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) October 23, 2008

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey	1-8661	13-2595722
(State or other jurisdiction of	(Commission	(IRS Employer
incorporation)	File Number)	Identification No.)

15 Mountain View Road, Warren, New Jersey	07059
(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 October 23, 2008

Press release dated October 23, 2008 (furnished pursuant to Item 2.02 of Form 8-K)

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

Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Quarters Ended March 31, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)

Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Six Months and Quarters Ended June 30, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)

Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Years Ended December 31, 2007 and 2006 (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 Item 2.02 of Form 8-K. On October 23, 2008, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended September 30, 2008. On October 23, 2008, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2008 third 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 attached to this Form 8-K as Exhibits 99.1 and 99.2, respectively. In addition, on October 23, 2008, Chubb posted on its website modifications of the presentation of losses incurred in its property and casualty underwriting results section of the SIIR for several prior periods (collectively, the Modifications) which conform the presentation of previously furnished information to the reporting format adopted by Chubb, in the third quarter of 2008, in presenting the impact of foreign currency fluctuation on the components of losses incurred. The Modifications, which are incorporated by reference into this Item 2.02 as if fully set forth herein, are attached to this Form 8-K as Exhibits 99.3, 99.4 and 99.5, respectively. In its press release, the SIIR, the Modifications and the conference call to discuss its 2008 third quarter results, scheduled to be webcast at 5:00 P.M. on October 23, 2008, 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 based on accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits.

99.1	Press release dated October 23, 2008 (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)
99.3	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Quarters Ended March 31, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)
99.4	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Six Months and Quarters Ended June 30, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)
99.5	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Years Ended December 31, 2007 and 2006 (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: October 23, 2008	By:	/s/ John J. Kennedy
	Name: John J. Kennedy
	Title: Senior Vice President and
		Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED OCTOBER 23, 2008

Exhibit No.	Description
99.1	Press release dated October 23, 2008 (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)
99.3	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Quarters Ended March 31, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)
99.4	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Six Months and Quarters Ended June 30, 2008 and 2007 (furnished pursuant to Item 2.02 of Form 8-K)
99.5	Modification of the Presentation of Losses Incurred in the Property and Casualty Underwriting Results for the Years Ended December 31, 2007 and 2006 (furnished pursuant to Item 2.02 of Form 8-K)

EX-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 Third Quarter Net Income per Share of $0.73;
Operating Income per Share Is $0.93;
Combined Ratio Is 98.1%

2008 Operating Income per Share Guidance
Is Revised to Range of $5.45 to $5.55

     WARREN, New Jersey, October 23, 2008 — The Chubb Corporation [NYSE: CB] today reported that net income in the third quarter of 2008 was $264 million or $0.73 per share, compared to $738 million or $1.87 per share in the third quarter of 2007. Net income for the third quarter of 2008 reflects net realized investment losses, including impairments, of $113 million before tax ($0.20 per share after-tax). Net income for the third quarter of 2007 includes net realized investment gains of $117 million before tax ($0.19 per share after-tax).

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, declined to $338 million from $662 million in the third quarter of 2007. Operating income per share declined 45% to $0.93 from $1.68.

     Total net written premiums for the third quarter decreased 1% to $2.9 billion. Premiums were down 4% in the U.S. and up 8% outside the U.S. (4% in local currencies).

     The third quarter combined loss and expense ratio was 98.1% in 2008, compared to 81.6% in 2007. The impact of catastrophes in the third quarter of 2008 accounted for 13.6 percentage points of the combined ratio and was principally related to Hurricane Ike, including Chubb’s estimated share of the assessment from the Texas Windstorm Insurance Association. In the third quarter of 2007, the impact of catastrophes accounted for 2.0 points. Excluding catastrophe losses, the third quarter combined ratio was 84.5% in 2008 and 79.6% in 2007. The expense ratio for the third quarter was 30.2% in 2008 and 29.8% in 2007.

     Property and casualty investment income after taxes for the third quarter increased 1% to $327 million in 2008 from $324 million in 2007.

2

     During the third quarter, Chubb repurchased 5,914,324 shares of its common stock at a total cost of $284 million. As of September 30, 2008, there were 3,400,882 shares of common stock remaining under the current repurchase authorization.

     “Obviously, losses from Hurricane Ike had a major adverse effect on our third quarter results,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “However, despite these substantial catastrophe losses, we were still able to generate over $300 million in operating income, reflecting the continuing underlying strength of all our business units in a challenging environment. In addition, we were especially pleased with the performance of our high-quality investment portfolio in a period of unprecedented financial market turmoil.”

Nine-Month Results

     For the first nine months of 2008, net income was $1.4 billion or $3.78 per share, compared with $2.2 billion or $5.33 per share for the first nine months of 2007. Net income for the first nine months of 2008 reflects net realized investment losses, including impairments, of $121 million before tax ($0.21 per share after-tax). Net income for the first nine months of 2007 includes net realized investment gains of $328 million before tax ($0.52 per share after-tax).

     Operating income for the first nine months of 2008 totaled $1.5 billion or $3.99 per share, compared with $1.9 billion or $4.81 per share for the first nine months of 2007.

     Total net written premiums for the first nine months remained flat at $8.9 billion. Premiums declined 3% in the U.S. and increased 11% outside the U.S. (4% in local currencies).

     The combined loss and expense ratio for the first nine months was 90.2% in 2008, compared to 82.6% in 2007. The impact of catastrophes in the first nine months of 2008 accounted for 6.9 percentage points of the combined ratio, compared to 2.8 points in the first nine months of 2007. The expense ratio for the first nine months was 30.2% in 2008 and 29.9% in 2007.

     Property and casualty investment income after taxes for the first nine months increased 4% to $981 million in 2008 from $942 million in 2007.

     During the first nine months, Chubb repurchased 22,711,788 shares of its common stock at a total cost of $1.1 billion.

3

Revised Guidance

     “We are revising our 2008 calendar year operating income per share guidance to a range of $5.45 to $5.55 from the $5.70 to $6.10 range we provided in July,” said Mr. Finnegan. “This revised guidance is based on operating income per share of $3.99 in the first nine months and our forecast range of $1.46 to $1.56 for the fourth quarter.

     “The fourth quarter forecast assumes 2 percentage points of catastrophe losses in the quarter,” said Mr. Finnegan. “This brings our catastrophe loss assumption for the year to 5.7 points, versus the assumption of 4 points in our July guidance. This higher catastrophe assumption, driven by the adverse effect of Hurricane Ike losses in the third quarter, accounts for virtually all of the downward revision in our 2008 full-year earnings guidance.”

     Guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe harbor statement below.

Third Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 2% in the third quarter to $1.0 billion. CPI’s combined ratio for the quarter was 100.7%, compared to 83.3% in the third quarter of 2007. Catastrophe losses for the quarter accounted for 16.3 percentage points in 2008 and 5.2 points in 2007.

     Net written premiums for Homeowners declined 2%, and the combined ratio was 102.9%. Personal Automobile net written premiums declined 4%, and the combined ratio was 85.7%. Other Personal lines grew 23% and had a combined ratio of 105.8%.

     Chubb Commercial Insurance (CCI) net written premiums declined 2% in the third quarter to $1.2 billion. The combined ratio for the quarter was 106.0% in 2008 and 84.4% in 2007. Catastrophe losses accounted for 19.9 percentage points in the third quarter of 2008 and 0.8 percentage points in the third quarter of 2007.

     Average third quarter renewal rates in the U.S. were down 4% for CCI, which retained 86% 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.

     Chubb Specialty Insurance (CSI) net written premiums declined 2% in the third quarter to $709 million. The combined ratio was 82.3%, compared to 76.3% in the third quarter of 2007.

4

     Professional Liability (PL) net written premiums declined 5%, and the business had a combined ratio of 84.3%. Average third quarter renewal rates in the U.S. were down 2% 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 1.1 to 1.

     Surety net written premiums grew 16%, and the combined ratio was 65.0%.

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

     Chubb’s senior management will discuss the company’s third quarter performance with investors and analysts today, October 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 provides 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

5

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 fair 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.

6

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 are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding management’s 2008 operating income per share guidance and related assumptions. Forward-looking statements 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 Chubb’s 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 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; and

— 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;

7

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

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

— claims and litigation arising out of stock option “backdating,” “spring loading” and other equity 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;

— claims and litigation relating to uncertainty in the credit and broader financial markets; and

— 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 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;

— currency fluctuations;

— 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; and

— 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.

 8 

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Periods Ended September 30
	Third Quarter						Nine Months
	2008			2007			2008			2007
				(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,900		$	2,938		$	8,883		$	8,863
Decrease in Unearned Premiums		64			40			43			64
Premiums Earned		2,964			2,978			8,926			8,927
Losses and Loss Expenses		2,006			1,541			5,339			4,693
Operating Costs and Expenses		871			874			2,669			2,649
Decrease (Increase) in Deferred Policy Acquisition Costs		7			(11	)		(29	)		(64	)
Dividends to Policyholders		11			5			29			13
Underwriting Income		69			569			918			1,636
Investments
Investment Income Before Expenses		418			413			1,254			1,201
Investment Expenses		7			8			23			25
Investment Income		411			405			1,231			1,176
Other Income (Charges)		4			(1	)		7			3
Property and Casualty Income		484			973			2,156			2,815
CORPORATE AND OTHER		(53	)		(43	)		(159	)		(108	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		431			930			1,997			2,707
Federal and Foreign Income Tax		93			268			521			763
CONSOLIDATED OPERATING INCOME		338			662			1,476			1,944
REALIZED INVESTMENT GAINS (LOSSES) AFTER INCOME TAX		(74	)		76			(79	)		213
CONSOLIDATED NET INCOME	$	264		$	738		$	1,397		$	2,157
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	327		$	324		$	981		$	942

 9 

	Periods Ended September 30
	Third Quarter						Nine Months
	2008			2007			2008			2007
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		362.3			393.6			369.2			404.5
Actual Common Shares at End of Period		355.7			383.8			355.7			383.8
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	.93		$	1.68		$	3.99		$	4.81
Realized Investment Gains (Losses)		(.20	)		.19			(.21	)		.52
Net Income	$	.73		$	1.87		$	3.78		$	5.33
Effect of Catastrophes	$	(.72	)	$	(.10	)	$	(1.09	)	$	(.40	)

	Sept. 30		Dec. 31		Sept. 30
	2008		2007		2007
BOOK VALUE PER COMMON SHARE	$	38.25	$	38.56	$	37.12
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		39.14		37.87		36.93

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED SEPTEMBER 30

	Third Quarter						Nine Months
	2008			2007			2008			2007
Losses and Loss Expenses to Premiums Earned		67.9	%		51.8	%		60.0	%		52.7	%
Underwriting Expenses to Premiums Written		30.2			29.8			30.2			29.9
Combined Loss and Expense Ratio		98.1	%		81.6	%		90.2	%		82.6	%
Effect of Catastrophes on Combined Loss and Expense Ratio		13.6	%		2.0	%		6.9	%		2.8	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS
PERIODS ENDED SEPTEMBER 30

	Third Quarter				Nine Months
	2008		2007		2008		2007
	(in millions)
Paid Losses and Loss Expenses	$	1,633	$	1,498	$	4,546	$	4,333
Increase in Unpaid Losses and Loss Expenses		373		43		793		360
Total Losses and Loss Expenses	$	2,006	$	1,541	$	5,339	$	4,693

10

PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2008		2007		(Decrease)			2008			2007
	(in millions)
NINE MONTHS ENDED SEPTEMBER 30
Personal Insurance
Automobile	$	457	$	472		(3	)%		88.5	%		89.6	%
Homeowners		1,859		1,831		2			85.8			77.2
Other		571		489		17			100.5			95.3
Total Personal		2,887		2,792		3			89.1			82.6
Commercial Insurance
Multiple Peril		915		926		(1	)		87.0			81.1
Casualty		1,281		1,300		(1	)		94.6			95.1
Workers’ Compensation		666		686		(3	)		80.5			76.0
Property and Marine		957		909		5			116.0			85.4
Total Commercial		3,819		3,821		—			95.6			85.9
Specialty Insurance
Professional Liability		1,847		1,893		(2	)		84.0			83.7
Surety		276		257		7			76.1			31.5
Total Specialty		2,123		2,150		(1	)		83.2			78.3
Total Insurance		8,829		8,763		1			90.5			83.0
Reinsurance Assumed		54		100		(46	)		*			*
Total	$	8,883	$	8,863		—			90.2			82.6
QUARTERS ENDED SEPTEMBER 30
Personal Insurance
Automobile	$	154	$	161		(4	)%		85.7	%		91.1	%
Homeowners		646		657		(2	)		102.9			76.8
Other		195		159		23			105.8			99.0
Total Personal		995		977		2			100.7			83.3
Commercial Insurance
Multiple Peril		308		313		(2	)		103.6			73.4
Casualty		385		403		(4	)		99.8			98.4
Workers’ Compensation		205		205		—			81.3			79.4
Property and Marine		280		283		(1	)		133.3			79.5
Total Commercial		1,178		1,204		(2	)		106.0			84.4
Specialty Insurance
Professional Liability		617		647		(5	)		84.3			81.8
Surety		92		79		16			65.0			30.8
Total Specialty		709		726		(2	)		82.3			76.3
Total Insurance		2,882		2,907		(1	)		98.4			82.1
Reinsurance Assumed		18		31		(42	)		*			*
Total	$	2,900	$	2,938		(1	)		98.1			81.6

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

EX-99.2

Exhibit 99.2

The	Supplementary	September 30, 2008
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

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results for 2007 that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
SEPTEMBER 30, 2008

	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

	Sept. 30			Dec. 31
	2008			2007
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	2,380		$	1,839
Fixed Maturities
Tax Exempt		18,135			18,559
Taxable		15,211			15,312
Equity Securities		1,702			2,320
Other Invested Assets		2,220			2,051
Total Invested Assets	$	39,648		$	40,081
Capitalization
Long Term Debt	$	3,975		$	3,460
Shareholders’ Equity		13,604			14,445
Total Capitalization	$	17,579		$	17,905
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		22.6	%		19.3	%
Actual Common Shares Outstanding		355.7			374.6
Book Value Per Common Share	$	38.25		$	38.56
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	39.14		$	37.87

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended September 30
	Third		Nine		From
	Quarter		Months		December 2005
	2008		2008		to September 30, 2008
Cost of Shares Repurchased		$284		$1,147		$4,723
Average Cost Per Share		$48.05		$50.51		$51.01
Shares Repurchased		5,914,324		22,711,788		92,599,118

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. No shares remain under the 2006 share repurchase authorization.

In December 2007, 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 September 30, 2008, 3,400,882 shares remained under the share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2008		2007		2008		2007
	(in millions)
Short Term Investments	$	1,447	$	934	$	1,447	$	934
Taxable Fixed Maturities		985		1,050		974		1,045
Equity Securities		255		289		301		478
TOTAL	$	2,687	$	2,273	$	2,722	$	2,457

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2008		2007		2008		2007
	(in millions)
Short Term Investments	$	933	$	905	$	933	$	905
Fixed Maturities
Tax Exempt		18,365		18,208		18,135		18,559
Taxable		14,481		14,216		14,237		14,267
Equity Securities		1,405		1,618		1,401		1,842
Other Invested Assets		2,220		2,051		2,220		2,051
TOTAL	$	37,404	$	36,998	$	36,926	$	37,624

(a) Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at fair value. Other invested assets, which include private equity limited partnerships, are carried at Chubb’s equity in the net assets of the partnerships.

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended September 30
	Third Quarter						Nine Months
	2008			2007			2008			2007
	(in millions)
CORPORATE INVESTMENT INCOME	$	13		$	21		$	39		$	57
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	185		$	185		$	554		$	545
Taxable Interest		125			124			379			357
Other		21			20			62			56
Investment Expenses		(4	)		(5	)		(14	)		(16	)
TOTAL	$	327		$	324		$	981		$	942
Effective Tax Rate		20.4	%		20.0	%		20.3	%		19.9	%
After-Tax Annualized Yield		3.48	%		3.51	%		3.49	%		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 fair value.

STATUTORY POLICYHOLDERS’ SURPLUS

	Sept. 30		Dec. 31		Sept. 30
	2008		2007		2007
		(in millions)
Estimated Statutory Policyholders’ Surplus	$	12,750	$	12,998	$	12,750
Rolling Year Statutory Net Premiums Written	$	11,866	$	11,829	$	11,809
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.93:1		0.91:1		0.93:1

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
NINE MONTHS ENDED SEPTEMBER 30, 2008

											All Other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	9/30/08		12/31/07		(Decrease)			(Decrease)			(Decrease)
					(in millions)
Personal Insurance
Automobile	$	409	$	411	$	(2	)	$	1		$	(3	)
Homeowners		829		705		124			101			23
Other		830		748		82			82			—
Total Personal		2,068		1,864		204			184			20
Commercial Insurance
Multiple Peril		1,668		1,619		49			98			(49	)
Casualty		5,775		5,540		235			304			(69	)
Workers’ Compensation		1,978		1,910		68			52			16
Property and Marine		925		677		248			160			88
Total Commercial		10,346		9,746		600			614			(14	)
Specialty Insurance
Professional Liability		7,421		7,526		(105	)		184			(289	)
Surety		143		71		72			(1	)		73
Total Specialty		7,564		7,597		(33	)		183			(216	)
Total Insurance		19,978		19,207		771			981			(210	)
Reinsurance Assumed		984		1,109		(125	)		(76	)		(49	)
Total	$	20,962	$	20,316	$	646		$	905		$	(259	)

Page 5 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	457		$	472		$	1,859		$	1,831		$	571		$	489		$	2,887		$	2,792
Increase (Decrease) in Unearned Premiums		(8	)		(20	)		33			82			25			14			50			76
Net Premiums Earned		465			492			1,826			1,749			546			475			2,837			2,716
Net Losses Paid		279			310			845			792			287			244			1,411			1,346
Increase (Decrease) in Outstanding Losses		(3	)		(9	)		132			5			84			54			213			50
Net Losses Incurred		276			301			977			797			371			298			1,624			1,396
Expenses Incurred		133			134			601			579			186			159			920			872
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	56		$	57		$	248		$	373		$	(11	)	$	18		$	293		$	448
Ratios After Dividends to Policyholders:
Loss		59.4	%		61.2	%		53.5	%		45.6	%		67.9	%		62.8	%		57.2	%		51.4	%
Expense		29.1			28.4			32.3			31.6			32.6			32.5			31.9			31.2
Combined		88.5	%		89.6	%		85.8	%		77.2	%		100.5	%		95.3	%		89.1	%		82.6	%
Premiums Written as a % of Total		5.2	%		5.3	%		20.9	%		20.7	%		6.4	%		5.5	%		32.5	%		31.5	%

Page 6 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	915		$	926		$	1,281		$	1,300		$	666		$	686		$	957		$	909		$	3,819		$	3,821
Increase (Decrease) in Unearned Premiums		(21	)		(26	)		(3	)		4			9			2			33			5			18			(15	)
Net Premiums Earned		936			952			1,284			1,296			657			684			924			904			3,801			3,836
Net Losses Paid		422			442			596			611			277			261			501			435			1,796			1,749
Increase (Decrease) in Outstanding Losses		61			(1	)		256			257			81			96			253			18			651			370
Net Losses Incurred		483			441			852			868			358			357			754			453			2,447			2,119
Expenses Incurred		324			322			362			365			152			155			329			321			1,167			1,163
Dividends Incurred		—			—			—			—			26			11			—			—			26			11
Statutory Underwriting Income (Loss)	$	129		$	189		$	70		$	63		$	121		$	161		$	(159	)	$	130		$	161		$	543
Ratios After Dividends to Policyholders:
Loss		51.6	%		46.3	%		66.3	%		67.0	%		56.7	%		53.0	%		81.6	%		50.1	%		64.8	%		55.4	%
Expense		35.4			34.8			28.3			28.1			23.8			23.0			34.4			35.3			30.8			30.5
Combined		87.0	%		81.1	%		94.6	%		95.1	%		80.5	%		76.0	%		116.0	%		85.4	%		95.6	%		85.9	%
Premiums Written as a % of Total		10.3	%		10.4	%		14.4	%		14.7	%		7.5	%		7.7	%		10.8	%		10.3	%		43.0	%		43.1	%

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	1,847		$	1,893		$	276		$	257		$	2,123		$	2,150
Increase (Decrease) in Unearned Premiums		(120	)		(86	)		24			23			(96	)		(63	)
Net Premiums Earned		1,967			1,979			252			234			2,219			2,213
Net Losses Paid		1,167			1,049			40			5			1,207			1,054
Increase (Decrease) in Outstanding Losses		(18	)		122			72			(2	)		54			120
Net Losses Incurred		1,149			1,171			112			3			1,261			1,174
Expenses Incurred		472			465			85			77			557			542
Dividends Incurred		—			—			3			2			3			2
Statutory Underwriting Income (Loss)	$	346		$	343		$	52		$	152		$	398		$	495
Ratios After Dividends to Policyholders:
Loss		58.4	%		59.2	%		45.0	%		1.3	%		56.9	%		53.1	%
Expense		25.6			24.5			31.1			30.2			26.3			25.2
Combined		84.0	%		83.7	%		76.1	%		31.5	%		83.2	%		78.3	%
Premiums Written as a % of Total		20.8	%		21.4	%		3.1	%		2.9	%		23.9	%		24.3	%

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	8,829		$	8,763		$	54		$	100		$	8,883		$	8,863
Increase (Decrease) in Unearned Premiums		(28	)		(2	)		(15	)		(62	)		(43	)		(64	)
Net Premiums Earned		8,857			8,765			69			162			8,926			8,927
Net Losses Paid		4,414			4,149			132			184			4,546			4,333
Increase (Decrease) in Outstanding Losses		918			540			(125	)		(180	)		793			360
Net Losses Incurred		5,332			4,689			7			4			5,339			4,693
Expenses Incurred		2,644			2,577			25			72			2,669			2,649
Dividends Incurred		29			13			—			—			29			13
Statutory Underwriting Income (Loss)	$	852		$	1,486		$	37		$	86			889			1,572
Increase in Deferred Acquisition Costs														29			64
GAAP Underwriting Income													$	918		$	1,636
Ratios After Dividends to Policyholders:
Loss		60.4	%		53.6	%		*	%		*	%		60.0	%		52.7	%
Expense		30.1			29.4			*			*			30.2			29.9
Combined		90.5	%		83.0	%		*	%		*	%		90.2	%		82.6	%
Premiums Written as a % of Total		99.4	%		98.9	%		0.6	%		1.1	%		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 NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	6,718		$	6,917		$	2,165		$	1,946		$	8,883		$	8,863
Increase (Decrease) in Unearned Premiums		(43	)		(61	)		—			(3	)		(43	)		(64	)
Net Premiums Earned		6,761			6,978			2,165			1,949			8,926			8,927
Net Losses Paid		3,657			3,559			889			774			4,546			4,333
Increase (Decrease) in Outstanding Losses		660			144			133			216			793			360
Net Losses Incurred		4,317			3,703			1,022			990			5,339			4,693
Expenses Incurred		1,900			1,964			769			685			2,669			2,649
Dividends Incurred		29			13			—			—			29			13
Statutory Underwriting Income (Loss)	$	515		$	1,298		$	374		$	274			889			1,572
Increase in Deferred Acquisition Costs														29			64
GAAP Underwriting Income													$	918		$	1,636
Ratios After Dividends to Policyholders:
Loss		64.1	%		53.2	%		47.2	%		50.8	%		60.0	%		52.7	%
Expense		28.4			28.4			35.5			35.2			30.2			29.9
Combined		92.5	%		81.6	%		82.7	%		86.0	%		90.2	%		82.6	%
Premiums Written as a % of Total		75.6	%		78.0	%		24.4	%		22.0	%		100.0	%		100.0	%

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	154		$	161		$	646		$	657		$	195		$	159		$	995		$	977
Increase (Decrease) in Unearned Premiums		—			(2	)		42			67			3			(7	)		45			58
Net Premiums Earned		154			163			604			590			192			166			950			919
Net Losses Paid		88			102			298			260			95			104			481			466
Increase (Decrease) in Outstanding Losses		(1	)		1			129			8			46			4			174			13
Net Losses Incurred		87			103			427			268			141			108			655			479
Expenses Incurred		45			45			208			206			63			54			316			305
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	22		$	15		$	(31	)	$	116		$	(12	)	$	4		$	(21	)	$	135
Ratios After Dividends to Policyholders:
Loss		56.5	%		63.2	%		70.7	%		45.4	%		73.5	%		65.1	%		68.9	%		52.1	%
Expense		29.2			27.9			32.2			31.4			32.3			33.9			31.8			31.2
Combined		85.7	%		91.1	%		102.9	%		76.8	%		105.8	%		99.0	%		100.7	%		83.3	%
Premiums Written as a % of Total		5.3	%		5.5	%		22.3	%		22.3	%		6.7	%		5.4	%		34.3	%		33.2	%

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	308		$	313		$	385		$	403		$	205		$	205		$	280		$	283		$	1,178		$	1,204
Increase (Decrease) in Unearned Premiums		—			(6	)		(35	)		(29	)		(12	)		(21	)		(28	)		(18	)		(75	)		(74	)
Net Premiums Earned		308			319			420			432			217			226			308			301			1,253			1,278
Net Losses Paid		138			137			204			213			79			87			207			153			628			590
Increase (Decrease) in Outstanding Losses		73			(11	)		92			90			38			34			97			(19	)		300			94
Net Losses Incurred		211			126			296			303			117			121			304			134			928			684
Expenses Incurred		108			106			113			114			49			50			97			99			367			369
Dividends Incurred		—			—			—			—			9			4			—			—			9			4
Statutory Underwriting Income (Loss)	$	(11	)	$	87		$	11		$	15		$	42		$	51		$	(93	)	$	68		$	(51	)	$	221
Ratios After Dividends to Policyholders:
Loss		68.5	%		39.5	%		70.5	%		70.1	%		56.3	%		54.5	%		98.7	%		44.5	%		74.6	%		53.7	%
Expense		35.1			33.9			29.3			28.3			25.0			24.9			34.6			35.0			31.4			30.7
Combined		103.6	%		73.4	%		99.8	%		98.4	%		81.3	%		79.4	%		133.3	%		79.5	%		106.0	%		84.4	%
Premiums Written as a % of Total		10.6	%		10.7	%		13.3	%		13.7	%		7.1	%		7.0	%		9.7	%		9.6	%		40.7	%		41.0	%

Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	617		$	647		$	92		$	79		$	709		$	726
Increase (Decrease) in Unearned Premiums		(32	)		(12	)		10			(1	)		(22	)		(13	)
Net Premiums Earned		649			659			82			80			731			739
Net Losses Paid		462			384			14			—			476			384
Increase (Decrease) in Outstanding Losses		(76	)		2			14			(1	)		(62	)		1
Net Losses Incurred		386			386			28			(1	)		414			385
Expenses Incurred		153			150			27			25			180			175
Dividends Incurred		—			—			2			1			2			1
Statutory Underwriting Income (Loss)	$	110		$	123		$	25		$	55		$	135		$	178
Ratios After Dividends to Policyholders:
Loss		59.5	%		58.6	%		35.0	%		(1.3)	%		56.8	%		52.2	%
Expense		24.8			23.2			30.0			32.1			25.5			24.1
Combined		84.3	%		81.8	%		65.0	%		30.8	%		82.3	%		76.3	%
Premiums Written as a % of Total		21.2	%		22.0	%		3.2	%		2.7	%		24.4	%		24.7	%

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,882		$	2,907		$	18		$	31		$	2,900		$	2,938
Increase (Decrease) in Unearned Premiums		(52	)		(29	)		(12	)		(11	)		(64	)		(40	)
Net Premiums Earned		2,934			2,936			30			42			2,964			2,978
Net Losses Paid		1,585			1,440			48			58			1,633			1,498
Increase (Decrease) in Outstanding Losses		412			108			(39	)		(65	)		373			43
Net Losses Incurred		1,997			1,548			9			(7	)		2,006			1,541
Expenses Incurred		863			849			8			25			871			874
Dividends Incurred		11			5			—			—			11			5
Statutory Underwriting Income (Loss)	$	63		$	534		$	13		$	24			76			558
Increase (Decrease) in Deferred Acquisition Costs														(7	)		11
GAAP Underwriting Income													$	69		$	569
Ratios After Dividends to Policyholders:
Loss		68.3	%		52.8	%		*	%		*	%		67.9	%		51.8	%
Expense		30.1			29.3			*			*			30.2			29.8
Combined		98.4	%		82.1	%		*	%		*	%		98.1	%		81.6	%
Premiums Written as a % of Total		99.4	%		98.9	%		0.6	%		1.1	%		100.0	%		100.0	%

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

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,239		$	2,325		$	661		$	613		$	2,900		$	2,938
Increase (Decrease) in Unearned Premiums		—			15			(64	)		(55	)		(64	)		(40	)
Net Premiums Earned		2,239			2,310			725			668			2,964			2,978
Net Losses Paid		1,352			1,220			281			278			1,633			1,498
Increase (Decrease) in Outstanding Losses		320			(9	)		53			52			373			43
Net Losses Incurred		1,672			1,211			334			330			2,006			1,541
Expenses Incurred		638			657			233			217			871			874
Dividends Incurred		11			5			—			—			11			5
Statutory Underwriting Income (Loss)	$	(82	)	$	437		$	158		$	121			76			558
Increase (Decrease) in Deferred Acquisition Costs														(7	)		11
GAAP Underwriting Income													$	69		$	569
Ratios After Dividends to Policyholders:
Loss		75.0	%		52.5	%		46.1	%		49.4	%		67.9	%		51.8	%
Expense		28.6			28.3			35.2			35.4			30.2			29.8
Combined		103.6	%		80.8	%		81.3	%		84.8	%		98.1	%		81.6	%
Premiums Written as a % of Total		77.2	%		79.1	%		22.8	%		20.9	%		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 fair 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.

Page 16 of 16

EX-99.3

Exhibit 99.3

The	Modification of the Presentation of Losses	For the Quarters Ended
Chubb	Incurred in the Property and Casualty	March 31, 2008 and 2007
Corporation	Underwriting Results

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

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

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.

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.

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	142		$	147		$	539		$	520		$	196		$	173		$	877		$	840
Increase (Decrease) in Unearned Premiums		(14	)		(18	)		(70	)		(55	)		21			19			(63	)		(54	)
Net Premiums Earned		156			165			609			575			175			154			940			894
Net Losses Paid		104			109			268			242			83			79			455			430
Increase (Decrease) in Outstanding Losses		(6	)		(1	)		12			(22	)		26			18			32			(5	)
Net Losses Incurred		98			108			280			220			109			97			487			425
Expenses Incurred		43			44			184			171			62			52			289			267
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	15		$	13		$	145		$	184		$	4		$	5		$	164		$	202
Ratios After Dividends to Policyholders:
Loss		62.8	%		65.5	%		46.0	%		38.2	%		62.3	%		63.0	%		51.8	%		47.5	%
Expense		30.3			29.9			34.1			32.9			31.6			30.1			33.0			31.8
Combined		93.1	%		95.4	%		80.1	%		71.1	%		93.9	%		93.1	%		84.8	%		79.3	%
Premiums Written as a % of Total		4.8	%		5.1	%		18.4	%		18.1	%		6.7	%		6.0	%		29.9	%		29.2	%

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	295		$	307		$	460		$	441		$	248		$	257		$	337		$	301		$	1,340		$	1,306
Increase (Decrease) in Unearned Premiums		(23	)		(13	)		25			12			31			29			41			1			74			29
Net Premiums Earned		318			320			435			429			217			228			296			300			1,266			1,277
Net Losses Paid		140			158			162			223			99			85			154			144			555			610
Increase (Decrease) in Outstanding Losses		(5	)		(3	)		118			62			28			42			18			25			159			126
Net Losses Incurred		135			155			280			285			127			127			172			169			714			736
Expenses Incurred		106			107			129			123			53			52			118			111			406			393
Dividends Incurred		—			—			—			—			8			4			—			—			8			4
Statutory Underwriting Income	$	77		$	58		$	26		$	21		$	29		$	45		$	6		$	20		$	138		$	144
Ratios After Dividends to Policyholders:
Loss		42.5	%		48.4	%		64.4	%		66.4	%		60.8	%		56.7	%		58.1	%		56.3	%		56.7	%		57.8	%
Expense		35.9			34.9			28.0			27.9			22.1			20.6			35.0			36.9			30.5			30.2
Combined		78.4	%		83.3	%		92.4	%		94.3	%		82.9	%		77.3	%		93.1	%		93.2	%		87.2	%		88.0	%
Premiums Written as a % of Total		10.0	%		10.7	%		15.7	%		15.4	%		8.4	%		9.0	%		11.5	%		10.5	%		45.6	%		45.6	%

Page 2 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	604		$	597		$	99		$	84		$	703		$	681
Increase (Decrease) in Unearned Premiums		(64	)		(66	)		17			6			(47	)		(60	)
Net Premiums Earned		668			663			82			78			750			741
Net Losses Paid		362			337			12			1			374			338
Increase (Decrease) in Outstanding Losses		19			80			(11	)		—			8			80
Net Losses Incurred		381			417			1			1			382			418
Expenses Incurred		161			156			29			25			190			181
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income	$	126		$	90		$	51		$	51		$	177		$	141
Ratios After Dividends to Policyholders:
Loss		57.0	%		62.9	%		1.2	%		1.3	%		51.0	%		56.5	%
Expense		26.7			26.1			29.6			30.1			27.1			26.6
Combined		83.7	%		89.0	%		30.8	%		31.4	%		78.1	%		83.1	%
Premiums Written as a % of Total		20.6	%		20.9	%		3.4	%		2.9	%		24.0	%		23.8	%

Page 3 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,920		$	2,827		$	16		$	40		$	2,936		$	2,867
Increase (Decrease) in Unearned Premiums		(36	)		(85	)		(4	)		(33	)		(40	)		(118	)
Net Premiums Earned		2,956			2,912			20			73			2,976			2,985
Net Losses Paid		1,384			1,378			32			51			1,416			1,429
Increase (Decrease) in Outstanding Losses		199			201			(31	)		(50	)		168			151
Net Losses Incurred		1,583			1,579			1			1			1,584			1,580
Expenses Incurred		885			841			9			29			894			870
Dividends Incurred		9			5			—			—			9			5
Statutory Underwriting Income	$	479		$	487		$	10		$	43			489			530
Increase (Decrease) in Deferred Acquisition Costs														13			(3	)
GAAP Underwriting Income													$	502		$	527
Ratios After Dividends to Policyholders:
Loss		53.7	%		54.3	%		*	%		*	%		53.4	%		53.0	%
Expense		30.4			29.8			*			*			30.5			30.4
Combined		84.1	%		84.1	%		*	%		*	%		83.9	%		83.4	%
Premiums Written as a % of Total		99.5	%		98.6	%		0.5	%		1.4	%		100.0	%		100.0	%

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

Page 4 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,135		$	2,166		$	801		$	701		$	2,936		$	2,867
Increase (Decrease) in Unearned Premiums		(132	)		(183	)		92			65			(40	)		(118	)
Net Premiums Earned		2,267			2,349			709			636			2,976			2,985
Net Losses Paid		1,140			1,167			276			262			1,416			1,429
Increase (Decrease) in Outstanding Losses		110			113			58			38			168			151
Net Losses Incurred		1,250			1,280			334			300			1,584			1,580
Expenses Incurred		614			623			280			247			894			870
Dividends Incurred		9			5			—			—			9			5
Statutory Underwriting Income	$	394		$	441		$	95		$	89			489			530
Increase (Decrease) in Deferred Acquisition Costs														13			(3	)
GAAP Underwriting Income													$	502		$	527
Ratios After Dividends to Policyholders:
Loss		55.4	%		54.6	%		47.1	%		47.2	%		53.4	%		53.0	%
Expense		28.9			28.8			35.0			35.2			30.5			30.4
Combined		84.3	%		83.4	%		82.1	%		82.4	%		83.9	%		83.4	%
Premiums Written as a % of Total		72.7	%		75.5	%		27.3	%		24.5	%		100.0	%		100.0	%

Page 5 of 5

EX-99.4

Exhibit 99.4

The	Modification of the Presentation of Losses	For the Six Months
Chubb	Incurred in the Property and Casualty	and Quarters Ended
Corporation	Underwriting Results	June 30, 2008 and 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

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

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.

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.

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	303		$	311		$	1,213		$	1,174		$	376		$	330		$	1,892		$	1,815
Increase (Decrease) in Unearned Premiums		(8	)		(18	)		(9	)		15			22			21			5			18
Net Premiums Earned		311			329			1,222			1,159			354			309			1,887			1,797
Net Losses Paid		191			208			547			532			192			140			930			880
Increase (Decrease) in Outstanding Losses		(2	)		(10	)		3			(3	)		38			50			39			37
Net Losses Incurred		189			198			550			529			230			190			969			917
Expenses Incurred		88			89			393			373			123			105			604			567
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	34		$	42		$	279		$	257		$	1		$	14		$	314		$	313
Ratios After Dividends to Policyholders:
Loss		60.8	%		60.2	%		45.0	%		45.6	%		65.0	%		61.5	%		51.4	%		51.1	%
Expense		29.0			28.6			32.4			31.8			32.7			31.8			31.9			31.2
Combined		89.8	%		88.8	%		77.4	%		77.4	%		97.7	%		93.3	%		83.3	%		82.3	%
Premiums Written as a % of Total		5.1	%		5.2	%		20.3	%		19.8	%		6.3	%		5.6	%		31.7	%		30.6	%

Page 1 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	607		$	613		$	896		$	897		$	461		$	481		$	677		$	626		$	2,641		$	2,617
Increase (Decrease) in Unearned Premiums		(21	)		(20	)		32			33			21			23			61			23			93			59
Net Premiums Earned		628			633			864			864			440			458			616			603			2,548			2,558
Net Losses Paid		284			305			392			398			198			174			294			282			1,168			1,159
Increase (Decrease) in Outstanding Losses		(12	)		10			164			167			43			62			156			37			351			276
Net Losses Incurred		272			315			556			565			241			236			450			319			1,519			1,435
Expenses Incurred		216			216			249			251			103			105			232			222			800			794
Dividends Incurred		—			—			—			—			17			7			—			—			17			7
Statutory Underwriting Income (Loss)	$	140		$	102		$	59		$	48		$	79		$	110		$	(66	)	$	62		$	212		$	322
Ratios After Dividends to Policyholders:
Loss		43.3	%		49.8	%		64.3	%		65.4	%		57.0	%		52.3	%		73.0	%		52.9	%		60.0	%		56.3	%
Expense		35.6			35.2			27.8			28.0			23.2			22.2			34.3			35.5			30.5			30.4
Combined		78.9	%		85.0	%		92.1	%		93.4	%		80.2	%		74.5	%		107.3	%		88.4	%		90.5	%		86.7	%
Premiums Written as a % of Total		10.1	%		10.3	%		15.0	%		15.1	%		7.7	%		8.2	%		11.3	%		10.6	%		44.1	%		44.2	%

Page 2 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	1,230		$	1,246		$	184		$	178		$	1,414		$	1,424
Increase (Decrease) in Unearned Premiums		(88	)		(74	)		14			24			(74	)		(50	)
Net Premiums Earned		1,318			1,320			170			154			1,488			1,474
Net Losses Paid		705			665			26			5			731			670
Increase (Decrease) in Outstanding Losses		58			120			58			(1	)		116			119
Net Losses Incurred		763			785			84			4			847			789
Expenses Incurred		319			315			58			52			377			367
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income (Loss)	$	236		$	220		$	27		$	97		$	263		$	317
Ratios After Dividends to Policyholders:
Loss		57.9	%		59.5	%		49.7	%		2.6	%		56.9	%		53.6	%
Expense		25.9			25.3			31.7			29.4			26.7			25.8
Combined		83.8	%		84.8	%		81.4	%		32.0	%		83.6	%		79.4	%
Premiums Written as a % of Total		20.5	%		21.0	%		3.1	%		3.0	%		23.6	%		24.0	%

Page 3 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	5,947		$	5,856		$	36		$	69		$	5,983		$	5,925
Increase (Decrease) in Unearned Premiums		24			27			(3	)		(51	)		21			(24	)
Net Premiums Earned		5,923			5,829			39			120			5,962			5,949
Net Losses Paid		2,829			2,709			84			126			2,913			2,835
Increase (Decrease) in Outstanding Losses		506			432			(86	)		(115	)		420			317
Net Losses Incurred		3,335			3,141			(2	)		11			3,333			3,152
Expenses Incurred		1,781			1,728			17			47			1,798			1,775
Dividends Incurred		18			8			—			—			18			8
Statutory Underwriting Income (Loss)	$	789		$	952		$	24		$	62			813			1,014
Increase in Deferred Acquisition Costs														36			53
GAAP Underwriting Income													$	849		$	1,067
Ratios After Dividends to Policyholders:
Loss		56.5	%		54.0	%		*	%		*	%		56.1	%		53.1	%
Expense		30.0			29.5			*			*			30.1			30.0
Combined		86.5	%		83.5	%		*	%		*	%		86.2	%		83.1	%
Premiums Written as a % of Total		99.4	%		98.8	%		0.6	%		1.2	%		100.0	%		100.0	%

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

Page 4 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	4,479		$	4,592		$	1,504		$	1,333		$	5,983		$	5,925
Increase (Decrease) in Unearned Premiums		(43	)		(76	)		64			52			21			(24	)
Net Premiums Earned		4,522			4,668			1,440			1,281			5,962			5,949
Net Losses Paid		2,305			2,339			608			496			2,913			2,835
Increase (Decrease) in Outstanding Losses		340			153			80			164			420			317
Net Losses Incurred		2,645			2,492			688			660			3,333			3,152
Expenses Incurred		1,262			1,307			536			468			1,798			1,775
Dividends Incurred		18			8			—			—			18			8
Statutory Underwriting Income (Loss)	$	597		$	861		$	216		$	153			813			1,014
Increase in Deferred Acquisition Costs														36			53
GAAP Underwriting Income													$	849		$	1,067
Ratios After Dividends to Policyholders:
Loss		58.7	%		53.5	%		47.8	%		51.5	%		56.1	%		53.1	%
Expense		28.3			28.5			35.6			35.1			30.1			30.0
Combined		87.0	%		82.0	%		83.4	%		86.6	%		86.2	%		83.1	%
Premiums Written as a % of Total		74.9	%		77.5	%		25.1	%		22.5	%		100.0	%		100.0	%

Page 5 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	161		$	164		$	674		$	654		$	180		$	157		$	1,015		$	975
Increase (Decrease) in Unearned Premiums		6			—			61			70			1			2			68			72
Net Premiums Earned		155			164			613			584			179			155			947			903
Net Losses Paid		87			99			279			290			109			61			475			450
Increase (Decrease) in Outstanding Losses		4			(9	)		(9	)		19			12			32			7			42
Net Losses Incurred		91			90			270			309			121			93			482			492
Expenses Incurred		45			45			209			202			61			53			315			300
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	19		$	29		$	134		$	73		$	(3	)	$	9		$	150		$	111
Ratios After Dividends to Policyholders:
Loss		58.7	%		54.9	%		44.1	%		52.9	%		67.6	%		60.0	%		50.9	%		54.5	%
Expense		28.0			27.4			31.0			30.9			33.9			33.8			31.0			30.8
Combined		86.7	%		82.3	%		75.1	%		83.8	%		101.5	%		93.8	%		81.9	%		85.3	%
Premiums Written as a % of Total		5.3	%		5.4	%		22.1	%		21.4	%		5.9	%		5.1	%		33.3	%		31.9	%

Page 6 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2008			2007			2008			2007			2008			2007			2008			2007			2008			2007
Net Premiums Written	$	312		$	306		$	436		$	456		$	213		$	224		$	340		$	325		$	1,301		$	1,311
Increase (Decrease) in Unearned Premiums		2			(7	)		7			21			(10	)		(6	)		20			22			19			30
Net Premiums Earned		310			313			429			435			223			230			320			303			1,282			1,281
Net Losses Paid		144			147			230			175			99			89			140			138			613			549
Increase (Decrease) in Outstanding Losses		(7	)		13			46			105			15			20			138			12			192			150
Net Losses Incurred		137			160			276			280			114			109			278			150			805			699
Expenses Incurred		110			109			120			128			50			53			114			111			394			401
Dividends Incurred		—			—			—			—			9			3			—			—			9			3
Statutory Underwriting Income (Loss)	$	63		$	44		$	33		$	27		$	50		$	65		$	(72	)	$	42		$	74		$	178
Ratios After Dividends to Policyholders:
Loss		44.2	%		51.1	%		64.4	%		64.4	%		53.3	%		48.0	%		86.9	%		49.5	%		63.2	%		54.7	%
Expense		35.3			35.6			27.5			28.0			24.5			24.0			33.5			34.2			30.5			30.7
Combined		79.5	%		86.7	%		91.9	%		92.4	%		77.8	%		72.0	%		120.4	%		83.7	%		93.7	%		85.4	%
Premiums Written as a % of Total		10.2	%		10.0	%		14.3	%		14.9	%		7.0	%		7.3	%		11.2	%		10.7	%		42.7	%		42.9	%

Page 7 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	626		$	649		$	85		$	94		$	711		$	743
Increase (Decrease) in Unearned Premiums		(24	)		(8	)		(3	)		18			(27	)		10
Net Premiums Earned		650			657			88			76			738			733
Net Losses Paid		343			328			14			4			357			332
Increase (Decrease) in Outstanding Losses		39			40			69			(1	)		108			39
Net Losses Incurred		382			368			83			3			465			371
Expenses Incurred		158			159			29			27			187			186
Dividends Incurred		—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	110		$	130		$	(24	)	$	46		$	86		$	176
Ratios After Dividends to Policyholders:
Loss		58.8	%		56.0	%		94.3	%		4.0	%		63.0	%		50.6	%
Expense		25.2			24.5			34.1			28.7			26.3			25.0
Combined		84.0	%		80.5	%		128.4	%		32.7	%		89.3	%		75.6	%
Premiums Written as a % of Total		20.5	%		21.2	%		2.8	%		3.1	%		23.3	%		24.3	%

Page 8 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	3,027		$	3,029		$	20		$	29		$	3,047		$	3,058
Increase (Decrease) in Unearned Premiums		60			112			1			(18	)		61			94
Net Premiums Earned		2,967			2,917			19			47			2,986			2,964
Net Losses Paid		1,445			1,331			52			75			1,497			1,406
Increase (Decrease) in Outstanding Losses		307			231			(55	)		(65	)		252			166
Net Losses Incurred		1,752			1,562			(3	)		10			1,749			1,572
Expenses Incurred		896			887			8			18			904			905
Dividends Incurred		9			3			—			—			9			3
Statutory Underwriting Income (Loss)	$	310		$	465		$	14		$	19			324			484
Increase in Deferred Acquisition Costs														23			56
GAAP Underwriting Income													$	347		$	540
Ratios After Dividends to Policyholders:
Loss		59.2	%		53.6	%		*	%		*	%		58.7	%		53.1	%
Expense		29.7			29.3			*			*			29.8			29.6
Combined		88.9	%		82.9	%		*	%		*	%		88.5	%		82.7	%
Premiums Written as a % of Total		99.3	%		99.1	%		0.7	%		0.9	%		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 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2008 AND 2007
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2008			2007			2008			2007			2008			2007
Net Premiums Written	$	2,344		$	2,426		$	703		$	632		$	3,047		$	3,058
Increase (Decrease) in Unearned Premiums		89			107			(28	)		(13	)		61			94
Net Premiums Earned		2,255			2,319			731			645			2,986			2,964
Net Losses Paid		1,165			1,172			332			234			1,497			1,406
Increase (Decrease) in Outstanding Losses		230			40			22			126			252			166
Net Losses Incurred		1,395			1,212			354			360			1,749			1,572
Expenses Incurred		648			684			256			221			904			905
Dividends Incurred		9			3			—			—			9			3
Statutory Underwriting Income (Loss)	$	203		$	420		$	121		$	64			324			484
Increase in Deferred Acquisition Costs														23			56
GAAP Underwriting Income													$	347		$	540
Ratios After Dividends to Policyholders:
Loss		62.1	%		52.3	%		48.4	%		55.8	%		58.7	%		53.1	%
Expense		27.8			28.2			36.4			35.0			29.8			29.6
Combined		89.9	%		80.5	%		84.8	%		90.8	%		88.5	%		82.7	%
Premiums Written as a % of Total		76.9	%		79.3	%		23.1	%		20.7	%		100.0	%		100.0	%

Page 10 of 10

EX-99.5

Exhibit 99.5

The	Modification of the Presentation of Losses	For the Years Ended
Chubb	Incurred in the Property and Casualty	December 31, 2007 and 2006
Corporation	Underwriting Results

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

Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.

The property and casualty underwriting results that follow this page reflect modification to previously reported net losses paid and increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.

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.

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.

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	621		$	670		$	2,423		$	2,268		$	665		$	580		$	3,709		$	3,518
Increase (Decrease) in Unearned Premiums		(30	)		4			77			92			20			13			67			109
Net Premiums Earned		651			666			2,346			2,176			645			567			3,642			3,409
Net Losses Paid		418			409			1,101			974			330			316			1,849			1,699
Increase (Decrease) in Outstanding Losses		(20	)		5			33			(37	)		80			68			93			36
Net Losses Incurred		398			414			1,134			937			410			384			1,942			1,735
Expenses Incurred		178			189			772			716			218			179			1,168			1,084
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	75		$	63		$	440		$	523		$	17		$	4		$	532		$	590
Ratios After Dividends to Policyholders:
Loss		61.1	%		62.2	%		48.3	%		43.0	%		63.6	%		67.7	%		53.3	%		50.9	%
Expense		28.7			28.2			31.9			31.6			32.8			30.9			31.5			30.8
Combined		89.8	%		90.4	%		80.2	%		74.6	%		96.4	%		98.6	%		84.8	%		81.7	%
Premiums Written as a % of Total		5.3	%		5.6	%		20.4	%		18.9	%		5.6	%		4.8	%		31.3	%		29.3	%

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

													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	$	1,252		$	1,290		$	1,726		$	1,731		$	890		$	901		$	1,215		$	1,203		$	5,083		$	5,125
Increase (Decrease) in Unearned Premiums		(16	)		(2	)		(9	)		—			(18	)		(7	)		6			55			(37	)		46
Net Premiums Earned		1,268			1,292			1,735			1,731			908			908			1,209			1,148			5,120			5,079
Net Losses Paid		577			567			889			865			325			335			610			558			2,401			2,325
Increase (Decrease) in Outstanding Losses		12			(14	)		262			331			163			175			(16	)		(91	)		421			401
Net Losses Incurred		589			553			1,151			1,196			488			510			594			467			2,822			2,726
Expenses Incurred		429			426			487			480			201			197			427			383			1,544			1,486
Dividends Incurred		1			—			—			—			15			27			—			—			16			27
Statutory Underwriting Income	$	249		$	313		$	97		$	55		$	204		$	174		$	188		$	298		$	738		$	840
Ratios After Dividends to Policyholders:
Loss		46.5	%		42.8	%		66.4	%		69.1	%		54.6	%		57.9	%		49.1	%		40.7	%		55.3	%		53.9	%
Expense		34.3			33.0			28.2			27.7			23.0			22.5			35.2			31.8			30.5			29.2
Combined		80.8	%		75.8	%		94.6	%		96.8	%		77.6	%		80.4	%		84.3	%		72.5	%		85.8	%		83.1	%
Premiums Written as a % of Total		10.6	%		10.8	%		14.5	%		14.5	%		7.5	%		7.5	%		10.2	%		10.0	%		42.8	%		42.8	%

Page 2 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,605		$	2,641		$	339		$	300		$	2,944		$	2,941
Increase (Decrease) in Unearned Premiums		(46	)		(41	)		19			29			(27	)		(12	)
Net Premiums Earned		2,651			2,682			320			271			2,971			2,953
Net Losses Paid		1,438			1,453			5			21			1,443			1,474
Increase (Decrease) in Outstanding Losses		96			378			12			13			108			391
Net Losses Incurred		1,534			1,831			17			34			1,551			1,865
Expenses Incurred		638			620			101			93			739			713
Dividends Incurred		—			—			3			4			3			4
Statutory Underwriting Income	$	479		$	231		$	199		$	140		$	678		$	371
Ratios After Dividends to Policyholders:
Loss		57.9	%		68.3	%		5.3	%		12.8	%		52.3	%		63.2	%
Expense		24.5			23.5			30.1			31.4			25.1			24.3
Combined		82.4	%		91.8	%		35.4	%		44.2	%		77.4	%		87.5	%
Premiums Written as a % of Total		21.9	%		22.1	%		2.9	%		2.5	%		24.8	%		24.6	%

Page 3 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	11,736		$	11,584		$	136		$	390		$	11,872		$	11,974
Increase (Decrease) in Unearned Premiums		3			143			(77	)		(127	)		(74	)		16
Net Premiums Earned		11,733			11,441			213			517			11,946			11,958
Net Losses Paid		5,693			5,498			256			323			5,949			5,821
Increase (Decrease) in Outstanding Losses		622			828			(272	)		(75	)		350			753
Net Losses Incurred		6,315			6,326			(16	)		248			6,299			6,574
Expenses Incurred		3,451			3,283			113			184			3,564			3,467
Dividends Incurred		19			31			—			—			19			31
Statutory Underwriting Income	$	1,948		$	1,801		$	116		$	85			2,064			1,886
Increase in Deferred Acquisition Costs														52			19
GAAP Underwriting Income													$	2,116		$	1,905
Ratios After Dividends to Policyholders:
Loss		53.9	%		55.5	%		*	%		*	%		52.8	%		55.2	%
Expense		29.5			28.4			*			*			30.1			29.0
Combined		83.4	%		83.9	%		*	%		*	%		82.9	%		84.2	%
Premiums Written as a % of Total		98.9	%		96.7	%		1.1	%		3.3	%		100.0	%		100.0	%

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

Page 4 of 5

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	9,168		$	9,520		$	2,704		$	2,454		$	11,872		$	11,974
Increase (Decrease) in Unearned Premiums		(117	)		(44	)		43			60			(74	)		16
Net Premiums Earned		9,285			9,564			2,661			2,394			11,946			11,958
Net Losses Paid		4,893			4,828			1,056			993			5,949			5,821
Increase (Decrease) in Outstanding Losses		75			494			275			259			350			753
Net Losses Incurred		4,968			5,322			1,331			1,252			6,299			6,574
Expenses Incurred		2,617			2,652			947			815			3,564			3,467
Dividends Incurred		19			31			—			—			19			31
Statutory Underwriting Income	$	1,681		$	1,559		$	383		$	327			2,064			1,886
Increase in Deferred Acquisition Costs														52			19
GAAP Underwriting Income													$	2,116		$	1,905
Ratios After Dividends to Policyholders:
Loss		53.6	%		55.8	%		50.0	%		52.3	%		52.8	%		55.2	%
Expense		28.6			27.9			35.0			33.2			30.1			29.0
Combined		82.2	%		83.7	%		85.0	%		85.5	%		82.9	%		84.2	%
Premiums Written as a % of Total		77.2	%		79.5	%		22.8	%		20.5	%		100.0	%		100.0	%

Page 5 of 5