8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 23, 2007

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	1-8661	13-2595722
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
15 Mountain View Road, P.O. Box 1615, Warren, New Jersey		07061-1615
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (908) 903-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index to Current Report on Form 8-K dated April 23, 2007

Press release dated April 23, 2007 (furnished pursuant to Item 2.02 of Form 8-K)

Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

Item 2.02 Results of Operations and Financial Condition.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to this Item 2.02 of Form 8-K. On April 23, 2007, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter ended March 31, 2007. On April 23, 2007, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2007 first quarter results. Copies of the press release and the SIIR, both of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are furnished as Exhibits 99.1 and 99.2, respectively, to this Form 8-K. In its press release, in the SIIR and in the conference call to discuss its 2007 first quarter results, scheduled to be webcast at 5:00 P.M. on April 23, 2007, Chubb presents, and will present, its results of operations in the manner that it believes is most meaningful to investors, which includes certain measures that are not prepared in accordance with accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits.

            99.1          Press release dated April 23, 2007 (furnished pursuant to Item 2.02 of Form 8-K)

            99.2          Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		THE CHUBB CORPORATION
Date:	April 23, 2007	By:	/s/ Henry B. Schram
		Name:	Henry B. Schram
		Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED APRIL 23, 2007

Exhibit No.	Description
99.1	Press release dated April 23, 2007 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)

EX-99.1

Exhibit 99.1

News from The Chubb Corporation     

The Chubb Corporation

15 Mountain View Road • P.O. Box 1615

Warren, New Jersey 07061-1615

Telephone: 908-903-2000

FOR IMMEDIATE RELEASE

Chubb Reports First Quarter Net Income per Share of $1.71;
Operating Income per Share Increases 8% to a Record $1.53;
Combined Ratio Is 83.4%

     WARREN, New Jersey, April 23, 2007 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2007 was $710 million or $1.71 per share, compared to $672 million or $1.58 per share in the first quarter of 2006.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased 5% to $634 million from $603 million in the first quarter of 2006. Operating income per share increased 8% to a record $1.53 from $1.42.

     Net written premiums for the first quarter declined 2% to $2.9 billion. Premiums for the insurance business increased 1%; they decreased 1% in the U.S. and increased 7% outside the U.S. (1% in local currencies). Premiums for the reinsurance assumed business declined 69%, reflecting the impact of the Chubb Re-Harbor Point transaction completed in December 2005.

     The first quarter combined loss and expense ratio was 83.4% in 2007, compared to 82.9% in 2006. The impact of catastrophes accounted for 2.5 percentage points of the combined ratio in the first quarter of 2007, compared to an impact of 0.1 percentage points in the first quarter of 2006. Excluding the impact of catastrophes, the first quarter combined ratio was 80.9% in 2007 and 82.8% in 2006. The expense ratio for the first quarter was 30.4% in 2007 and 29.1% in 2006.

     Property and casualty investment income after taxes for the first quarter increased 9% to $305 million in 2007 from $279 million in 2006.

     “All three business units made substantial contributions to first quarter earnings,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “We continued to produce superior earnings in a challenging insurance market by maintaining our underwriting standards while competing effectively to retain existing accounts and write new business at adequate rates.”

2

     Mr. Finnegan added, “Chubb’s outstanding first-quarter results obviously put us on the path to achieving or exceeding our January 30, 2007 operating income per share guidance of $5.00 to $5.40 for the year. However, we do not believe it is appropriate to revisit our guidance after only one quarter.” Guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statement below.

     On March 21, 2007, Chubb’s board of directors authorized the repurchase of 20 million shares of its common stock in addition to the 20 million share repurchase authorized on December 7, 2006. During the first quarter of 2007, Chubb repurchased 11,835,577 shares of its common stock at a total cost of $605 million. As of March 31, 2007, there were 28,010,361 shares of common stock available for repurchase under current authorizations.

     On March 29, 2007, Chubb successfully completed a public offering of $1 billion of subordinated capital securities. The proceeds of the offering will be used to repurchase shares of Chubb’s common stock.

First Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 6% in the first quarter to $840 million. CPI’s combined ratio for the quarter was 79.3%, compared to 79.7% in the first quarter of 2006. Catastrophe losses for the quarter were 1.3 percentage points in 2007 and 3.6 points in 2006. Excluding catastrophe losses, CPI’s first quarter combined ratio was 78.0% in 2007 and 76.1% in 2006.

     Net written premiums for Homeowners grew 7%, and the combined ratio was 71.1%. Personal Automobile net written premiums declined 5%, and the combined ratio was 95.4%. Other Personal lines grew 16% and had a combined ratio of 93.1%.

     Chubb Commercial Insurance (CCI) net written premiums declined 1% in the first quarter to $1.3 billion. The combined ratio for the quarter was 88.0% in 2007 and 78.8% in 2006. Catastrophe losses accounted for 5.0 percentage points in the first quarter of 2007. In the first quarter of 2006, there was a 2.0 percentage point favorable impact of catastrophes due to a reduction in previously accrued reinsurance reinstatement premium costs related to Hurricane Katrina. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 83.0% in 2007 and 80.8% in 2006.

     Average first quarter renewal rates in the U.S. were down 2% for CCI, which retained 84% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.1 to 1.

3

     Chubb Specialty Insurance (CSI) net written premiums were flat in the first quarter at $681 million. The combined ratio was 83.1%, compared to 90.7% in the first quarter of 2006.

     Professional Liability (PL) net written premiums declined 3%, and the business had a combined ratio of 89.0%. Average first quarter renewal rates in the U.S. were down 4% for PL, which retained 87% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.4 to 1.

     Surety net written premiums were up 29%, and the combined ratio was 31.4%.

Webcast Conference Call to be Held Today at 5 P.M.

     Chubb’s senior management will discuss the company’s first quarter performance with investors and analysts today, April 23rd, at 5 P.M. Eastern Daylight Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

About Chubb

     Founded in 1882, the Chubb Group of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     Chubb’s Supplementary Investor Information Report has been posted on its Internet site at http://www.chubb.com.

     All financial results in this release and attachments are unaudited.

For further information contact:	Investors:	Glenn A. Montgomery
		(908) 903-2365
	Media:	Mark E. Greenberg
		(908) 903-2682

4

Definitions of Key Terms

Operating Income

Operating income, a non-GAAP financial measure, is net income excluding after-tax realized investment gains and losses. Management uses operating income, among other measures, to evaluate its performance because the realization of investment gains and losses in any given period is largely discretionary as to timing and can fluctuate significantly, which could distort the analysis of trends.

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 tax.

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 Loss and Expense Ratio or Combined 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.

5

FORWARD-LOOKING INFORMATION

     Certain statements in this document are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements, which are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding management’s 2007 operating income per share guidance and related assumptions, the use of proceeds from the issuance of subordinated capital securities and rates at which new and renewal business have been written, are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on Chubb. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission and those associated with:

• global political conditions and the occurrence of terrorist attacks, including any nuclear, biological, chemical or radiological events;

• the effects of the outbreak or escalation of war or hostilities;

• premium pricing and profitability or growth estimates overall or by lines of business or geographic area, and related expectations with respect to the timing and terms of any required regulatory approvals;

• adverse changes in loss cost trends;

• the ability to retain existing business;

• our expectations with respect to cash flow projections and investment income and with respect to other income;

• the adequacy of loss reserves, including:

• our expectations relating to reinsurance recoverables;

• the willingness of parties, including us, to settle disputes;

• developments in judicial decisions or regulatory or legislative actions relating to coverage and liability, in particular, for asbestos, toxic waste and other mass tort claims;

• development of new theories of liability;

• our estimates relating to ultimate asbestos liabilities;

• the impact from the bankruptcy protection sought by various asbestos producers and other related businesses;

• the effects of proposed asbestos liability legislation, including the impact of claims patterns arising from the possibility of legislation and those that may arise if legislation is not passed;

• the availability and cost of reinsurance coverage;

• the occurrence of significant weather-related or other natural or human-made disasters, particularly in locations where we have concentrations of risk;

6

• the impact of economic factors on companies on whose behalf we have issued surety bonds, and in particular, on those companies that have filed for bankruptcy or otherwise experienced deterioration in creditworthiness;

• the effects of disclosures by, and investigations of, public companies relating to possible accounting irregularities, practices in the financial services industry and other corporate governance issues, including:

• claims and litigation arising out of stock option “backdating”, “spring loading” and other stock option grant practices by public companies;

• the effects on the capital markets and the markets for directors and officers and errors and omissions insurance;

• claims and litigation arising out of actual or alleged accounting or other corporate malfeasance by other companies;

• claims and litigation arising out of practices in the financial services industry;

• legislative or regulatory proposals or changes;

• the effects of changes in market practices in the U.S. property and casualty insurance industry, in particular contingent commissions and loss mitigation and finite reinsurance arrangements, arising from any legal or regulatory proceedings, related settlements and industry reform, including changes that have been announced and changes that may occur in the future;

• the impact of legislative and regulatory developments on our business, including those relating to terrorism and large-scale catastrophes;

• any downgrade in our claims-paying, financial strength or other credit ratings;

• the ability of our subsidiaries to pay us dividends;

• general economic and market conditions including:

• changes in interest rates, market credit spreads and the performance of the financial markets;

• the effects of inflation;

• changes in domestic and foreign laws, regulations and taxes;

• changes in competition and pricing environments;

• regional or general changes in asset valuations;

• the inability to reinsure certain risks economically;

• changes in the litigation environment; and

• our ability to implement management’s strategic plans and initiatives.

     Chubb assumes no obligation to update any forward-looking information set forth in this document, which speak as of the date hereof.

7

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Three Months Ended
	March 31
	2007			2006
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,867		$	2,925
Decrease in Unearned Premiums		118			94
Premiums Earned		2,985			3,019
Losses and Loss Expenses		1,580			1,618
Operating Costs and Expenses		870			850
Decrease in Deferred Policy Acquisition Costs		3			8
Dividends to Policyholders		5			7
Underwriting Income		527			536
Investments
Investment Income Before Expenses		392			357
Investment Expenses		11			9
Investment Income		381			348
Other Income		3			5
Property and Casualty Income		911			889
CORPORATE AND OTHER		(27	)		(43	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		884			846
Federal and Foreign Income Tax		250			243
CONSOLIDATED OPERATING INCOME		634			603
REALIZED INVESTMENT GAINS AFTER INCOME TAX		76			69
CONSOLIDATED NET INCOME	$	710		$	672
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	305		$	279

8

	Three Months Ended
	March 31
	2007			2006
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		414.3			424.1
Actual Common Shares at End of Period		401.5			414.9
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.53		$	1.42
Realized Investment Gains		.18			.16
Net Income	$	1.71		$	1.58
Effect of Catastrophes	$	(.12	)	$	—

	Mar. 31		Dec. 31		Mar. 31
	2007		2006		2006
BOOK VALUE PER COMMON SHARE	$	34.55	$	33.71	$	30.37
BOOK VALUE PER COMMON SHARE, with Available-for-Sale Fixed Maturities at Amortized Cost		34.28		33.38		30.39

PROPERTY AND CASUALTY UNDERWRITING RATIOS

THREE MONTHS ENDED MARCH 31

	2007			2006
Losses and Loss Expenses to Premiums Earned		53.0	%		53.8	%
Underwriting Expenses to Premiums Written		30.4			29.1
Combined Loss and Expense Ratio		83.4	%		82.9	%
Effect of Catastrophes on Combined Loss and Expense Ratio		2.5	%		.1	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS
THREE MONTHS ENDED MARCH 31

	2007		2006
	(in millions)
Paid Losses and Loss Expenses	$	1,460	$	1,300
Increase in Unpaid Losses and Loss Expenses		120		318
Total Losses and Loss Expenses	$	1,580	$	1,618

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PROPERTY AND CASUALTY PRODUCT MIX
THREE MONTHS ENDED MARCH 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2007		2006		(Decrease)			2007			2006
	(in millions)
Personal Insurance
Automobile	$	147	$	155		(5	)%		95.4	%		90.0	%
Homeowners		520		488		7			71.1			73.7
Other		173		149		16			93.1			90.7
Total Personal		840		792		6			79.3			79.7
Commercial Insurance
Multiple Peril		307		326		(6	)		83.3			70.4
Casualty		441		440		—			94.3			94.4
Workers’ Compensation		257		256		—			77.3			78.4
Property and Marine		301		303		(1	)		93.2			65.7
Total Commercial.		1,306		1,325		(1	)		88.0			78.8
Specialty Insurance
Professional Liability		597		615		(3	)		89.0			95.6
Surety		84		65		29			31.4			37.0
Total Specialty		681		680		—			83.1			90.7
Total Insurance		2,827		2,797		1			84.1			82.2
Reinsurance Assumed		40		128		(69	)		*			*
Total	$	2,867	$	2,925		(2	)		83.4			82.9

* Combined loss and expense ratios will no longer be presented for Reinsurance Assumed since this business is in run-off.

EX-99.2

Exhibit 99.2

The	Supplementary	March 31, 2007
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, 2007

	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

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	Mar. 31			Dec. 31
	2007			2006
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	2,360		$	2,254
Fixed Maturities
Tax Exempt		18,126			17,748
Taxable		14,495			14,218
Equity Securities		2,037			1,957
Other Invested Assets		1,655			1,516
Total Invested Assets	$	38,673		$	37,693
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	7		$	7
Capitalization
Long Term Debt	$	3,335		$	2,466
Shareholders’ Equity		13,873			13,863
Total Capitalization	$	17,208		$	16,329
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		19.4	%		15.1	%
Actual Common Shares Outstanding		401.5			411.3
Book Value Per Common Share	$	34.55		$	33.71
Book Value Per Common Share, with
Available-for-Sale Fixed Maturities at Amortized Cost	$	34.28		$	33.38

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, 2007		to March 31, 2007
Cost of Shares Repurchased		$605		$1,997
Average Cost Per Share		$51.12		$49.94
Shares Repurchased		11,835,577		39,989,639

In December 2005, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. No shares remain under the 2005 share repurchase authorization.

In December 2006, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation's common stock. In March 2007, the Board of Directors authorized an increase of 20,000,000 shares to the authorization approved in December 2006. The authorizations have no expiration date. As of March 31, 2007, 28,010,361 shares remained under the share repurchase authorizations.

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
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	1,294	$	793	$	1,294	$	793	$	1,294	$	793
Taxable Fixed Maturities		1,133		1,160		1,115		1,138		1,115		1,138
Equity Securities		289		289		408		416		408		416
TOTAL	$	2,716	$	2,242	$	2,817	$	2,347	$	2,817	$	2,347

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Mar. 31		Dec. 31		Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	1,066	$	1,461	$	1,066	$	1,461	$	1,066	$	1,461
Fixed Maturities
Tax Exempt		17,865		17,449		18,133		17,755		18,126		17,748
Taxable		13,452		13,150		13,380		13,080		13,380		13,080
Common Stocks		1,294		1,235		1,584		1,502		1,584		1,502
Preferred Stocks		41		37		45		39		45		39
Other Invested Assets		1,655		1,516		1,655		1,516		1,655		1,516
TOTAL	$	35,373	$	34,848	$	35,863	$	35,353	$	35,856	$	35,346

Page 3 of 11

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	THREE MONTHS ENDED
	MARCH 31
	2007			2006
	(in millions)
CORPORATE INVESTMENT INCOME		$  14			$  15
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest		$178			$164
Taxable Interest		118			111
Other		16			10
Investment Expenses		(7	)		(6	)
TOTAL		$305			$279
Effective Tax Rate		19.9	%		19.8	%
After Tax Annualized Yield		3.45	%		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

	Mar. 31		Dec. 31		Mar. 31
	2007		2006		2006
			(in millions)
Estimated Statutory Policyholders’ Surplus		$11,950		$11,357		$9,650
Rolling Year Statutory Net Premiums Written		11,899		11,967		12,112
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		1.00:1		1.05:1		1.26:1
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, 2007

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	3/31/07		12/31/06		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile		$     423		$     425		(2	)		$    3			(5	)
Homeowners		642		665		(23	)		(4	)		(19	)
Other		674		657		17			36			(19	)
Total Personal		1,739		1,747		(8	)		35			(43	)
Commercial Insurance
Multiple Peril		1,588		1,593		(5	)		16			(21	)
Casualty		5,268		5,213		55			84			(29	)
Workers’ Compensation		1,781		1,740		41			46			(5	)
Property and Marine		702		678		24			16			8
Total Commercial		9,339		9,224		115			162			(47	)
Specialty Insurance
Professional Liability		7,351		7,288		63			147			(84	)
Surety		59		59		—			—			—
Total Specialty		7,410		7,347		63			147			(84	)
Total Insurance		18,488		18,318		170			344			(174	)
Reinsurance Assumed		1,331		1,381		(50	)		(42	)		(8	)
Total		$19,819		$19,699		$120			$302			$(182	)

Page 5 of 11

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	147		$	155		$	520		$	488		$	173		$	149		$	840		$	792
Increase (Decrease) in Unearned Premiums		(18	)		(9	)		(55	)		(46	)		19			10			(54	)		(45	)
Net Premiums Earned		165			164			575			534			154			139			894			837
Net Losses Paid		110			98			243			236			80			87			433			421
Increase (Decrease) in Outstanding Losses		(2	)		3			(23	)		(13	)		17			(2	)		(8	)		(12	)
Net Losses Incurred		108			101			220			223			97			85			425			409
Expenses Incurred		44			44			171			156			52			44			267			244
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	13		$	19		$	184		$	155		$	5		$	10		$	202		$	184
Ratios After Dividends to Policyholders:
Loss		65.5	%		61.6	%		38.2	%		41.7	%		63.0	%		61.2	%		47.5	%		48.9	%
Expense		29.9			28.4			32.9			32.0			30.1			29.5			31.8			30.8
Combined		95.4	%		90.0	%		71.1	%		73.7	%		93.1	%		90.7	%		79.3	%		79.7	%
Premiums Written as a % of Total		5.1	%		5.3	%		18.1	%		16.7	%		6.0	%		5.1	%		29.2	%		27.1	%

Page 6 of 11

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2007			2006			2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	307		$	326		$	441		$	440		$	257		$	256		$	301		$	303		$	1,306		$	1,325
Increase (Decrease) in Unearned Premiums		(13	)		(1	)		12			5			29			26			1			16			29			46
Net Premiums Earned		320			327			429			435			228			230			300			287			1,277			1,279
Net Losses Paid		160			129			230			191			86			82			145			150			621			552
Increase (Decrease) in Outstanding Losses		(5	)		(3	)		55			99			41			49			24			(57	)		115			88
Net Losses Incurred		155			126			285			290			127			131			169			93			736			640
Expenses Incurred		107			104			123			122			52			49			111			101			393			376
Dividends Incurred		—			—			—			—			4			7			—			—			4			7
Statutory Underwriting Income	$	58		$	97		$	21		$	23		$	45		$	43		$	20		$	93		$	144		$	256
Ratios After Dividends to Policyholders:
Loss		48.4	%		38.5	%		66.4	%		66.7	%		56.7	%		58.7	%		56.3	%		32.4	%		57.8	%		50.3	%
Expense		34.9			31.9			27.9			27.7			20.6			19.7			36.9			33.3			30.2			28.5
Combined		83.3	%		70.4	%		94.3	%		94.4	%		77.3	%		78.4	%		93.2	%		65.7	%		88.0	%		78.8	%
Premiums Written as a % of Total		10.7	%		11.1	%		15.4	%		15.0	%		9.0	%		8.8	%		10.5	%		10.4	%		45.6	%		45.3	%

Page 7 of 11

THE CHUBB CORPORATION – WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	597		$	615		$	84		$	65		$	681		$	680
Increase (Decrease) in Unearned Premiums		(66	)		(70	)		6			1			(60	)		(69	)
Net Premiums Earned		663			685			78			64			741			749
Net Losses Paid		354			236			1			(1	)		355			235
Increase (Decrease) in Outstanding Losses		63			244			—			3			63			247
Net Losses Incurred		417			480			1			2			418			482
Expenses Incurred		156			157			25			22			181			179
Dividends Incurred		—			—			1			—			1			—
Statutory Underwriting Income	$	90		$	48		$	51		$	40		$	141		$	88
Ratios After Dividends to Policyholders:
Loss		62.9	%		70.1	%		1.3	%		3.1	%		56.5	%		64.4	%
Expense		26.1			25.5			30.1			33.9			26.6			26.3
Combined		89.0	%		95.6	%		31.4	%		37.0	%		83.1	%		90.7	%
Premiums Written as a % of Total		20.9	%		21.0	%		2.9	%		2.2	%		23.8	%		23.2	%

Page 8 of 11

THE CHUBB CORPORATION – WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,827		$	2,797		$	40		$	128		$	2,867		$	2,925
Increase (Decrease) in Unearned Premiums		(85	)		(68	)		(33	)		(26	)		(118	)		(94	)
Net Premiums Earned		2,912			2,865			73			154			2,985			3,019
Net Losses Paid		1,409			1,208			51			92			1,460			1,300
Increase (Decrease) in Outstanding Losses		170			323			(50	)		(5	)		120			318
Net Losses Incurred		1,579			1,531			1			87			1,580			1,618
Expenses Incurred		841			799			29			51			870			850
Dividends Incurred		5			7			—			—			5			7
Statutory Underwriting Income	$	487		$	528		$	43		$	16			530			544
Decrease in Deferred Acquisition Costs														(3	)		(8	)
GAAP Underwriting Income													$	527		$	536
Ratios After Dividends to Policyholders:
Loss		54.3	%		53.6	%		*			*			53.0	%		53.8	%
Expense		29.8			28.6			*			*			30.4			29.1
Combined		84.1	%		82.2	%		*			*			83.4	%		82.9	%
Premiums Written as a % of Total		98.6	%		95.6	%		1.4	%		4.4	%		100.0	%		100.0	%

* Combined, loss, and expense ratios will no longer be presented for Reinsurance Assumed since this business is in run-off.

Page 9 of 11

THE CHUBB CORPORATION – WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,166		$	2,268		$	701		$	657		$	2,867		$	2,925
Increase (Decrease) in Unearned Premiums		(183	)		(176	)		65			82			(118	)		(94	)
Net Premiums Earned		2,349			2,444			636			575			2,985			3,019
Net Losses Paid		1,167			1,093			293			207			1,460			1,300
Increase (Decrease) in Outstanding Losses		113			237			7			81			120			318
Net Losses Incurred		1,280			1,330			300			288			1,580			1,618
Expenses Incurred		623			621			247			229			870			850
Dividends Incurred		5			7			—			—			5			7
Statutory Underwriting Income	$	441		$	486		$	89		$	58			530			544
Decrease in Deferred Acquisition Costs														(3	)		(8	)
GAAP Underwriting Income													$	527		$	536
Ratios After Dividends to Policyholders:
Loss		54.6	%		54.6	%		47.2	%		50.1	%		53.0	%		53.8	%
Expense		28.8			27.5			35.2			34.9			30.4			29.1
Combined		83.4	%		82.1	%		82.4	%		85.0	%		83.4	%		82.9	%
Premiums Written as a % of Total		75.5	%		77.5	%		24.5	%		22.5	%		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 consistof 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