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Exhibit 99.2

The                                 Supplementary                       March 31, 2006
Chubb                               Investor
Corporation                         Information

This report is for informational purposes only. It should be read in conjunction with documents filed by
The Chubb Corporation with the Securities and Exchange Commission, including the most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
THE CHUBB CORPORATION
             SUPPLEMENTARY INVESTOR INFORMATION
                     TABLE OF CONTENTS
                        MARCH 31, 2006

                                                  Page
The Chubb Corporation:
  Consolidated Balance Sheet Highlights              1
  Share Repurchase Activity                          2

Summary of Invested Assets:
  Corporate                                          3
  Property and Casualty                              3

Investment Income After Taxes:
  Corporate                                          4
  Property and Casualty                              4

Property and Casualty Insurance Group:
  Statutory Policyholders’ Surplus                   4
  Change in Net Unpaid Losses                        5
  Underwriting Results                            6-10

Definitions of Key Terms                            11
THE CHUBB CORPORATION
March 31, 2006
Share and per share amounts have been retroactively adjusted to reflect the two-for-one stock split effective March 31, 2006.
CONSOLIDATED BALANCE SHEET HIGHLIGHTS

                                                                                          Mar. 31          Dec. 31
                                                                                           2006              2005
                                                                                               (in millions)
Invested Assets (at carrying value)
  Short Term Investments                                                                  $ 1,653         $ 1,899
  Fixed Maturities
     Tax Exempt                                                                               16,375          15,955
     Taxable                                                                                  14,504          14,568
  Equity Securities                                                                            2,387           2,212

                                                                                          $ 34,919        $34,634
     Total Invested Assets


Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost                     $       9       $      11


Capitalization

  Long Term Debt                                                                          $ 2,462         $ 2,467
  Shareholders’ Equity                                                                     12,600          12,407

                                                                                          $ 15,062        $14,874
     Total Capitalization


                                                                                                16.3%           16.6%
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION

                                                                                               414.9           418.1
Actual Common Shares Outstanding

                                                                                          $ 30.37         $ 29.67
Book Value Per Common Share

Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost   $ 30.39         $ 29.12

                                                               Page 1 of 11
THE CHUBB CORPORATION

                                                  SHARE REPURCHASE ACTIVITY

                                              (dollars in millions, except per share amounts)

                                                                                                Three Months               From
                                                                                                   Ended               December 2005
                                                                                                March 31, 2006       to March 31, 2006
Cost of Shares Repurchased                                                                       $     249              $     384

Average Cost Per Share                                                                           $     47.73             $      47.97

Shares Repurchased                                                                                5,225,562                  8,013,362
In December 2005, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. The
authorization has no expiration date. As of March 31, 2006, 19,986,638 shares remained under the share repurchase authorization.

                                                               Page 2 of 11
THE CHUBB CORPORATION

                                 SUMMARY OF INVESTED ASSETS

                                         CORPORATE

                                   Cost or                           Market                     Carrying
                              Amortized Cost                         Value                       Value
                           Mar. 31         Dec. 31        Mar. 31          Dec. 31       Mar. 31        Dec. 31
                            2006            2005           2006              2005         2006           2005
                                                               (in millions)
Short Term Investments     $     827      $     929       $ 827           $ 929          $     827     $     929

Taxable Fixed Maturities        1,339          1,355        1,305               1,338         1,305         1,338

Equity Securities                  4              5             8                   8            8             8


  TOTAL                    $ 2,170        $ 2,289         $ 2,140             $ 2,275    $ 2,140       $ 2,275



                                   PROPERTY AND CASUALTY

                                   Cost or                           Market                     Carrying
                              Amortized Cost                         Value                       Value
                           Mar. 31         Dec. 31        Mar. 31          Dec. 31       Mar. 31        Dec. 31
                            2006            2005           2006              2005         2006           2005
                                                               (in millions)
Short Term Investments     $     826      $     970       $ 826           $ 970          $     826     $     970

Fixed Maturities

  Tax Exempt                   16,243         15,654       16,384              15,966        16,375        15,955

  Taxable                      13,313         13,160       13,199              13,230        13,199        13,230

Common Stocks                   2,181          2,031        2,324               2,149         2,324         2,149

Preferred Stocks                  52             52            55                  55           55            55


     TOTAL                 $ 32,615       $ 31,867        $ 32,788            $ 32,370   $ 32,779      $ 32,359


                                           Page 3 of 11
THE CHUBB CORPORATION

                                                 INVESTMENT INCOME AFTER TAXES

                                                                                                                THREE MONTHS ENDED
                                                                                                                        MARCH 31
                                                                                                                  2006                2005
                                                                                                                        (in millions)
                                                                                                                $      15           $      8
CORPORATE INVESTMENT INCOME


PROPERTY AND CASUALTY INVESTMENT INCOME
  (Amounts are shown net of applicable income taxes)

  Dividends                                                                                                     $         8          $        12
  Taxable Interest                                                                                                      113                   96
  Tax Exempt Interest                                                                                                   164                  149
  Investment Expenses                                                                                                    (6)                  (5)

     TOTAL                                                                                                      $       279          $       252


                                                                                                                       19.8%                19.5%
  Effective Tax Rate

                                                                                                                       3.45%                3.42%
  After Tax Annualized Yield
    After tax annualized yield is based on the average invested assets for the periods presented with fixed maturities at amortized cost and
    equity securities at market value.

                                              STATUTORY POLICYHOLDERS’ SURPLUS

                                                                                                   Mar. 31             Mar. 31           Dec. 31
                                                                                                    2006                2005              2005
                                                                                                                    (in millions)
Estimated Statutory Policyholders’ Surplus                                                        $ 9,650             $ 8,230            $ 8,910

Rolling Year Statutory Net Premiums Written                                                        12,112              12,043             12,244

Ratio of Statutory Net Premiums Written to Policyholders’ Surplus                                   1.26:1             1.46:1             1.37:1
Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.

                                                                  Page 4 of 11
THE CHUBB CORPORATION

                                PROPERTY AND CASUALTY

                             CHANGE IN NET UNPAID LOSSES
                           THREE MONTHS ENDED MARCH 31, 2006

                                         Net Unpaid Losses                                         All Other
                                                                                     IBNR        Unpaid Losses
                                                                    Increase        Increase       Increase
                                     3/31/06         12/31/05      (Decrease)      (Decrease)     (Decrease)
                                                                  (in millions)
Personal Insurance
  Automobile                         $     421       $     418    $           3    $       1     $           2
  Homeowners                               684             697              (13)           1               (14)
  Other                                    578             580               (2)          23               (25)

     Total Personal                       1,683           1,695             (12)          25               (37)

Commercial Insurance
  Multiple Peril                          1,593           1,596              (3)            7              (10)
  Casualty                                4,936           4,837              99            93                6
  Workers’ Compensation                   1,600           1,551              49            47                2
  Property and Marine                       698             755             (57)          (15)             (42)

     Total Commercial                     8,827           8,739             88           132               (44)

Specialty Insurance
  Professional Liability                  7,021           6,777            244           216               28
  Surety                                     49              46              3             1                2

     Total Specialty                      7,070           6,823            247           217               30

     Total Insurance                     17,580          17,257            323           374               (51)
                                          1,451           1,456             (5)          (39)               34
Reinsurance Assumed


                                     $19,031         $ 18,713     $        318     $     335     $         (17)
  Total


                                          Page 5 of 11
THE CHUBB CORPORATION — WORLDWIDE
                                  PROPERTY AND CASUALTY UNDERWRITING RESULTS
                                FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
                                              (MILLIONS OF DOLLARS)

                                  Personal                                             Other                      Total
                                Automobile             Homeowners                     Personal                   Personal
                             2006          2005      2006      2005                2006          2005         2006          2005
Net Premiums Written        $ 155       $ 146       $ 488     $ 452            $     149    $      158    $     792    $      756
Increase (Decrease) in
  Unearned Premiums              (9)        (11)        (46)           (45)           10            19          (45)          (37)


Net Premiums Earned             164         157         534            497           139           139          837           793


Net Losses Paid                  98          94         236            252            87            53          421           399
Increase (Decrease) in
  Outstanding Losses              3          12         (13)           (13)           (2)           29          (12)           28


Net Losses Incurred             101         106         223            239            85            82          409           427


Expenses Incurred                44          41         156            147            44            44          244           232
Dividends Incurred               —           —           —              —             —             —            —             —


Statutory Underwriting
   Income (Loss)            $    19     $    10     $   155      $     111     $      10    $       13    $     184    $      134


Ratios After Dividends to
  Policyholders:

Loss                            61.6%       67.6%       41.7%          48.0%        61.2%         58.6%        48.9%         53.7%
Expense                         28.4        28.1        32.0           32.6         29.5          28.2         30.8          30.8


Combined                        90.0%       95.7%       73.7%          80.6%        90.7%         86.8%        79.7%         84.5%


Premiums Written as a %
  of Total                       5.3%       4.7%        16.7%          14.8%         5.1%          5.2%        27.1%         24.7%

                                                        Page 6 of 11
THE CHUBB CORPORATION — WORLDWIDE
                                 PROPERTY AND CASUALTY UNDERWRITING RESULTS
                               FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
                                             (MILLIONS OF DOLLARS)

                                                                      Commercial          Commercial
                              Commercial          Commercial           Workers’            Property              Total
                             Multiple Peril         Casualty         Compensation         and Marine         Commercial
                            2006       2005     2006       2005     2006     2005       2006      2005     2006         2005
Net Premiums Written        $ 326      $ 336    $ 440     $ 452     $ 256    $ 278      $ 303    $ 299    $1,325       $1,365
Increase (Decrease) in
  Unearned Premiums            (1)        5        5        26            26      49      16       28         46         108


Net Premiums Earned          327        331      435       426           230     229     287      271      1,279       1,257


Net Losses Paid              129        157      191       150            82      80     150      106        552         493
Increase (Decrease) in
  Outstanding Losses           (3)        7       99       135            49      67     (57)      (13)       88         196


Net Losses Incurred          126        164      290       285           131     147      93       93        640         689


Expenses Incurred            104        110      122       121            49      55     101      107        376         393
Dividends Incurred            —          —        —         —              7       6      —        —           7           6


Statutory Underwriting
   Income (Loss)            $ 97      $ 57      $ 23      $ 20      $ 43        $ 21    $ 93     $ 71     $ 256       $ 169


Ratios After Dividends to
  Policyholders:

Loss                         38.5%      49.5%    66.7%     66.8%     58.7%      65.9%   32.4%     34.4%     50.3%       55.1%
Expense                      31.9       32.7     27.7      26.9      19.7       20.2    33.3      35.7      28.5        28.9


Combined                     70.4%      82.2%    94.4%     93.7%     78.4%      86.1%   65.7%     70.1%     78.8%       84.0%


Premiums Written as a %
  of Total                   11.1%      11.0%    15.0%     14.8%         8.8%    9.1%   10.4%      9.8%     45.3%       44.7%

                                                          Page 7 of 11
THE CHUBB CORPORATION — WORLDWIDE
                                    PROPERTY AND CASUALTY UNDERWRITING RESULTS
                                  FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
                                                (MILLIONS OF DOLLARS)

                                              Professional                                                             Total
                                               Liability                               Surety                         Specialty
                                          2006            2005                2006                  2005         2006             2005
Net Premiums Written                     $ 615           $ 646            $      65             $      53    $     680        $     699
Increase (Decrease) in Unearned
  Premiums                                   (70)            (32)                 1                     9          (69)             (23)


Net Premiums Earned                          685             678                 64                    44          749              722


Net Losses Paid                              236             325                 (1)                   18          235              343
Increase (Decrease) in Outstanding
  Losses                                     244             200                  3                    32          247              232


Net Losses Incurred                          480             525                  2                    50          482              575


Expenses Incurred                            157             156                 22                    20          179              176
Dividends Incurred                            —               —                  —                      1           —                 1


Statutory Underwriting Income
   (Loss)                                $    48       $       (3)        $      40             $     (27)   $      88        $     (30)


Ratios After Dividends to
  Policyholders:

Loss                                         70.1%           77.5%              3.1%                117.0%        64.4%            79.9%
Expense                                      25.5            24.1              33.9                  37.1         26.3             25.1


Combined                                     95.6%         101.6%              37.0%                154.1%        90.7%           105.0%


Premiums Written as a % of Total             21.0%           21.1%              2.2%                  1.8%        23.2%            22.9%

                                                           Page 8 of 11
THE CHUBB CORPORATION — WORLDWIDE
                                    PROPERTY AND CASUALTY UNDERWRITING RESULTS
                                  FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
                                                (MILLIONS OF DOLLARS)

                                                   Total                         Reinsurance                Worldwide
                                                 Insurance                        Assumed                     Total
                                          2006            2005               2006           2005      2006           2005
Net Premiums Written                     $ 2,797         $ 2,820            $ 128         $ 236      $ 2,925        $ 3,056
Increase (Decrease) in Unearned
  Premiums                                     (68)             48              (26)         (27)          (94)           21


Net Premiums Earned                          2,865           2,772              154          263         3,019          3,035


Net Losses Paid                              1,208           1,235               92           90         1,300          1,325
Increase (Decrease) in Outstanding
  Losses                                      323              456               (5)          54          318            510


Net Losses Incurred                          1,531           1,691               87          144         1,618          1,835


Expenses Incurred                             799              801               51           78          850            879
Dividends Incurred                              7                7               —            —             7              7


Statutory Underwriting Income
   (Loss)                                $    528        $     273          $    16      $    41          544            314


Increase (Decrease) in Deferred
  Acquisition Costs                                                                                         (8)            5

GAAP Underwriting Income                                                                             $    536       $    319


Ratios After Dividends to
  Policyholders:

Loss                                          53.6%            61.1%            56.5%        55.0%        53.8%          60.6%
Expense                                       28.6             28.5             39.8         33.0         29.1           28.8


Combined                                      82.2%            89.6%            96.3%        88.0%        82.9%          89.4%


Premiums Written as a % of Total              95.6%            92.3%            4.4%         7.7%        100.0%         100.0%

                                                             Page 9 of 11
THE CHUBB CORPORATION — WORLDWIDE
                                    PROPERTY AND CASUALTY UNDERWRITING RESULTS
                                  FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
                                                (MILLIONS OF DOLLARS)

                                                                                                                   Worldwide
                                              United States                          Foreign                         Total
                                          2006            2005               2006                  2005      2006           2005
Net Premiums Written                     $ 2,268         $ 2,389         $     657             $     667    $ 2,925        $ 3,056
Increase (Decrease) in Unearned
  Premiums                                   (176)            (77)              82                    98          (94)           21


Net Premiums Earned                          2,444          2,466              575                   569        3,019          3,035


Net Losses Paid                              1,093          1,170              207                   155        1,300          1,325
Increase (Decrease) in Outstanding
  Losses                                      237            355                81                   155         318            510


Net Losses Incurred                          1,330          1,525              288                   310        1,618          1,835


Expenses Incurred                             621            656               229                   223         850            879
Dividends Incurred                              7              7                —                     —            7              7


Statutory Underwriting Income
   (Loss)                                $    486       $    278         $      58             $      36         544            314


Increase (Decrease) in Deferred
  Acquisition Costs                                                                                                (8)            5

GAAP Underwriting Income                                                                                    $    536       $    319

Ratios After Dividends to
  Policyholders:

Loss                                          54.6%          62.0%            50.1%                 54.5%        53.8%          60.6%
Expense                                       27.5           27.5             34.9                  33.4         29.1           28.8


Combined                                      82.1%          89.5%            85.0%                 87.9%        82.9%          89.4%


Premiums Written as a % of Total              77.5%          78.2%            22.5%                 21.8%       100.0%         100.0%

                                                         Page 10 of 11
THE CHUBB CORPORATION
Definitions of Key Terms
Underwriting Income (Loss)
Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business
units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured
based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in
certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other
underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by
reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.
Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the
underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized
over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as
premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Property and Casualty Investment Income After Income Tax
Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment
performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax-exempt securities and is
therefore more meaningful for analysis purposes than investment income before income taxes.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost
Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock
outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the
after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at market value. The
appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could
distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized
cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Ratio or Combined Loss and Expense Ratio
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the
combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance
companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned
(loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by
dividends to policyholders.

                                                                   Page 11 of 11

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chubb 5042 Supplementary Investor Information

  • 1. Exhibit 99.2 The Supplementary March 31, 2006 Chubb Investor Corporation Information This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
  • 2. THE CHUBB CORPORATION SUPPLEMENTARY INVESTOR INFORMATION TABLE OF CONTENTS MARCH 31, 2006 Page The Chubb Corporation: Consolidated Balance Sheet Highlights 1 Share Repurchase Activity 2 Summary of Invested Assets: Corporate 3 Property and Casualty 3 Investment Income After Taxes: Corporate 4 Property and Casualty 4 Property and Casualty Insurance Group: Statutory Policyholders’ Surplus 4 Change in Net Unpaid Losses 5 Underwriting Results 6-10 Definitions of Key Terms 11
  • 3. THE CHUBB CORPORATION March 31, 2006 Share and per share amounts have been retroactively adjusted to reflect the two-for-one stock split effective March 31, 2006.
  • 4. CONSOLIDATED BALANCE SHEET HIGHLIGHTS Mar. 31 Dec. 31 2006 2005 (in millions) Invested Assets (at carrying value) Short Term Investments $ 1,653 $ 1,899 Fixed Maturities Tax Exempt 16,375 15,955 Taxable 14,504 14,568 Equity Securities 2,387 2,212 $ 34,919 $34,634 Total Invested Assets Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost $ 9 $ 11 Capitalization Long Term Debt $ 2,462 $ 2,467 Shareholders’ Equity 12,600 12,407 $ 15,062 $14,874 Total Capitalization 16.3% 16.6% DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION 414.9 418.1 Actual Common Shares Outstanding $ 30.37 $ 29.67 Book Value Per Common Share Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost $ 30.39 $ 29.12 Page 1 of 11
  • 5. THE CHUBB CORPORATION SHARE REPURCHASE ACTIVITY (dollars in millions, except per share amounts) Three Months From Ended December 2005 March 31, 2006 to March 31, 2006 Cost of Shares Repurchased $ 249 $ 384 Average Cost Per Share $ 47.73 $ 47.97 Shares Repurchased 5,225,562 8,013,362 In December 2005, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of March 31, 2006, 19,986,638 shares remained under the share repurchase authorization. Page 2 of 11
  • 6. THE CHUBB CORPORATION SUMMARY OF INVESTED ASSETS CORPORATE Cost or Market Carrying Amortized Cost Value Value Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 2006 2005 2006 2005 2006 2005 (in millions) Short Term Investments $ 827 $ 929 $ 827 $ 929 $ 827 $ 929 Taxable Fixed Maturities 1,339 1,355 1,305 1,338 1,305 1,338 Equity Securities 4 5 8 8 8 8 TOTAL $ 2,170 $ 2,289 $ 2,140 $ 2,275 $ 2,140 $ 2,275 PROPERTY AND CASUALTY Cost or Market Carrying Amortized Cost Value Value Mar. 31 Dec. 31 Mar. 31 Dec. 31 Mar. 31 Dec. 31 2006 2005 2006 2005 2006 2005 (in millions) Short Term Investments $ 826 $ 970 $ 826 $ 970 $ 826 $ 970 Fixed Maturities Tax Exempt 16,243 15,654 16,384 15,966 16,375 15,955 Taxable 13,313 13,160 13,199 13,230 13,199 13,230 Common Stocks 2,181 2,031 2,324 2,149 2,324 2,149 Preferred Stocks 52 52 55 55 55 55 TOTAL $ 32,615 $ 31,867 $ 32,788 $ 32,370 $ 32,779 $ 32,359 Page 3 of 11
  • 7. THE CHUBB CORPORATION INVESTMENT INCOME AFTER TAXES THREE MONTHS ENDED MARCH 31 2006 2005 (in millions) $ 15 $ 8 CORPORATE INVESTMENT INCOME PROPERTY AND CASUALTY INVESTMENT INCOME (Amounts are shown net of applicable income taxes) Dividends $ 8 $ 12 Taxable Interest 113 96 Tax Exempt Interest 164 149 Investment Expenses (6) (5) TOTAL $ 279 $ 252 19.8% 19.5% Effective Tax Rate 3.45% 3.42% After Tax Annualized Yield After tax annualized yield is based on the average invested assets for the periods presented with fixed maturities at amortized cost and equity securities at market value. STATUTORY POLICYHOLDERS’ SURPLUS Mar. 31 Mar. 31 Dec. 31 2006 2005 2005 (in millions) Estimated Statutory Policyholders’ Surplus $ 9,650 $ 8,230 $ 8,910 Rolling Year Statutory Net Premiums Written 12,112 12,043 12,244 Ratio of Statutory Net Premiums Written to Policyholders’ Surplus 1.26:1 1.46:1 1.37:1 Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries. Page 4 of 11
  • 8. THE CHUBB CORPORATION PROPERTY AND CASUALTY CHANGE IN NET UNPAID LOSSES THREE MONTHS ENDED MARCH 31, 2006 Net Unpaid Losses All Other IBNR Unpaid Losses Increase Increase Increase 3/31/06 12/31/05 (Decrease) (Decrease) (Decrease) (in millions) Personal Insurance Automobile $ 421 $ 418 $ 3 $ 1 $ 2 Homeowners 684 697 (13) 1 (14) Other 578 580 (2) 23 (25) Total Personal 1,683 1,695 (12) 25 (37) Commercial Insurance Multiple Peril 1,593 1,596 (3) 7 (10) Casualty 4,936 4,837 99 93 6 Workers’ Compensation 1,600 1,551 49 47 2 Property and Marine 698 755 (57) (15) (42) Total Commercial 8,827 8,739 88 132 (44) Specialty Insurance Professional Liability 7,021 6,777 244 216 28 Surety 49 46 3 1 2 Total Specialty 7,070 6,823 247 217 30 Total Insurance 17,580 17,257 323 374 (51) 1,451 1,456 (5) (39) 34 Reinsurance Assumed $19,031 $ 18,713 $ 318 $ 335 $ (17) Total Page 5 of 11
  • 9. THE CHUBB CORPORATION — WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 (MILLIONS OF DOLLARS) Personal Other Total Automobile Homeowners Personal Personal 2006 2005 2006 2005 2006 2005 2006 2005 Net Premiums Written $ 155 $ 146 $ 488 $ 452 $ 149 $ 158 $ 792 $ 756 Increase (Decrease) in Unearned Premiums (9) (11) (46) (45) 10 19 (45) (37) Net Premiums Earned 164 157 534 497 139 139 837 793 Net Losses Paid 98 94 236 252 87 53 421 399 Increase (Decrease) in Outstanding Losses 3 12 (13) (13) (2) 29 (12) 28 Net Losses Incurred 101 106 223 239 85 82 409 427 Expenses Incurred 44 41 156 147 44 44 244 232 Dividends Incurred — — — — — — — — Statutory Underwriting Income (Loss) $ 19 $ 10 $ 155 $ 111 $ 10 $ 13 $ 184 $ 134 Ratios After Dividends to Policyholders: Loss 61.6% 67.6% 41.7% 48.0% 61.2% 58.6% 48.9% 53.7% Expense 28.4 28.1 32.0 32.6 29.5 28.2 30.8 30.8 Combined 90.0% 95.7% 73.7% 80.6% 90.7% 86.8% 79.7% 84.5% Premiums Written as a % of Total 5.3% 4.7% 16.7% 14.8% 5.1% 5.2% 27.1% 24.7% Page 6 of 11
  • 10. THE CHUBB CORPORATION — WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 (MILLIONS OF DOLLARS) Commercial Commercial Commercial Commercial Workers’ Property Total Multiple Peril Casualty Compensation and Marine Commercial 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 Net Premiums Written $ 326 $ 336 $ 440 $ 452 $ 256 $ 278 $ 303 $ 299 $1,325 $1,365 Increase (Decrease) in Unearned Premiums (1) 5 5 26 26 49 16 28 46 108 Net Premiums Earned 327 331 435 426 230 229 287 271 1,279 1,257 Net Losses Paid 129 157 191 150 82 80 150 106 552 493 Increase (Decrease) in Outstanding Losses (3) 7 99 135 49 67 (57) (13) 88 196 Net Losses Incurred 126 164 290 285 131 147 93 93 640 689 Expenses Incurred 104 110 122 121 49 55 101 107 376 393 Dividends Incurred — — — — 7 6 — — 7 6 Statutory Underwriting Income (Loss) $ 97 $ 57 $ 23 $ 20 $ 43 $ 21 $ 93 $ 71 $ 256 $ 169 Ratios After Dividends to Policyholders: Loss 38.5% 49.5% 66.7% 66.8% 58.7% 65.9% 32.4% 34.4% 50.3% 55.1% Expense 31.9 32.7 27.7 26.9 19.7 20.2 33.3 35.7 28.5 28.9 Combined 70.4% 82.2% 94.4% 93.7% 78.4% 86.1% 65.7% 70.1% 78.8% 84.0% Premiums Written as a % of Total 11.1% 11.0% 15.0% 14.8% 8.8% 9.1% 10.4% 9.8% 45.3% 44.7% Page 7 of 11
  • 11. THE CHUBB CORPORATION — WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 (MILLIONS OF DOLLARS) Professional Total Liability Surety Specialty 2006 2005 2006 2005 2006 2005 Net Premiums Written $ 615 $ 646 $ 65 $ 53 $ 680 $ 699 Increase (Decrease) in Unearned Premiums (70) (32) 1 9 (69) (23) Net Premiums Earned 685 678 64 44 749 722 Net Losses Paid 236 325 (1) 18 235 343 Increase (Decrease) in Outstanding Losses 244 200 3 32 247 232 Net Losses Incurred 480 525 2 50 482 575 Expenses Incurred 157 156 22 20 179 176 Dividends Incurred — — — 1 — 1 Statutory Underwriting Income (Loss) $ 48 $ (3) $ 40 $ (27) $ 88 $ (30) Ratios After Dividends to Policyholders: Loss 70.1% 77.5% 3.1% 117.0% 64.4% 79.9% Expense 25.5 24.1 33.9 37.1 26.3 25.1 Combined 95.6% 101.6% 37.0% 154.1% 90.7% 105.0% Premiums Written as a % of Total 21.0% 21.1% 2.2% 1.8% 23.2% 22.9% Page 8 of 11
  • 12. THE CHUBB CORPORATION — WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 (MILLIONS OF DOLLARS) Total Reinsurance Worldwide Insurance Assumed Total 2006 2005 2006 2005 2006 2005 Net Premiums Written $ 2,797 $ 2,820 $ 128 $ 236 $ 2,925 $ 3,056 Increase (Decrease) in Unearned Premiums (68) 48 (26) (27) (94) 21 Net Premiums Earned 2,865 2,772 154 263 3,019 3,035 Net Losses Paid 1,208 1,235 92 90 1,300 1,325 Increase (Decrease) in Outstanding Losses 323 456 (5) 54 318 510 Net Losses Incurred 1,531 1,691 87 144 1,618 1,835 Expenses Incurred 799 801 51 78 850 879 Dividends Incurred 7 7 — — 7 7 Statutory Underwriting Income (Loss) $ 528 $ 273 $ 16 $ 41 544 314 Increase (Decrease) in Deferred Acquisition Costs (8) 5 GAAP Underwriting Income $ 536 $ 319 Ratios After Dividends to Policyholders: Loss 53.6% 61.1% 56.5% 55.0% 53.8% 60.6% Expense 28.6 28.5 39.8 33.0 29.1 28.8 Combined 82.2% 89.6% 96.3% 88.0% 82.9% 89.4% Premiums Written as a % of Total 95.6% 92.3% 4.4% 7.7% 100.0% 100.0% Page 9 of 11
  • 13. THE CHUBB CORPORATION — WORLDWIDE PROPERTY AND CASUALTY UNDERWRITING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005 (MILLIONS OF DOLLARS) Worldwide United States Foreign Total 2006 2005 2006 2005 2006 2005 Net Premiums Written $ 2,268 $ 2,389 $ 657 $ 667 $ 2,925 $ 3,056 Increase (Decrease) in Unearned Premiums (176) (77) 82 98 (94) 21 Net Premiums Earned 2,444 2,466 575 569 3,019 3,035 Net Losses Paid 1,093 1,170 207 155 1,300 1,325 Increase (Decrease) in Outstanding Losses 237 355 81 155 318 510 Net Losses Incurred 1,330 1,525 288 310 1,618 1,835 Expenses Incurred 621 656 229 223 850 879 Dividends Incurred 7 7 — — 7 7 Statutory Underwriting Income (Loss) $ 486 $ 278 $ 58 $ 36 544 314 Increase (Decrease) in Deferred Acquisition Costs (8) 5 GAAP Underwriting Income $ 536 $ 319 Ratios After Dividends to Policyholders: Loss 54.6% 62.0% 50.1% 54.5% 53.8% 60.6% Expense 27.5 27.5 34.9 33.4 29.1 28.8 Combined 82.1% 89.5% 85.0% 87.9% 82.9% 89.4% Premiums Written as a % of Total 77.5% 78.2% 22.5% 21.8% 100.0% 100.0% Page 10 of 11
  • 14. THE CHUBB CORPORATION Definitions of Key Terms Underwriting Income (Loss) Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred. Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred. Property and Casualty Investment Income After Income Tax Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax-exempt securities and is therefore more meaningful for analysis purposes than investment income before income taxes. Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at market value. The appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock. Combined Ratio or Combined Loss and Expense Ratio The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders. Page 11 of 11