Exhibit 99.2

The
Chubb
Corporation Supplementary
Investor
Information June 30, 2007

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

THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	June 30			Dec. 31
	2007			2006
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	2,632		$	2,254
Fixed Maturities
Tax Exempt		18,087			17,748
Taxable		14,852			14,218
Equity Securities		2,285			1,957
Other Invested Assets		1,709			1,516
Total Invested Assets	$	39,565		$	37,693
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	6		$	7
Capitalization
Long Term Debt	$	4,135		$	2,466
Shareholders’ Equity		13,818			13,863
Total Capitalization	$	17,953		$	16,329
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		23.0	%		15.1	%
Actual Common Shares Outstanding		393.3			411.3
Book Value Per Common Share	$	35.13		$	33.71
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	35.61		$	33.38

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended June 30
	Second		Six		From
	Quarter		Months		December 2005
	2007		2007		to June 30, 2007
Cost of Shares Repurchased		$535		$1,140		$2,532
Average Cost Per Share		$54.07		$52.46		$50.76
Shares Repurchased		9,891,000		21,726,577		49,880,639

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 authorization has no expiration date. As of June 30, 2007, 18,119,361 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
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	1,731	$	793	$	1,731	$	793	$	1,731	$	793
Taxable Fixed Maturities		1,109		1,160		1,077		1,138		1,077		1,138
Equity Securities		289		289		488		416		488		416
TOTAL	$	3,129	$	2,242	$	3,296	$	2,347	$	3,296	$	2,347

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	June 30		Dec. 31		June 30		Dec. 31		June 30		Dec. 31
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	901	$	1,461	$	901	$	1,461	$	901	$	1,461
Fixed Maturities
Tax Exempt		18,091		17,449		18,093		17,755		18,087		17,748
Taxable		14,029		13,150		13,775		13,080		13,775		13,080
Common Stocks		1,419		1,235		1,767		1,502		1,767		1,502
Preferred Stocks		28		37		30		39		30		39
Other Invested Assets		1,709		1,516		1,709		1,516		1,709		1,516
TOTAL	$	36,177	$	34,848	$	36,275	$	35,353	$	36,269	$	35,346

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED JUNE 30
	SECOND QUARTER						SIX MONTHS
	2007			2006			2007			2006
	(in millions)
CORPORATE INVESTMENT INCOME	$	22		$	16		$	36		$	31
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	182		$	169		$	360		$	333
Taxable Interest		115			110			233			221
Other		20			16			36			26
Investment Expenses		(4	)		(7	)		(11	)		(13	)
TOTAL	$	313		$	288		$	618		$	567
Effective Tax Rate		19.7	%		19.6	%		19.8	%		19.7	%
After Tax Annualized Yield		3.46	%		3.48	%		3.45	%		3.47	%

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
	2007		2006		2006
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	12,250	$	11,357	$	10,000
Rolling Year Statutory Net Premiums Written		11,873		11,967		12,096
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.97:1		1.05:1		1.21:1

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, 2007

											All Other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	6/30/07		12/31/06		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	417	$	425	$	(8	)	$	4		$	(12	)
Homeowners		665		665		—			5			(5	)
Other		709		657		52			61			(9	)
Total Personal		1,791		1,747		44			70			(26	)
Commercial Insurance
Multiple Peril		1,608		1,593		15			38			(23	)
Casualty		5,392		5,213		179			142			37
Workers’ Compensation		1,803		1,740		63			58			5
Property and Marine		717		678		39			14			25
Total Commercial		9,520		9,224		296			252			44
Specialty Insurance
Professional Liability		7,437		7,288		149			372			(223	)
Surety		58		59		(1	)		—			(1	)
Total Specialty		7,495		7,347		148			372			(224	)
Total Insurance		18,806		18,318		488			694			(206	)
Reinsurance Assumed		1,266		1,381		(115	)		(74	)		(41	)
Total	$	20,072	$	19,699	$	373		$	620		$	(247	)

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	311		$	337		$	1,174		$	1,097		$	330		$	292		$	1,815		$	1,726
Increase (Decrease) in Unearned Premiums		(18	)		7			15			24			21			14			18			45
Net Premiums Earned		329			330			1,159			1,073			309			278			1,797			1,681
Net Losses Paid		206			192			529			502			138			154			873			848
Increase (Decrease) in Outstanding Losses		(8	)		5			—			(53	)		52			16			44			(32	)
Net Losses Incurred		198			197			529			449			190			170			917			816
Expenses Incurred		89			95			373			343			105			89			567			527
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	42		$	38		$	257		$	281		$	14		$	19		$	313		$	338
Ratios After Dividends to Policyholders:
Loss		60.2	%		59.7	%		45.6	%		41.8	%		61.5	%		61.1	%		51.1	%		48.6	%
Expense		28.6			28.2			31.8			31.3			31.8			30.5			31.2			30.5
Combined		88.8	%		87.9	%		77.4	%		73.1	%		93.3	%		91.6	%		82.3	%		79.1	%
Premiums Written as a % of Total		5.2	%		5.6	%		19.8	%		18.3	%		5.6	%		4.9	%		30.6	%		28.8	%

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 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	$	613		$	645		$	897		$	895		$	481		$	472		$	626		$	607		$	2,617		$	2,619
Increase (Decrease) in Unearned Premiums		(20	)		(4	)		33			28			23			21			23			40			59			85
Net Premiums Earned		633			649			864			867			458			451			603			567			2,558			2,534
Net Losses Paid		300			237			386			361			173			174			280			275			1,139			1,047
Increase (Decrease) in Outstanding Losses		15			39			179			219			63			86			39			(44	)		296			300
Net Losses Incurred		315			276			565			580			236			260			319			231			1,435			1,347
Expenses Incurred		216			212			251			237			105			100			222			197			794			746
Dividends Incurred		—			—			—			—			7			14			—			—			7			14
Statutory Underwriting Income	$	102		$	161		$	48		$	50		$	110		$	77		$	62		$	139		$	322		$	427
Ratios After Dividends to Policyholders:
Loss		49.8	%		42.5	%		65.4	%		66.9	%		52.3	%		59.5	%		52.9	%		40.7	%		56.3	%		53.5	%
Expense		35.2			32.9			28.0			26.5			22.2			21.8			35.5			32.5			30.4			28.6
Combined		85.0	%		75.4	%		93.4	%		93.4	%		74.5	%		81.3	%		88.4	%		73.2	%		86.7	%		82.1	%
Premiums Written as a % of Total		10.3	%		10.7	%		15.1	%		14.9	%		8.2	%		7.9	%		10.6	%		10.1	%		44.2	%		43.6	%

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	1,246		$	1,271		$	178		$	148		$	1,424		$	1,419
Increase (Decrease) in Unearned Premiums		(74	)		(87	)		24			15			(50	)		(72	)
Net Premiums Earned		1,320			1,358			154			133			1,474			1,491
Net Losses Paid		636			513			5			7			641			520
Increase (Decrease) in Outstanding Losses		149			433			(1	)		15			148			448
Net Losses Incurred		785			946			4			22			789			968
Expenses Incurred		315			306			52			46			367			352
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income	$	220		$	106		$	97		$	64		$	317		$	170
Ratios After Dividends to Policyholders:
Loss		59.5	%		69.6	%		2.6	%		16.7	%		53.6	%		65.0	%
Expense		25.3			24.1			29.4			31.3			25.8			24.8
Combined		84.8	%		93.7	%		32.0	%		48.0	%		79.4	%		89.8	%
Premiums Written as a % of Total		21.0	%		21.1	%		3.0	%		2.5	%		24.0	%		23.6	%

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	5,856		$	5,764		$	69		$	242		$	5,925		$	6,006
Increase (Decrease) in Unearned Premiums		27			58			(51	)		(41	)		(24	)		17
Net Premiums Earned		5,829			5,706			120			283			5,949			5,989
Net Losses Paid		2,653			2,415			126			161			2,779			2,576
Increase (Decrease) in Outstanding Losses		488			716			(115	)		5			373			721
Net Losses Incurred		3,141			3,131			11			166			3,152			3,297
Expenses Incurred		1,728			1,625			47			101			1,775			1,726
Dividends Incurred		8			15			—			—			8			15
Statutory Underwriting Income	$	952		$	935		$	62		$	16			1,014			951
Increase in Deferred Acquisition Costs														53			29
GAAP Underwriting Income													$	1,067		$	980
Ratios After Dividends to Policyholders:
Loss		54.0	%		55.0	%		*	%		*	%		53.1	%		55.2	%
Expense		29.5			28.3			*			*			30.0			28.8
Combined		83.5	%		83.3	%		*	%		*	%		83.1	%		84.0	%
Premiums Written as a % of Total		98.8	%		96.0	%		1.2	%		4.0	%		100.0	%		100.0	%

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

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	4,592		$	4,758		$	1,333		$	1,248		$	5,925		$	6,006
Increase (Decrease) in Unearned Premiums		(76	)		(59	)		52			76			(24	)		17
Net Premiums Earned		4,668			4,817			1,281			1,172			5,949			5,989
Net Losses Paid		2,339			2,218			440			358			2,779			2,576
Increase (Decrease) in Outstanding Losses		153			447			220			274			373			721
Net Losses Incurred		2,492			2,665			660			632			3,152			3,297
Expenses Incurred		1,307			1,304			468			422			1,775			1,726
Dividends Incurred		8			15			—			—			8			15
Statutory Underwriting Income	$	861		$	833		$	153		$	118			1,014			951
Increase in Deferred Acquisition Costs														53			29
GAAP Underwriting Income													$	1,067		$	980
Ratios After Dividends to Policyholders:
Loss		53.5	%		55.5	%		51.5	%		53.9	%		53.1	%		55.2	%
Expense		28.5			27.5			35.1			33.8			30.0			28.8
Combined		82.0	%		83.0	%		86.6	%		87.7	%		83.1	%		84.0	%
Premiums Written as a % of Total		77.5	%		79.2	%		22.5	%		20.8	%		100.0	%		100.0	%

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	164		$	182		$	654		$	609		$	157		$	143		$	975		$	934
Increase (Decrease) in Unearned Premiums		—			16			70			70			2			4			72			90
Net Premiums Earned		164			166			584			539			155			139			903			844
Net Losses Paid		96			94			286			266			58			67			440			427
Increase (Decrease) in Outstanding Losses		(6	)		2			23			(40	)		35			18			52			(20	)
Net Losses Incurred		90			96			309			226			93			85			492			407
Expenses Incurred		45			51			202			187			53			45			300			283
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	29		$	19		$	73		$	126		$	9		$	9		$	111		$	154
Ratios After Dividends to Policyholders:
Loss		54.9	%		57.9	%		52.9	%		41.9	%		60.0	%		61.1	%		54.5	%		48.2	%
Expense		27.4			28.0			30.9			30.7			33.8			31.5			30.8			30.3
Combined		82.3	%		85.9	%		83.8	%		72.6	%		93.8	%		92.6	%		85.3	%		78.5	%
Premiums Written as a % of Total		5.4	%		5.9	%		21.4	%		19.8	%		5.1	%		4.6	%		31.9	%		30.3	%

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 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	$	306		$	319		$	456		$	455		$	224		$	216		$	325		$	304		$	1,311		$	1,294
Increase (Decrease) in Unearned Premiums		(7	)		(3	)		21			23			(6	)		(5	)		22			24			30			39
Net Premiums Earned		313			322			435			432			230			221			303			280			1,281			1,255
Net Losses Paid		140			108			156			170			87			92			135			125			518			495
Increase (Decrease) in Outstanding Losses		20			42			124			120			22			37			15			13			181			212
Net Losses Incurred		160			150			280			290			109			129			150			138			699			707
Expenses Incurred		109			108			128			115			53			51			111			96			401			370
Dividends Incurred		—			—			—			—			3			7			—			—			3			7
Statutory Underwriting Income (Loss)	$	44		$	64		$	27		$	27		$	65		$	34		$	42		$	46		$	178		$	171
Ratios After Dividends to Policyholders:
Loss		51.1	%		46.6	%		64.4	%		67.1	%		48.0	%		60.3	%		49.5	%		49.3	%		54.7	%		56.7	%
Expense		35.6			33.8			28.0			25.3			24.0			24.4			34.2			31.6			30.7			28.7
Combined		86.7	%		80.4	%		92.4	%		92.4	%		72.0	%		84.7	%		83.7	%		80.9	%		85.4	%		85.4	%
Premiums Written as a % of Total		10.0	%		10.3	%		14.9	%		14.8	%		7.3	%		7.0	%		10.7	%		9.9	%		42.9	%		42.0	%

Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	649		$	656		$	94		$	83		$	743		$	739
Increase (Decrease) in Unearned Premiums		(8	)		(17	)		18			14			10			(3	)
Net Premiums Earned		657			673			76			69			733			742
Net Losses Paid		282			277			4			8			286			285
Increase (Decrease) in Outstanding Losses		86			189			(1	)		12			85			201
Net Losses Incurred		368			466			3			20			371			486
Expenses Incurred		159			149			27			24			186			173
Dividends Incurred		—			—			—			1			—			1
Statutory Underwriting Income (Loss)	$	130		$	58		$	46		$	24		$	176		$	82
Ratios After Dividends to Policyholders:
Loss		56.0	%		69.3	%		4.0	%		29.4	%		50.6	%		65.6	%
Expense		24.5			22.7			28.7			29.3			25.0			23.4
Combined		80.5	%		92.0	%		32.7	%		58.7	%		75.6	%		89.0	%
Premiums Written as a % of Total		21.2	%		21.3	%		3.1	%		2.7	%		24.3	%		24.0	%

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	3,029		$	2,967		$	29		$	114		$	3,058		$	3,081
Increase (Decrease) in Unearned Premiums		112			126			(18	)		(15	)		94			111
Net Premiums Earned		2,917			2,841			47			129			2,964			2,970
Net Losses Paid		1,244			1,207			75			69			1,319			1,276
Increase (Decrease) in Outstanding Losses		318			393			(65	)		10			253			403
Net Losses Incurred		1,562			1,600			10			79			1,572			1,679
Expenses Incurred		887			826			18			50			905			876
Dividends Incurred		3			8			—			—			3			8
Statutory Underwriting Income (Loss)	$	465		$	407		$	19		$	—		$	484		$	407
Increase in Deferred Acquisition Costs														56			37
GAAP Underwriting Income													$	540		$	444
Ratios After Dividends to Policyholders:
Loss		53.6	%		56.5	%		*	%		*	%		53.1	%		56.7	%
Expense		29.3			27.9			*			*			29.6			28.5
Combined		82.9	%		84.4	%		*	%		*	%		82.7	%		85.2	%
Premiums Written as a % of Total		99.1	%		96.3	%		0.9	%		3.7	%		100.0	%		100.0	%

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

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THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,426		$	2,490		$	632		$	591		$	3,058		$	3,081
Increase (Decrease) in Unearned Premiums		107			117			(13	)		(6	)		94			111
Net Premiums Earned		2,319			2,373			645			597			2,964			2,970
Net Losses Paid		1,172			1,125			147			151			1,319			1,276
Increase (Decrease) in Outstanding Losses		40			210			213			193			253			403
Net Losses Incurred		1,212			1,335			360			344			1,572			1,679
Expenses Incurred		684			683			221			193			905			876
Dividends Incurred		3			8			—			—			3			8
Statutory Underwriting Income (Loss)	$	420		$	347		$	64		$	60			484			407
Increase in Deferred Acquisition Costs														56			37
GAAP Underwriting Income													$	540		$	444
Ratios After Dividends to Policyholders:
Loss		52.3	%		56.4	%		55.8	%		57.6	%		53.1	%		56.7	%
Expense		28.2			27.5			35.0			32.7			29.6			28.5
Combined		80.5	%		83.9	%		90.8	%		90.3	%		82.7	%		85.2	%
Premiums Written as a % of Total		79.3	%		80.8	%		20.7	%		19.2	%		100.0	%		100.0	%

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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.

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