	749		$	249		$	292		$	1,424		$	2,444		$	2,329		$	2,621
Net premiums written		805			453			113			84			1,164			1,371			1,775			1,859
Net premiums earned		849			351			52			263			1,166			1,252			1,609			1,872
Losses and loss expenses(2)		747			293			32			263			1,291			1,072			1,648			1,911
Policy acquisition costs		32			20			4			3			13			56			25			28
Administrative expenses		5			3			5			(4	)		—			13			(3	)		(7	)
Underwriting income (loss)		65			35			11			1			(138	)		111			(61	)		(60	)
Net investment income		6			7			6			6			6			19			19			25
Interest expense		—			—			—			—			—			—			—			—
Other income (expense)—operating		(8	)		(8	)		(8	)		(8	)		(8	)		(24	)		(24	)		(32	)
Income tax expense (benefit)		13			8			2			—			(48	)		23			(29	)		(29	)
Operating income (loss)		50			26			7			(1	)		(92	)		83			(37	)		(38	)
Net realized gains (losses)(2)		1			1			—			—			1			2			1			1
Net realized gains (losses) related to unconsolidated entities		—			—			—			—			—			—			—			—
Income tax expense on net realized gains (losses)		1			—			—			—			—			1			—			—
Net income (loss)	$	50		$	27		$	7		$	(1	)	$	(91	)	$	84		$	(36	)	$	(37	)
Combined ratio
Loss and loss expense ratio		88.0	%		83.4	%		61.9	%		100.3	%		110.7	%		85.6	%		102.4	%		102.1	%
Policy acquisition cost ratio		3.8	%		5.6	%		7.5	%		1.2	%		1.1	%		4.4	%		1.6	%		1.5	%
Administrative expense ratio		0.5	%		0.9	%		9.9	%		-2.0	%		0.0	%		1.1	%		-0.2	%		-0.4	%
Combined ratio		92.3	%		89.9	%		79.3	%		99.5	%		111.8	%		91.1	%		103.8	%		103.2	%
Catastrophe reinstatement premiums - pre-tax	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses - pre-tax	$	2		$	3		$	—		$	4		$	1		$	5		$	7		$	11
Favorable prior period development (PPD) - pre-tax	$	(10	)	$	—		$	(3	)	$	(1	)	$	—		$	(13	)	$	(11	)	$	(12	)
Loss and loss expense ratio excluding catastrophe losses and PPD		88.9	%		82.6	%		67.9	%		99.3	%		110.6	%		86.3	%		102.6	%		102.2	%
% Change versus prior year period
Net premiums written		-30.8	%		-8.0	%		-5.1	%		-69.0	%		9.2	%		-22.8	%		5.7	%		-4.7	%
Net premiums earned		-27.2	%		-8.8	%		-11.1	%		-38.6	%		7.9	%		-22.2	%		6.2	%		-3.6	%
Other ratios
Net premiums written/gross premiums written		56	%		60	%		45	%		29	%		82	%		56	%		76	%		71	%

(1) Effective Q1 2013, the company’s Insurance—North American business is presented in two distinct reporting segments: Insurance—North American P&C and Insurance—North American Agriculture. Prior year amounts have been adjusted to conform to the new segment presentation.

(2) Losses from fair value changes on crop derivatives are reclassified from Net realized gains (losses) to Losses and loss expenses for this presentation. Crop derivative losses for Q3 2013 and YTD 2013 were $1 million.

Insurance—North American Agriculture Page 8

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

Insurance—Overseas General

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full Year 2012
Gross premiums written	$	2,018		$	2,097		$	2,073		$	1,925		$	1,841		$	6,188		$	5,777		$	7,702
Net premiums written		1,571			1,630			1,620			1,476			1,384			4,821			4,387			5,863
Net premiums earned		1,611			1,563			1,459			1,497			1,432			4,633			4,243			5,740
Losses and loss expenses		712			768			747			832			622			2,227			2,030			2,862
Policy acquisition costs		349			360			339			357			329			1,048			996			1,353
Administrative expenses		263			251			236			239			234			750			696			935
Underwriting income		287			184			137			69			247			608			521			590
Net investment income		128			136			132			135			127			396			386			521
Interest expense		1			2			1			1			2			4			4			5
Other income (expense)—operating		(16	)		(14	)		(5	)		(1	)		1			(35	)		(5	)		(6	)
Income tax expense (benefit)		78			48			24			(44	)		71			150			150			106
Operating income		320			256			239			246			302			815			748			994
Net realized gains (losses)		(8	)		8			34			44			13			34			59			103
Net realized gains (losses) related to unconsolidated entities		2			(3	)		6			1			2			5			2			3
Income tax expense on net realized gains (losses)		—			2			22			11			6			24			16			27
Net income	$	314		$	259		$	257		$	280		$	311		$	830		$	793		$	1,073
Combined ratio
Loss and loss expense ratio		44.2	%		49.1	%		51.2	%		55.5	%		43.4	%		48.1	%		47.8	%		49.8	%
Policy acquisition cost ratio		21.6	%		23.0	%		23.2	%		23.8	%		23.1	%		22.6	%		23.5	%		23.6	%
Administrative expense ratio		16.4	%		16.1	%		16.2	%		16.1	%		16.2	%		16.2	%		16.4	%		16.3	%
Combined ratio		82.2	%		88.2	%		90.6	%		95.4	%		82.7	%		86.9	%		87.7	%		89.7	%
Catastrophe reinstatement premiums expensed - pre-tax	$	—		$	—		$	—		$	(8	)	$	—		$	—		$	—		$	(8	)
Catastrophe losses - pre-tax	$	33		$	17		$	21		$	65		$	4		$	71		$	11		$	76
Favorable prior period development (PPD)- pre-tax	$	(149	)	$	(52	)	$	(22	)	$	(30	)	$	(135	)	$	(223	)	$	(196	)	$	(226	)
Loss and loss expense ratio excluding catastrophe losses and PPD		51.4	%		51.3	%		51.3	%		52.9	%		52.6	%		51.3	%		52.2	%		52.4	%
% Change versus prior year period
Net premiums written as reported		13.5	%		10.5	%		6.0	%		7.1	%		-1.0	%		9.9	%		3.2	%		4.2	%
Net premiums earned as reported		12.5	%		10.1	%		4.9	%		3.2	%		-2.6	%		9.2	%		1.9	%		2.2	%
Net premiums written constant $		17.4	%														12.2	%
Net premiums earned constant $		15.4	%														11.4	%
Other ratios
Net premiums written/gross premiums written		78	%		78	%		78	%		77	%		75	%		78	%		76	%		76	%

Insurance—Overseas General Page 9

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

Global Reinsurance

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full Year 2012
Gross premiums written	$	264		$	345		$	294		$	149		$	310		$	903		$	921		$	1,070
Net premiums written		265			292			279			146			307			836			879			1,025
Net premiums earned		239			245			247			254			281			731			748			1,002
Losses and loss expenses		93			93			106			198			151			292			355			553
Policy acquisition costs		52			48			48			47			40			148			125			172
Administrative expenses		12			12			12			13			13			36			38			51
Underwriting income (loss)		82			92			81			(4	)		77			255			230			226
Net investment income		66			71			72			77			72			209			213			290
Interest expense		2			1			1			1			1			4			3			4
Other income (expense)—operating		1			1			—			—			1			2			1			1
Income tax expense (benefit)		16			7			8			(2	)		10			31			16			14
Operating income		131			156			144			74			139			431			425			499
Net realized gains (losses)		(5	)		31			20			12			(2	)		46			(6	)		6
Net realized gains (losses) related to unconsolidated entities		6			(3	)		8			8			4			11			6			14
Income tax expense on net realized gains (losses)		—			—			—			—			1			—			1			1
Net income	$	132		$	184		$	172		$	94		$	140		$	488		$	424		$	518
Combined ratio
Loss and loss expense ratio		38.9	%		37.7	%		43.0	%		78.2	%		53.9	%		39.9	%		47.4	%		55.2	%
Policy acquisition cost ratio		21.7	%		19.9	%		19.3	%		18.3	%		14.1	%		20.2	%		16.7	%		17.1	%
Administrative expense ratio		5.2	%		4.6	%		5.0	%		5.2	%		4.7	%		5.0	%		5.1	%		5.2	%
Combined ratio		65.8	%		62.2	%		67.3	%		101.7	%		72.7	%		65.1	%		69.2	%		77.5	%
Catastrophe reinstatement premiums collected-pre-tax	$	2		$	1		$	—		$	9		$	2		$	3		$	2		$	11
Catastrophe losses - pre-tax	$	24		$	11		$	—		$	101		$	13		$	35		$	15		$	116
Favorable prior period development (PPD) - pre-tax (1)	$	(32	)	$	(29	)	$	(5	)	$	(14	)	$	(21	)	$	(66	)	$	(47	)	$	(61	)
Loss and loss expense ratio excluding catastrophe losses and PPD		44.6	%		45.3	%		44.8	%		45.6	%		57.7	%		44.9	%		52.0	%		50.4	%
% Change versus prior year period
Net premiums written as reported		-13.6	%		-5.3	%		6.1	%		12.0	%		22.2	%		-4.8	%		3.6	%		4.7	%
Net premiums earned as reported		-15.0	%		3.6	%		7.3	%		2.3	%		16.8	%		-2.3	%		-0.8	%		0.0	%
Net premiums written constant $		-13.5	%														-4.7	%
Net premiums earned constant $		-14.9	%														-2.1	%
Other ratios
Net premiums written/gross premiums written		100	%		85	%		95	%		99	%		99	%		93	%		95	%		96	%

(1) For Q3 2013 and YTD 2013, favorable prior period development is net of $8 million of net earned premium adjustments on loss sensitive policies.

Global Reinsurance Page 10

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

Life

																YTD			YTD			Full Year
	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			2013			2012			2012
Gross premiums written	$	510		$	512		$	528		$	544		$	511		$	1,550		$	1,536		$	2,080
Net premiums written		479			487			502			517			488			1,468			1,462			1,979
Net premiums earned		467			480			477			489			480			1,424			1,427			1,916
Losses and loss expenses		141			145			157			148			164			443			463			611
Policy benefits(1)		138			110			131			142			130			379			379			521
(Gains) losses from fair value changes in separate account assets(1)		(14	)		11			(4	)		(11	)		(14	)		(7	)		(18	)		(29	)
Policy acquisition costs		86			95			80			90			80			261			244			334
Administrative expenses		85			86			85			91			81			256			237			328
Net investment income		61			63			63			65			63			187			186			251
Life underwriting income(2)		92			96			91			94			102			279			308			402
Interest expense		4			4			4			3			3			12			9			12
Other income (expense)—operating(1)		(2	)		(7	)		(5	)		(4	)		3			(14	)		(8	)		(12	)
Income tax expense		11			9			12			13			15			32			41			54
Operating income		75			76			70			74			87			221			250			324
Net realized gains (losses):
Mark-to-market on guaranteed living benefits derivative (net of related hedges)		39			33			78			138			(64	)		150			(264	)		(126	)
Foreign exchange gains (losses) and all other		4			3			49			51			(7	)		56			3			54
Net realized gains (losses) related to unconsolidated entities		(2	)		4			5			(7	)		(3	)		7			(6	)		(13	)
Income tax expense (benefit) on net realized gains (losses)		(1	)		1			1			1			(1	)		1			3			4
Net income (loss)	$	117		$	115		$	201		$	255		$	14		$	433		$	(20	)	$	235
% Change versus prior year period
Net premiums written as reported		-1.9	%		0.2	%		3.0	%		3.9	%		0.0	%		0.4	%		3.2	%		3.4	%
Net premiums earned as reported		-2.7	%		0.9	%		1.1	%		4.2	%		0.0	%		-0.2	%		2.8	%		3.1	%
Net premiums written constant $(3)		-1.0	%														0.7	%
Net premiums earned constant $		-1.9	%														0.0	%

(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) Net premiums written and deposits breakdown:

					Constant $							Constant $
					% Change							% Change
			Constant $		3Q-13 vs.					Constant $		YTD-13 vs.
	3Q-13		3Q-12		3Q-12			YTD-13		YTD-12		YTD-12
Life excluding life reinsurance(4)	$	592	$	557		6.2	%	$	1,859	$	1,634		13.8	%
Life reinsurance including variable annuity		70		77		-8.5	%		216		238		-9.1	%
Total Life	$	662	$	634		4.5	%	$	2,075	$	1,872		10.9	%

(4) Includes deposits collected on universal life and investment contracts of $183 million for Q3 2013 and $151 million for Q3 2012 on a constant-dollar basis. For the year, includes deposits of $607 million for 2013 and $414 million for 2012 on a constant-dollar basis. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.

Life Page 11

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

	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio
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
Losses and loss expenses incurred		2,483			557			1,926
Losses and loss expenses paid		(2,987	)		(932	)		(2,055	)		107	%
Other (incl. foreign exch. revaluation)		(360	)		(106	)		(254	)
Balance at March 31, 2013	$	37,082		$	10,918		$	26,164
Losses and loss expenses incurred		3,007			757			2,250
Losses and loss expenses paid		(2,797	)		(941	)		(1,856	)		83	%
Other (incl. foreign exch. revaluation)		51			4			47
Balance at June 30, 2013	$	37,343		$	10,738		$	26,605
Losses and loss expenses incurred		3,617			962			2,655
Losses and loss expenses paid		(3,285	)		(942	)		(2,343	)		88	%
Other (incl. foreign exch. revaluation)		207			61			146
Balance at September 30, 2013	$	37,882		$	10,819		$	27,063
Add net recoverable on paid losses		—			658			(658	)
Balance including net recoverable on paid losses	$	37,882		$	11,477		$	26,405

Loss Reserve Rollforward Page 12

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

Net Reinsurance Recoverable by Division

	September 30			June 30			March 31			December 31
	2013			2013			2013			2012
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	387		$	450		$	409		$	464
Brandywine and Other Run-off		338			326			284			303
Total	$	725		$	776		$	693		$	767
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	9,843		$	9,720		$	9,786		$	10,199
Brandywine and Other Run-off		1,335			1,374			1,484			1,551
Total	$	11,178		$	11,094		$	11,270		$	11,750
Gross reinsurance recoverable
Active operations	$	10,230		$	10,170		$	10,195		$	10,663
Brandywine and Other Run-off		1,673			1,700			1,768			1,854
Total	$	11,903		$	11,870		$	11,963		$	12,517
Provision for uncollectible reinsurance(1)
Active operations	$	(286	)	$	(274	)	$	(274	)	$	(277	)
Brandywine and Other Run-off		(140	)		(154	)		(159	)		(162	)
Total	$	(426	)	$	(428	)	$	(433	)	$	(439	)
Net reinsurance recoverable
Active operations	$	9,944		$	9,896		$	9,921		$	10,386
Brandywine and Other Run-off		1,533			1,546			1,609			1,692
Total	$	11,477		$	11,442		$	11,530		$	12,078

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

Reinsurance Recoverable Page 13

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

	September 30					June 30					March 31					December 31
	2013					2013					2013					2012
Market Value
Fixed maturities available for sale	$	48,529				$	47,016				$	47,947				$	47,306
Fixed maturities held to maturity		6,493					6,762					7,213					7,633
Short-term investments		1,774					2,425					2,893					2,228
Total fixed maturities	$	56,796				$	56,203				$	58,053				$	57,167
Asset Allocation by Market Value
Treasury	$	2,367		4	%	$	2,578		5	%	$	2,750		5	%	$	2,794		5	%
Agency		1,471		3	%		1,586		3	%		2,090		4	%		2,024		4	%
Corporate and asset-backed		19,313		34	%		18,972		34	%		19,123		33	%		18,983		33	%
Mortgage-backed		11,862		21	%		11,445		20	%		12,064		21	%		12,589		22	%
Municipal		4,496		8	%		4,451		8	%		4,532		7	%		3,872		7	%
Non-U.S.		15,513		27	%		14,746		26	%		14,601		25	%		14,677		25	%
Short-term investments		1,774		3	%		2,425		4	%		2,893		5	%		2,228		4	%
Total fixed maturities	$	56,796		100	%	$	56,203		100	%	$	58,053		100	%	$	57,167		100	%
Credit Quality by Market Value
AAA	$	9,089		16	%	$	9,408		17	%	$	9,948		17	%	$	9,285		16	%
AA		20,716		36	%		20,557		36	%		22,036		38	%		22,014		39	%
A		11,267		20	%		11,105		20	%		11,150		19	%		10,760		19	%
BBB		7,147		13	%		6,765		12	%		6,596		11	%		6,591		12	%
BB		4,120		7	%		3,940		7	%		4,010		7	%		4,146		7	%
B		4,088		7	%		4,056		7	%		3,956		7	%		3,846		6	%
Other		369		1	%		372		1	%		357		1	%		525		1	%
Total fixed maturities	$	56,796		100	%	$	56,203		100	%	$	58,053		100	%	$	57,167		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	47,481				$	45,988				$	45,470				$	44,666
Fixed maturities held to maturity		6,306					6,576					6,867					7,270
Short-term investments		1,774					2,425					2,893					2,228
Subtotal fixed maturities		55,561					54,989					55,230					54,164
Equity securities		835					843					781					707
Other investments		2,616					2,543					2,544					2,465
Total investment portfolio	$	59,012				$	58,375				$	58,555				$	57,336
Avg. duration of fixed maturities		4.0 years					4.1 years					4.0 years					3.9 years
Avg. market yield of fixed maturities		2.9	%				2.9	%				2.3	%				2.3	%
Avg. credit quality		A/Aa					A/Aa					A/Aa					A/Aa
Avg. yield on invested assets		3.6	%				3.7	%				3.7	%				3.8	%

Investments Page 14

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 September 30, 2013
Agency residential mortgage-backed (RMBS)	$	—	$	9,965	$	—	$	—	$	—	$	9,965
Non-agency RMBS		60		9		28		20		191		308
Commercial mortgage-backed		1,557		15		10		7		—		1,589
Total mortgage-backed securities at market value	$	1,617	$	9,989	$	38	$	27	$	191	$	11,862

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

	S&P Credit Rating
	Investment Grade
	AAA		AA		A		BBB		Total
Market Value at September 30, 2013
Asset-backed	$	540	$	58	$	—	$	—	$	598
Banks		—		—		2,304		323		2,627
Basic Materials		—		—		100		328		428
Communications		—		—		527		806		1,333
Consumer, Cyclical		—		95		306		294		695
Consumer, Non-Cyclical		52		481		931		698		2,162
Diversified Financial Services		—		77		195		114		386
Energy		33		35		200		690		958
Industrial		—		326		320		250		896
Utilities		—		12		575		428		1,015
All Others		46		145		552		561		1,304
Total	$	671	$	1,229	$	6,010	$	4,492	$	12,402

	S&P Credit Rating
	Below Investment Grade
	BB		B		CCC		Total
Market Value at September 30, 2013
Asset-backed	$	—	$	4	$	17	$	21
Banks		1		4		—		5
Basic Materials		178		145		11		334
Communications		513		447		26		986
Consumer, Cyclical		487		645		13		1,145
Consumer, Non-Cyclical		536		893		37		1,466
Diversified Financial Services		75		119		—		194
Energy		661		339		29		1,029
Industrial		378		432		31		841
Utilities		283		21		—		304
All Others		209		374		3		586
Total	$	3,321	$	3,423	$	167	$	6,911

Investments 2 Page 15

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

Non-U.S. Fixed Income Portfolio

September 30, 2013

Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	1,192	$	—	$	—	$	—	$	—	$	1,192
Republic of Korea		—		588		59		—		—		647
Canada		580		—		—		—		—		580
United Mexican States		—		3		398		88		—		489
Germany		452		—		—		—		—		452
Province of Ontario		—		336		—		—		—		336
Japan		—		302		—		—		—		302
Federative Republic of Brazil		—		—		212		61		—		273
Province of Quebec		—		—		271		—		—		271
Kingdom of Thailand		—		—		190		56		—		246
Other Non-U.S. Government		887		883		233		240		241		2,484
Total	$	3,111	$	2,112	$	1,363	$	445	$	241	$	7,272
Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
United Kingdom	$	114	$	70	$	777	$	300	$	193	$	1,454
Canada		159		111		324		345		134		1,073
Australia		116		90		301		104		79		690
United States		40		75		118		196		135		564
France		71		54		201		136		75		537
Netherlands		99		188		84		89		52		512
Germany		163		43		126		91		49		472
Supranational		235		30		—		1		—		266
Switzerland		2		21		54		101		38		216
Sweden		59		110		41		—		4		214
Other Non-U.S. Corporates		117		242		757		756		371		2,243
Total	$	1,175	$	1,034	$	2,783	$	2,119	$	1,130	$	8,241

Non-U.S. Corporate Investment Portfolio

Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Investments 3 Page 16

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

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

	September 30, 2013	Market Value		Rating
1	JP Morgan Chase & Co	$	490	A
2	Goldman Sachs Group Inc		432	A-
3	General Electric Co		390	AA+
4	Verizon Communications Inc		287	BBB+
5	Citigroup Inc		279	A-
6	Morgan Stanley		274	A-
7	Bank of America Corp		259	A-
8	Wells Fargo & Co		237	A+
9	HSBC Holdings Plc		222	A+
10	AT&T INC		211	A-

Investments 4 Page 17

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

	Three months ended September 30, 2013									Nine months ended September 30, 2013
	Net Realized Gains (Losses) (1)			Net  Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses)(1)		Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	17		$	(4	)	$	13		$	84	$	(1,661	)	$	(1,577	)
Fixed income derivatives		4			—			4			62		—			62
Total fixed maturities		21			(4	)		17			146		(1,661	)		(1,515	)
Public equity		7			2			9			13		(41	)		(28	)
Private equity		27			(6	)		21			63		34			97
Total equity		34			(4	)		30			76		(7	)		69
Mark-to-market gains from derivative transactions(2)		39			—			39			149		—			149
Foreign exchange gains (losses)(2)		(26	)		—			(26	)		45		—			45
Other		—			—			—			—		1			1
Partially-owned entities(3)		(5	)		—			(5	)		2		—			2
Income tax expense (benefit)		4			(9	)		(5	)		51		(353	)		(302	)
Net gains (losses)	$	59		$	1		$	60		$	367	$	(1,314	)	$	(947	)

(1) Other-than-temporary impairments for the quarter includes $4 million for fixed maturities. Year to date other-than-temporary impairments includes $11 million of fixed maturities, $2 million for private equity, and $1 million for public equity.

(2) Includes $39 million of realized gains from variable annuity reinsurance for the quarter which comprises $134 million in mark-to-market gains from derivative transactions, net of $95 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange gains for the quarter were $4 million. For the year, the $150 million of realized gains from variable annuity reinsurance comprises $563 million in mark-to-market gains from derivative transactions, net of $413 million losses on applicable hedges. The variable annuity reinsurance foreign exchange gains for the year were $45 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 September 30, 2012									Nine months ended September 30, 2012
	Net Realized Gains (Losses) (4)			Net  Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses)(4)			Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	47		$	642		$	689		$	149		$	1,136		$	1,285
Fixed income derivatives		4			—			4			(3	)		—			(3	)
Total fixed maturities		51			642			693			146			1,136			1,282
Public equity		2			23			25			(2	)		52			50
Private equity		26			10			36			43			33			76
Total equity		28			33			61			41			85			126
Mark-to-market losses from derivative transactions(5)		(64	)		—			(64	)		(268	)		—			(268	)
Foreign exchange losses(5)		(50	)		—			(50	)		(64	)		—			(64	)
Other		—			4			4			1			5			6
Partially-owned entities(6)		(5	)		(4	)		(9	)		(11	)		(4	)		(15	)
Income tax expense		8			138			146			36			234			270
Net gains (losses)	$	(48	)	$	537		$	489		$	(191	)	$	988		$	797

(4) Other-than-temporary impairments for the quarter includes $10 million for fixed maturities. Year to date other-than-temporary impairments includes $18 million of fixed maturities, $7 million for private equity, and $5 million for public equity.

(5) Includes $64 million of realized losses from variable annuity reinsurance for the quarter which comprises $83 million in mark-to-market gains from derivative transactions, net of $147 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange losses for the quarter were $8 million. For the year, the $264 million of realized losses from variable annuity reinsurance comprises $44 million in mark-to-market gains from derivative transactions, and $308 million losses on applicable hedges. The variable annuity reinsurance foreign exchange losses for the year were $2 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).

Investment Gains (Losses) Page 18

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

	September 30 2013			June 30 2013			March 31 2013			December 31 2012			December 31 2011
Total short-term debt(1)	$	1,902		$	1,901		$	1,402		$	1,401		$	1,251
Total long-term debt		3,807			3,807			4,307			3,360			3,360
Total debt	$	5,709		$	5,708		$	5,709		$	4,761		$	4,611
Total trust preferred securities	$	309		$	309		$	309		$	309		$	309
Total shareholders’ equity	$	28,218		$	27,295		$	27,942		$	27,531		$	24,332
Total capitalization	$	34,236		$	33,312		$	33,960		$	32,601		$	29,252
Tangible capital(2)	$	28,771		$	27,917		$	29,051		$	27,626		$	24,453
Leverage ratios
Debt/ total capitalization		16.7	%		17.1	%		16.8	%		14.6	%		15.8	%
Debt plus trust preferred securities/ total capitalization		17.6	%		18.1	%		17.7	%		15.6	%		16.8	%
Debt/ tangible capital		19.8	%		20.4	%		19.7	%		17.2	%		18.9	%
Debt plus trust preferred securities/ tangible capital		20.9	%		21.6	%		20.7	%		18.4	%		20.1	%

Note: As of September 30, 2013, there was $1.3 billion usage of credit facilities on a total commitment of $1.9 billion.

(1) Repurchase agreements in the amount of $150 million matured during the quarter, and there were new repurchase agreements in the amount of $151 million.

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

Capital Structure 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 September 30						Nine months ended September 30
	2013			2012			2013			2012
Numerator
Operating income to common shares	$	857		$	688		$	2,393		$	2,132
Net realized gains (losses), net of income tax		59			(48	)		367			(191	)
Net income	$	916		$	640		$	2,760		$	1,941
Rollforward of Common Shares Outstanding
Shares—beginning of period		340,086,269			339,060,885			340,321,534			336,927,276
Repurchase of shares		(238,544	)		—			(2,701,620	)		(100,000	)
Shares issued, excluding option exercises		2,292			(86,962	)		1,067,273			1,037,201
Issued for option exercises		219,955			761,186			1,382,785			1,870,632
Shares—end of period		340,069,972			339,735,109			340,069,972			339,735,109
Denominator
Weighted average shares outstanding		340,888,648			340,207,037			340,905,322			339,523,388
Effect of other dilutive securities		2,929,089			2,665,676			3,146,728			2,831,798
Adj. wtd. avg. shares outstanding and assumed conversions		343,817,737			342,872,713			344,052,050			342,355,186
Basic earnings per share
Operating income	$	2.51		$	2.02		$	7.02		$	6.28
Net realized gains (losses), net of income tax		0.17			(0.14	)		1.07			(0.57	)
Net income	$	2.68		$	1.88		$	8.09		$	5.71
Diluted earnings per share
Operating income	$	2.49		$	2.01		$	6.95		$	6.23
Net realized gains (losses), net of income tax		0.17			(0.15	)		1.07			(0.56	)
Net income	$	2.66		$	1.86		$	8.02		$	5.67

Earnings per share 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 and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Operating income, P&C underwriting income, adjusted losses and loss expenses, adjusted realized gains (losses), operating ROE, P&C combined ratio, and P&C combined ratio excluding catastrophe losses and PPD are non-GAAP financial measures and include realized gains and losses associated with fair value changes on our crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. As such, we view changes in the fair value of these derivatives as part of the results of our operations and therefore realized gains and losses from these derivatives are reclassified to losses and loss expenses. Pre-tax losses from fair value changes in these derivatives were $1 million for Q3 and YTD 2013.

Global P&C net premiums written is a non-GAAP financial measure and is defined as consolidated net premiums written excluding net premiums written of the company’s Life and Insurance – North American Agriculture segments. We believe that this measure is useful and meaningful to investors as it is used by management to assess the company's global P&C operations which are the most economically similar. We exclude the Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported within Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.

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.

We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C expense ratio excluding A&H is a non-GAAP financial measure and excludes the impact of our A&H business from our consolidated expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

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 and PPD 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 and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. 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.

Life net premiums written and deposits collected, excluding life reinsurance, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are properly not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our Life business because new life deposits are an important component of production and key to our efforts to grow our business. However, we exclude results associated with life reinsurance as there is no new life reinsurance business currently being written.

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.

Operating income or 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. Operating income or 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.

Tangible book value per common share is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 23. Tangible book value per common share excluding 2013 acquisitions is shareholders' equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the 2013 acquisitions of Fianzas Monterrey and ABA Seguros in order to control for the distortive effect of acquisitions.

Reconciliation Non-GAAP 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 Net income to Operating income:

	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full Year 2012
Net income, as reported	$	916		$	891		$	953		$	765		$	640		$	2,760		$	1,941		$	2,706
Adjusted net realized gains (losses)		41			104			206			272			(60	)		351			(194	)		78
Net realized gains (losses) related to unconsolidated entities(1)		22			12			33			23			20			67			39			62
Income tax expense on net realized gains (losses)		4			15			32			22			8			51			36			58
Operating income	$	857		$	790		$	746		$	492		$	688		$	2,393		$	2,132		$	2,624
(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).
The following table presents the reconciliation of effective tax rate to the operating effective tax rate:
	3Q-13			2Q-13			1Q-13			4Q-12			3Q-12			YTD 2013			YTD 2012			Full Year 2012
Tax expense (benefit), as reported	$	155		$	115		$	122		$	(135	)	$	147		$	392		$	405		$	270
Tax expense on net realized gains (losses)		4			15			32			22			8			51			36			58
Tax expense (benefit), adjusted	$	151		$	100		$	90		$	(157	)	$	139		$	341		$	369		$	212
Income before tax, as reported	$	1,071		$	1,006		$	1,075		$	630		$	787		$	3,152		$	2,346		$	2,976
Less: realized gains (losses)		41			104			206			272			(60	)		351			(194	)		78
Less: realized gains (losses) related to unconsolidated entities		22			12			33			23			20			67			39			62
Operating income before tax	$	1,008		$	890		$	836		$	335		$	827		$	2,734		$	2,501		$	2,836
Effective tax rate		14.4	%		11.5	%		11.3	%		-21.4	%		18.7	%		12.4	%		17.3	%		9.1	%
Adjustment for tax impact of net realized gains (losses)		0.5	%		-0.3	%		-0.5	%		-25.4	%		-2.0	%		0.0	%		-2.5	%		-1.6	%
Operating effective tax rate		14.9	%		11.2	%		10.8	%		-46.8	%		16.7	%		12.4	%		14.8	%		7.5	%
The following table presents the reconciliation of ROE to Operating ROE:
	3Q-13												3Q-12			YTD 2013			YTD 2012			Full Year 2012
Net income	$	916											$	640		$	2,760		$	1,941		$	2,706
Operating income	$	857											$	688		$	2,393		$	2,132		$	2,624
Equity—beginning of period, as reported	$	27,295											$	25,762		$	27,531		$	24,332		$	24,332
Less: unrealized gains (losses) on investments, net of deferred tax		1,318												2,166			2,633			1,715			1,715
Equity—beginning of period, as adjusted	$	25,977											$	23,596		$	24,898		$	22,617		$	22,617
Equity—end of period, as reported	$	28,218											$	26,963		$	28,218		$	26,963		$	27,531
Less: unrealized gains (losses) on investments, net of deferred tax		1,319												2,703			1,319			2,703			2,633
Equity—end of period, as adjusted	$	26,899											$	24,260		$	26,899		$	24,260		$	24,898
Average equity, as reported	$	27,757											$	26,363		$	27,875		$	25,648		$	25,932
Average equity, as adjusted	$	26,438											$	23,928		$	25,899		$	23,439		$	23,758
Operating ROE		13.0	%											11.5	%		12.3	%		12.1	%		11.0	%
ROE		13.2	%											9.7	%		13.2	%		10.1	%		10.4	%

Reconciliation Non-GAAP 2 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)

Reconciliation of Book Value per Common Share

	September 30 2013			June 30 2013			March 31 2013			December 31 2012			September 30 2012
Shareholders’ equity	$	28,218		$	27,295		$	27,942		$	27,531		$	26,963
Less: goodwill and other intangible assets		5,465			5,395			4,909			4,975			4,990
Numerator for tangible book value per share	$	22,753		$	21,900		$	23,033		$	22,556		$	21,973
Book value—% change over prior quarter(1)		3.4	%		-2.3	%		1.5	%		2.1	%		4.7	%
Tangible book value—% change over prior quarter (1)		3.9	%		-4.9	%		2.1	%		2.7	%		5.0	%
Denominator		340,069,972			340,086,269			340,045,256			340,321,534			339,735,109
Book value per common share	$	82.98		$	80.26		$	82.17		$	80.90		$	79.36
Tangible book value per common share	$	66.91		$	64.40		$	67.74		$	66.28		$	64.67
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	27,295		$	27,942		$	27,531		$	26,963		$	25,762
Operating income		857			790			746			492			688
Net realized gains (losses), net of tax		59			101			207			273			(48	)
Net unrealized gains (losses), net of tax		1			(1,220	)		(95	)		(70	)		537
Repurchase of shares		(21	)		(58	)		(154	)		—			—
Dividend declared on common shares		(176	)		(174	)		(168	)		(168	)		(168	)
Cumulative translation, net of tax		114			(168	)		(156	)		(37	)		141
Pension liability		(1	)		(2	)		14			(20	)		(2	)
Other (2)		90			84			17			98			53
	$	28,218		$	27,295		$	27,942		$	27,531		$	26,963

(1) At September 30, 2013, book value increased 2.5% and tangible book value increased 0.9% from December 31, 2012.

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

Reconciliation Book Value Page 23

ACE Limited Glossary

ACE Limited Consolidatedcomprises all segments including Corporate and Other.

Operating return on equity (ROE) or ROE calculated using income excluding net realized gains (losses):Operating income or 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 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.

Life underwriting income:Net premiums earned and net investment income less losses and loss expenses, 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.

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

Average market yield of fixed maturities:Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

Average yield on invested assets:Net investment income, excluding non-recurring items, divided by average cost of fixed maturities and other investments, and average market value of equity securities.

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

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

NM: Not meaningful.

Glossary Page 24