Exhibit 99.2

The
Chubb
Corporation Supplementary
Investor
Information June 30, 2006

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
JUNE 30, 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 — Year-To-Date	6-10
Underwriting Results — Quarterly	11-15
Definitions of Key Terms	16

THE CHUBB CORPORATION
June 30, 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

	June 30			Dec. 31
	2006			2005
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	1,459		$	1,899
Fixed Maturities
Tax Exempt		16,516			15,955
Taxable		14,555			14,568
Equity Securities		2,578			2,212
Total Invested Assets	$	35,108		$	34,634
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	8		$	11
Capitalization
Long Term Debt	$	2,462		$	2,467
Shareholders’ Equity		12,639			12,407
Total Capitalization	$	15,101		$	14,874
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		16.3	%		16.6	%
Actual Common Shares Outstanding		410.8			418.1
Book Value Per Common Share	$	30.77		$	29.67
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	31.41		$	29.12

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

	Periods Ended June 30
	Second		Six		From
	Quarter		Months		December 2005
	2006		2006		to June 30, 2006
	(dollars in millions, except per share amounts)
Cost of Shares Repurchased	$	290	$	539	$	674
Average Cost Per Share	$	50.22	$	49.04	$	48.91
Shares Repurchased		5,772,800		10,998,362		13,786,162

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 June 30, 2006, 14,213,838 shares remained under the share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	June 30		Dec. 31		June 30		Dec. 31		June 30		Dec. 31
	2006		2005		2006		2005		2006		2005
					(in millions)
Short Term Investments	$	626	$	929	$	626	$	929	$	626	$	929
Taxable Fixed Maturities		1,350		1,355		1,307		1,338		1,307		1,338
Equity Securities		5		5		8		8		8		8
TOTAL	$	1,981	$	2,289	$	1,941	$	2,275	$	1,941	$	2,275

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	June 30		Dec. 31		June 30		Dec. 31		June 30		Dec. 31
	2006		2005		2006		2005		2006		2005
					(in millions)
Short Term Investments	$	833	$	970	$	833	$	970	$	833	$	970
Fixed Maturities
Tax Exempt		16,532		15,654		16,524		15,966		16,516		15,955
Taxable		13,502		13,160		13,248		13,230		13,248		13,230
Common Stocks		2,377		2,031		2,516		2,149		2,516		2,149
Preferred Stocks		52		52		54		55		54		55
TOTAL	$	33,296	$	31,867	$	33,175	$	32,370	$	33,167	$	32,359

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED JUNE 30
	SECOND QUARTER						SIX MONTHS
	2006			2005			2006			2005
				(in millions)
CORPORATE INVESTMENT INCOME	$	16		$	11		$	31		$	19
PROPERTY AND CASUALTY INVESTMENT INCOME
Dividends	$	14		$	9		$	22		$	21
Taxable Interest		112			102			225			198
Tax Exempt Interest		169			154			333			303
Investment Expenses		(7	)		(4	)		(13	)		(9	)
TOTAL	$	288		$	261		$	567		$	513
Effective Tax Rate		19.6	%		19.6	%		19.7	%		19.6	%
After Tax Annualized Yield		3.48	%		3.47	%		3.47	%		3.45	%

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

	June 30		Dec. 31		June 30
	2006		2005		2005
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	10,000	$	8,910	$	8,600
Rolling Year Statutory Net Premiums Written		12,096		12,244		12,214
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		1.21:1		1.37:1		1.42:1

Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.

Page 4 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
SIX MONTHS ENDED JUNE 30, 2006

											All other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	6/30/06		12/31/05		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	423	$	418	$	5		$	4		$	1
Homeowners		644		697		(53	)		(4	)		(49	)
Other		596		580		16			43			(27	)
Total Personal		1,663		1,695		(32	)		43			(75	)
Commercial Insurance
Multiple Peril		1,635		1,596		39			23			16
Casualty		5,056		4,837		219			171			48
Workers’ Compensation		1,637		1,551		86			66			20
Property and Marine		711		755		(44	)		(17	)		(27	)
Total Commercial		9,039		8,739		300			243			57
Specialty Insurance
Professional Liability		7,210		6,777		433			364			69
Surety		61		46		15			3			12
Total Specialty		7,271		6,823		448			367			81
Total Insurance		17,973		17,257		716			653			63
Reinsurance Assumed		1,461		1,456		5			(44	)		49
Total	$	19,434	$	18,713	$	721		$	609		$	112

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2006			2005			2006			2005			2006			2005			2006			2005
Net Premiums Written	$	337		$	317		$	1,097		$	1,020		$	292		$	290		$	1,726		$	1,627
Increase (Decrease) in Unearned Premiums		7			4			24			17			14			12			45			33
Net Premiums Earned		330			313			1,073			1,003			278			278			1,681			1,594
Net Losses Paid		192			186			502			478			154			142			848			806
Increase (Decrease) in Outstanding Losses		5			29			(53	)		(17	)		16			25			(32	)		37
Net Losses Incurred		197			215			449			461			170			167			816			843
Expenses Incurred		95			84			343			316			89			84			527			484
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	38		$	14		$	281		$	226		$	19		$	27		$	338		$	267
Ratios After Dividends to Policyholders:
Loss		59.7	%		68.8	%		41.8	%		45.9	%		61.1	%		60.0	%		48.6	%		52.9	%
Expense		28.2			26.5			31.3			31.0			30.5			29.1			30.5			29.8
Combined		87.9	%		95.3	%		73.1	%		76.9	%		91.6	%		89.1	%		79.1	%		82.7	%
Premiums Written as a % of Total		5.6	%		5.1	%		18.3	%		16.5	%		4.9	%		4.7	%		28.8	%		26.3	%

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 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	$	645		$	641		$	895		$	910		$	472		$	496		$	607		$	586		$	2,619		$	2,633
Increase (Decrease) in Unearned Premiums		(4	)		(18	)		28			51			21			42			40			33			85			108
Net Premiums Earned		649			659			867			859			451			454			567			553			2,534			2,525
Net Losses Paid		237			288			361			391			174			172			275			240			1,047			1,091
Increase (Decrease) in Outstanding Losses		39			41			219			223			86			108			(44	)		(36	)		300			336
Net Losses Incurred		276			329			580			614			260			280			231			204			1,347			1,427
Expenses Incurred		212			211			237			235			100			105			197			199			746			750
Dividends Incurred		—			—			—			—			14			11			—			—			14			11
Statutory Underwriting Income (Loss)	$	161		$	119		$	50		$	10		$	77		$	58		$	139		$	150		$	427		$	337
Ratios After Dividends to Policyholders:
Loss		42.5	%		50.0	%		66.9	%		71.4	%		59.5	%		63.3	%		40.7	%		36.8	%		53.5	%		56.8	%
Expense		32.9			32.8			26.5			25.9			21.8			21.6			32.5			34.0			28.6			28.5
Combined		75.4	%		82.8	%		93.4	%		97.3	%		81.3	%		84.9	%		73.2	%		70.8	%		82.1	%		85.3	%
Premiums Written as a % of Total		10.7	%		10.4	%		14.9	%		14.8	%		7.9	%		8.0	%		10.1	%		9.5	%		43.6	%		42.7	%

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	1,271		$	1,337		$	148		$	105		$	1,419		$	1,442
Increase (Decrease) in Unearned Premiums		(87	)		(20	)		15			13			(72	)		(7	)
Net Premiums Earned		1,358			1,357			133			92			1,491			1,449
Net Losses Paid		513			760			7			48			520			808
Increase (Decrease) in Outstanding Losses		433			300			15			9			448			309
Net Losses Incurred		946			1,060			22			57			968			1,117
Expenses Incurred		306			313			46			40			352			353
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income (Loss)	$	106		$	(16	)	$	64		$	(6	)	$	170		$	(22	)
Ratios After Dividends to Policyholders:
Loss		69.6	%		78.1	%		16.7	%		62.6	%		65.0	%		77.1	%
Expense		24.1			23.4			31.3			38.7			24.8			24.5
Combined		93.7	%		101.5	%		48.0	%		101.3	%		89.8	%		101.6	%
Premiums Written as a % of Total		21.2	%		21.7	%		2.5	%		1.7	%		23.6	%		23.4	%

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	5,764		$	5,702		$	242		$	467		$	6,006		$	6,169
Increase (Decrease) in Unearned Premiums		58			134			(41	)		(19	)		17			115
Net Premiums Earned		5,706			5,568			283			486			5,989			6,054
Net Losses Paid		2,415			2,705			161			163			2,576			2,868
Increase (Decrease) in Outstanding Losses		716			682			5			104			721			786
Net Losses Incurred		3,131			3,387			166			267			3,297			3,654
Expenses Incurred		1,625			1,587			101			161			1,726			1,748
Dividends Incurred		15			12			—			—			15			12
Statutory Underwriting Income (Loss)	$	935		$	582		$	16		$	58		$	951		$	640
Increase in Deferred Acquisition Costs														29			9
GAAP Underwriting Income													$	980		$	649
Ratios After Dividends to Policyholders:
Loss		55.0	%		60.9	%		58.7	%		55.0	%		55.2	%		60.5	%
Expense		28.3			27.9			41.7			34.6			28.8			28.4
Combined		83.3	%		88.8	%		100.4	%		89.6	%		84.0	%		88.9	%
Premiums Written as a % of Total		96.0	%		92.4	%		4.0	%		7.6	%		100.0	%		100.0	%

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	4,758		$	4,939		$	1,248		$	1,230		$	6,006		$	6,169
Increase (Decrease) in Unearned Premiums		(59	)		25			76			90			17			115
Net Premiums Earned		4,817			4,914			1,172			1,140			5,989			6,054
Net Losses Paid		2,218			2,369			358			499			2,576			2,868
Increase (Decrease) in Outstanding Losses		447			656			274			130			721			786
Net Losses Incurred		2,665			3,025			632			629			3,297			3,654
Expenses Incurred		1,304			1,347			422			401			1,726			1,748
Dividends Incurred		15			12			—			—			15			12
Statutory Underwriting Income (Loss)	$	833		$	530		$	118		$	110			951			640
Increase in Deferred Acquisition Costs														29			9
GAAP Underwriting Income													$	980		$	649
Ratios After Dividends to Policyholders:
Loss		55.5	%		61.7	%		53.9	%		55.2	%		55.2	%		60.5	%
Expense		27.5			27.4			33.8			32.6			28.8			28.4
Combined		83.0	%		89.1	%		87.7	%		87.8	%		84.0	%		88.9	%
Premiums Written as a % of Total		79.2	%		80.1	%		20.8	%		19.9	%		100.0	%		100.0	%

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2006			2005			2006			2005			2006			2005			2006			2005
Net Premiums Written	$	182		$	171		$	609		$	568		$	143		$	132		$	934		$	871
Increase (Decrease) in Unearned Premiums		16			15			70			62			4			(7	)		90			70
Net Premiums Earned		166			156			539			506			139			139			844			801
Net Losses Paid		94			92			266			226			67			89			427			407
Increase (Decrease) in Outstanding Losses		2			17			(40	)		(4	)		18			(4	)		(20	)		9
Net Losses Incurred		96			109			226			222			85			85			407			416
Expenses Incurred		51			43			187			169			45			40			283			252
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	19		$	4		$	126		$	115		$	9		$	14		$	154		$	133
Ratios After Dividends to Policyholders:
Loss		57.9	%		70.0	%		41.9	%		43.9	%		61.1	%		61.4	%		48.2	%		52.0	%
Expense		28.0			25.2			30.7			29.8			31.5			30.2			30.3			29.0
Combined		85.9	%		95.2	%		72.6	%		73.7	%		92.6	%		91.6	%		78.5	%		81.0	%
Premiums Written as a % of Total		5.9	%		5.5	%		19.8	%		18.2	%		4.6	%		4.3	%		30.3	%		28.0	%

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 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	$	319		$	305		$	455		$	458		$	216		$	218		$	304		$	287		$	1,294		$	1,268
Increase (Decrease) in Unearned Premiums		(3	)		(23	)		23			25			(5	)		(7	)		24			5			39			—
Net Premiums Earned		322			328			432			433			221			225			280			282			1,255			1,268
Net Losses Paid		108			131			170			241			92			92			125			134			495			598
Increase (Decrease) in Outstanding Losses		42			34			120			88			37			41			13			(23	)		212			140
Net Losses Incurred		150			165			290			329			129			133			138			111			707			738
Expenses Incurred		108			101			115			114			51			50			96			92			370			357
Dividends Incurred		—			—			—			—			7			5			—			—			7			5
Statutory Underwriting Income (Loss)	$	64		$	62		$	27		$	(10	)	$	34		$	37		$	46		$	79		$	171		$	168
Ratios After Dividends to Policyholders:
Loss		46.6	%		50.4	%		67.1	%		76.0	%		60.3	%		60.7	%		49.3	%		39.2	%		56.7	%		58.5	%
Expense		33.8			32.9			25.3			24.9			24.4			23.4			31.6			32.1			28.7			28.2
Combined		80.4	%		83.3	%		92.4	%		100.9	%		84.7	%		84.1	%		80.9	%		71.3	%		85.4	%		86.7	%
Premiums Written as a % of Total		10.3	%		9.8	%		14.8	%		14.7	%		7.0	%		7.0	%		9.9	%		9.2	%		42.0	%		40.7	%

Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	656		$	691		$	83		$	52		$	739		$	743
Increase (Decrease) in Unearned Premiums		(17	)		12			14			4			(3	)		16
Net Premiums Earned		673			679			69			48			742			727
Net Losses Paid		277			435			8			30			285			465
Increase (Decrease) in Outstanding Losses		189			100			12			(23	)		201			77
Net Losses Incurred		466			535			20			7			486			542
Expenses Incurred		149			157			24			20			173			177
Dividends Incurred		—			—			1			—			1			—
Statutory Underwriting Income (Loss)	$	58		$	(13	)	$	24		$	21		$	82		$	8
Ratios After Dividends to Policyholders:
Loss		69.3	%		78.8	%		29.4	%		13.9	%		65.6	%		74.5	%
Expense		22.7			22.6			29.3			40.3			23.4			23.8
Combined		92.0	%		101.4	%		58.7	%		54.2	%		89.0	%		98.3	%
Premiums Written as a % of Total		21.3	%		22.2	%		2.7	%		1.7	%		24.0	%		23.9	%

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	2,967		$	2,882		$	114		$	231		$	3,081		$	3,113
Increase (Decrease) in Unearned Premiums		126			86			(15	)		8			111			94
Net Premiums Earned		2,841			2,796			129			223			2,970			3,019
Net Losses Paid		1,207			1,470			69			73			1,276			1,543
Increase (Decrease) in Outstanding Losses		393			226			10			50			403			276
Net Losses Incurred		1,600			1,696			79			123			1,679			1,819
Expenses Incurred		826			786			50			83			876			869
Dividends Incurred		8			5			—			—			8			5
Statutory Underwriting Income (Loss)	$	407		$	309		$	—		$	17		$	407		$	326
Increase in Deferred Acquisition Costs														37			4
GAAP Underwriting Income													$	444		$	330
Ratios After Dividends to Policyholders:
Loss		56.5	%		60.8	%		61.2	%		55.0	%		56.7	%		60.3	%
Expense		27.9			27.3			43.9			36.3			28.5			28.0
Combined		84.4	%		88.1	%		105.1	%		91.3	%		85.2	%		88.3	%
Premiums Written as a % of Total		96.3	%		92.6	%		3.7	%		7.4	%		100.0	%		100.0	%

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2006 AND 2005
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2006			2005			2006			2005			2006			2005
Net Premiums Written	$	2,490		$	2,550		$	591		$	563		$	3,081		$	3,113
Increase (Decrease) in Unearned Premiums		117			102			(6	)		(8	)		111			94
Net Premiums Earned		2,373			2,448			597			571			2,970			3,019
Net Losses Paid		1,125			1,199			151			344			1,276			1,543
Increase (Decrease) in Outstanding Losses		210			301			193			(25	)		403			276
Net Losses Incurred		1,335			1,500			344			319			1,679			1,819
Expenses Incurred		683			691			193			178			876			869
Dividends Incurred		8			5			—			—			8			5
Statutory Underwriting Income (Loss)	$	347		$	252		$	60		$	74			407			326
Increase in Deferred Acquisition Costs														37			4
GAAP Underwriting Income													$	444		$	330
Ratios After Dividends to Policyholders:
Loss		56.4	%		61.4	%		57.6	%		55.9	%		56.7	%		60.3	%
Expense		27.5			27.2			32.7			31.6			28.5			28.0
Combined		83.9	%		88.6	%		90.3	%		87.5	%		85.2	%		88.3	%
Premiums Written as a % of Total		80.8	%		81.9	%		19.2	%		18.1	%		100.0	%		100.0	%

Page 15 of 16

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 16 of 16