The
Chubb
Corporation

Supplementary
Investor
Information

December 31, 2003

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
DECEMBER 31, 2003

		Page
The Chubb Corporation:
	Sources of Consolidated Net Income	1
	Share Data	2
	Consolidated Balance Sheet Highlights	3
Summary of Invested Assets:
	Corporate	4
	Property and Casualty	4
Property and Casualty Insurance Group:
	Investment Income After Taxes	5
	Statutory Policyholders’ Surplus	5
	Combined Loss and Expense Ratios	6
	Claims and Claim Expense Components	6
	Change in Net Unpaid Claims	7
	Underwriting Results — Year-to-Date	8-11
	Underwriting Results — Quarterly	12-15
Definitions of Key Terms		16

THE CHUBB CORPORATION
SOURCES OF CONSOLIDATED NET INCOME

		PERIODS ENDED DECEMBER 31
		FOURTH QUARTER						TWELVE MONTHS
		2003			2002			2003			2002
		(in millions)
Property and Casualty
	Underwriting Income (Loss)(a)		(137.5	)		(61.1	)		104.5			(625.9	)
	Investment Income, Net of Expenses		281.7			238.1			1,058.4			929.4
	Other Charges		(6.9	)		(8.5	)		(29.5	)		(25.3	)
Property and Casualty Income			137.3			168.5			1,133.4			278.2
Chubb Financial Solutions Non-Insurance Business			(96.3	)		(13.9	)		(126.9	)		(69.8	)
Corporate and Other			(54.9	)		(18.5	)		(157.3	)		(73.9	)
Consolidated Operating Income (Loss) Before Income Tax			(13.9	)		136.1			849.2			134.5
Federal and Foreign Income Tax (Credit)(b)			(87.0	)		52.4			95.3			(66.4	)
CONSOLIDATED OPERATING INCOME			73.1			83.7			753.9			200.9
Realized Investment Gains (Losses) After Income Tax			(.8	)		(27.1	)		54.9			22.0
CONSOLIDATED NET INCOME		$	72.3		$	56.6		$	808.8		$	222.9

Effective January 1, 2003, the Corporation adopted the fair value method of accounting for stock-based employee compensation plans using the modified prospective method of transition. The change in accounting resulted in a decrease in operating income before income tax of $15.1 million ($10.3 million after-tax) for the fourth quarter of 2003 and $66.2 million ($46.0 million after-tax) for the twelve months ended December 31, 2003.

(a) Underwriting income (loss) in the fourth quarter and twelve months ended December 31, 2003 includes net losses of $250.0 million ($162.5 million after-tax) related to asbestos claims. Underwriting loss in the fourth quarter and twelve months ended December 31, 2002 includes net losses of $75.0 million ($48.7 million after-tax) and $741.1 million ($481.1 million after-tax), respectively, related to asbestos and toxic waste claims.

(b) The federal income tax provision in the fourth quarter of 2002 and twelve months ended December 31, 2002 includes a $40.0 million tax valuation allowance from not being able to recognize, for accounting purposes, certain U.S. tax benefits related to European losses. The federal income tax provision in the fourth quarter of 2003 and twelve months ended December 31, 2003 includes a $40.0 million credit for the reversal of the tax valuation allowance established in 2002.

Page 1 of 16

THE CHUBB CORPORATION

SHARE DATA

				PERIODS ENDED DECEMBER 31
				FOURTH QUARTER						TWELVE MONTHS
				2003			2002			2003			2002
Diluted Earnings Per Share Data
		Operating Income		$	.38		$	.48		$	4.16		$	1.16
		Realized Investment Gains (Losses)			—			(.15	)		.30			.13
		Net Income		$	.38		$	.33		$	4.46		$	1.29
		Effect of Catastrophe Losses		$	(.11	)	$	(.09	)	$	(1.05	)	$	(.37	)
		Effect of Asbestos and Toxic Waste Losses		$	(.86	)	$	(.29	)	$	(.90	)	$	(2.79	)
		Effect of Chubb Financial Solutions
			Non-Insurance Business	$	(.33	)	$	(.05	)	$	(.45	)	$	(.26	)
		Effect of Tax Valuation Allowance		$	.21		$	(.23	)	$	.22		$	(.23	)
		Effect of Expensing Stock Options		$	(.05	)	$	—		$	(.25	)	$	—
Average Common and Potentially
	Dilutive Shares Outstanding (in millions)				190.0			171.7			181.3			172.9

SHARE REPURCHASE ACTIVITY

	PERIODS ENDED DECEMBER 31
					FROM
	FOURTH		TWELVE		FEBRUARY 1994
	QUARTER		MONTHS		TO
	2003		2003		DECEMBER 31, 2003
	(dollars in millions, except per share amounts)
Cost of Shares Repurchased		—		—	$	2,633.4
Average Cost Per Share		—		—	$	64.71
Shares Repurchased		—		—		40,698,200

In February 1994, the Board of Directors authorized the repurchase of up to 10,000,000 shares of common stock. Through March 1997, 6,851,600 shares were repurchased under the 1994 share repurchase authorization. In March 1997, the Board of Directors replaced the 1994 authorization with a new authorization to repurchase up to 17,500,000 shares of common stock. In July 1998, the Board of Directors authorized the repurchase of up to an additional 12,500,000 shares. In June 2001, the Board of Directors authorized the repurchase of up to an additional 16,000,000 shares; the 2001 authorization expired on June 30, 2003. As of December 31, 2003, 3,287,100 shares remained under the 1998 share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31

			2003			2002
			(in millions)
Invested Assets (at carrying value)
	Short Term Investments		$	2,695.9		$	1,756.7
	Fixed Maturities
		Tax Exempt		11,621.0			9,877.8
		Taxable		10,790.7			8,385.7
	Equity Securities			1,514.4			992.2
		Total Invested Assets	$	26,622.0		$	21,012.4
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost			$	35.2		$	55.8
Capitalization
	Long Term Debt		$	2,813.9		$	1,959.1
	Shareholders’ Equity			8,522.0			6,825.7	(a)
		Total Capitalization	$	11,335.9		$	8,784.8
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION				24.8	%		22.3	%
Actual Common Shares Outstanding				188.0			171.2
Book Value Per Common Share			$	45.33		$	39.87	(a)
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost			$	42.21		$	36.42	(a)

(a) Shareholders’ equity and book value per common share at December 31, 2002 have been restated to reflect the accounting changes prescribed by Financial Accounting Standards Board Interpretation No. 46, Consolidation of Variable Interest Entities, an interpretation of Accounting Research Bulletin No. 51. The effect of the restatement on previously reported December 31, 2002 shareholders’ equity was a decrease of $33.5 million. The effect on net income for 2002, as previously reported, and on net income for 2003 was immaterial.

Page 3 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS
AS OF DECEMBER 31

CORPORATE

		Cost or				Market				Carrying
		Amortized Cost				Value				Value
		2003		2002		2003		2002		2003		2002
		(in millions)
Short Term Investments		$	714.3	$	106.4	$	714.3	$	106.4	$	714.3	$	106.4
Taxable Fixed Maturities			433.1		144.7		436.4		150.3		436.4		150.3
Equity Securities			8.4		71.0		9.5		71.3		9.5		71.3
	TOTAL	$	1,155.8	$	322.1	$	1,160.2	$	328.0	$	1,160.2	$	328.0

PROPERTY AND CASUALTY

			Cost or				Market				Carrying
			Amortized Cost				Value				Value
			2003		2002		2003		2002		2003		2002
			(in millions)
Short Term Investments			$	1,981.6	$	1,650.3	$	1,981.6	$	1,650.3	$	1,981.6	$	1,650.3
Fixed Maturities
	Tax Exempt			10,976.7		9,244.1		11,656.2		9,933.6		11,621.0		9,877.8
	Taxable			10,098.7		7,967.8		10,354.3		8,235.4		10,354.3		8,235.4
Common Stocks				1,333.3		886.0		1,458.2		874.7		1,458.2		874.7
Preferred Stocks				39.7		41.3		46.7		46.2		46.7		46.2
		TOTAL	$	24,430.0	$	19,789.5	$	25,497.0	$	20,740.2	$	25,461.8	$	20,684.4

Page 4 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

INVESTMENT INCOME AFTER TAXES

		PERIODS ENDED DECEMBER 31
		FOURTH QUARTER						TWELVE MONTHS
		2003			2002			2003			2002
		(in millions)
Investment Income
Dividends		$	10.2		$	2.4		$	30.1		$	9.9
Taxable Interest			91.7			76.7			344.8			297.5
Tax Exempt Interest			126.7			118.2			484.1			468.0
Investment Expenses			(4.6	)		(3.2	)		(15.9	)		(14.8	)
	TOTAL	$	224.0		$	194.1		$	843.1		$	760.6
Amounts are shown net of applicable income taxes
Effective Tax Rate			20.5	%		18.5	%		20.3	%		18.2	%
After Tax Annualized Yield			3.73	%		4.09	%		3.80	%		4.31	%

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

	Dec. 31		Dec. 31
	2003		2002
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	6,300	$	4,512
Rolling Year Statutory Net Premiums Written		11,071		9,034
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.75:1		2.00:1

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

Page 5 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

UNDERWRITING RATIOS

	PERIODS ENDED DECEMBER 31
	FOURTH QUARTER						TWELVE MONTHS
	2003			2002			2003			2002
Loss Ratio		74.4	%		70.3	%		67.6	%		75.4	%
Expense Ratio		29.6			30.9			30.4			31.3
Combined Ratio		104.0	%		101.2	%		98.0	%		106.7	%
Effect of Catastrophe Losses on Combined Ratio		1.2	%		1.1	%		2.9	%		1.2	%

The underwriting ratios for the fourth quarter of 2003 and 2002 include the effect of net losses of $250.0 million and $75.0 million, respectively, related to asbestos claims. Excluding the effect of such losses, the losses to premiums earned ratio was 65.2% and 66.9% and the combined loss and expense ratio was 94.8% and 97.8% in the fourth quarter of 2003 and 2002, respectively.

The underwriting ratios for the twelve months ended December 31, 2003 include the effect of net losses of $250.0 million related to asbestos claims. The underwriting ratios for the twelve months ended December 31, 2002 include the effect of net losses of $741.1 million related to asbestos and toxic waste claims. Excluding the effect of such losses, the losses to premiums earned ratio was 65.1% and 66.2% and the combined loss and expense ratio was 95.5% and 97.5% in 2003 and 2002, respectively.

CLAIMS AND CLAIM EXPENSE COMPONENTS

	PERIODS ENDED DECEMBER 31
	FOURTH QUARTER				TWELVE MONTHS
	2003		2002		2003		2002
	(in millions)
Paid Claims and Claim Expenses	$	1,278.7	$	1,153.8	$	4,987.6	$	4,432.7
Increase in Unpaid Claims and Claim Expenses		738.5		397.8		1,879.6		1,631.9
Total Claims and Claim Expenses	$	2,017.2	$	1,551.6	$	6,867.2	$	6,064.6

The increase in unpaid claims and claim expenses for the fourth quarter of 2003 and 2002 includes $205.8 million and $53.8 million, respectively, related to asbestos and toxic waste claims. The increase in unpaid claims and claim expenses for the twelve months ended December 31, 2003 and 2002 includes $154.4 million and $671.3 million, respectively, related to asbestos and toxic waste claims.

Page 6 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID CLAIMS
TWELVE MONTHS ENDED DECEMBER 31, 2003

			Net Unpaid Claims
									IBNR			All Other Unpaid Claims Increase
			12/31/03		12/31/02		Increase		Increase		(Decrease)
			(in millions)
PERSONAL INSURANCE
Automobile			$	342.6	$	306.7	$	35.9	$	12.2	$	23.7
Homeowners				564.2		488.3		75.9		47.2		28.7
Other				312.0		271.3		40.7		4.4		36.3
	Total Personal			1,218.8		1,066.3		152.5		63.8		88.7
COMMERCIAL INSURANCE
Multiple Peril				1,248.2		1,224.4		23.8		49.6		(25.8	)
Casualty				3,922.6		3,526.0		396.6		237.4		159.2
Workers’ Compensation				890.9		746.6		144.3		70.7		73.6
Property and Marine				483.1		371.2		111.9		80.8		31.1
	Total Commercial			6,544.8		5,868.2		676.6		438.5		238.1
SPECIALTY INSURANCE
Executive Protection				3,995.0		3,335.3		659.7		294.9		364.8
Financial Institutions				1,720.4		1,580.5		139.9		300.8		(160.9	)
Other				1,042.2		791.3		250.9		300.6		(49.7	)
	Total Specialty			6,757.6		5,707.1		1,050.5		896.3		154.2
		TOTAL	$	14,521.2	$	12,641.6	$	1,879.6	$	1,398.6	$	481.0

Page 7 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	590.0		$	536.1		$	1,485.4		$	1,299.0		$	514.9		$	478.6		$	2,590.3		$	2,313.7
Increase (Decrease) in Unearned Premiums		30.3			27.5			98.6			129.9			22.0			26.1			150.9			183.5
Net Premiums Earned		559.7			508.6			1,386.8			1,169.1			492.9			452.5			2,439.4			2,130.2
Net Losses Paid		354.2			308.9			892.4			705.8			193.7			184.2			1,440.3			1,198.9
Increase (Decrease) in Outstanding Losses		35.9			37.4			75.9			97.8			40.7			18.7			152.5			153.9
Net Losses Incurred		390.1			346.3			968.3			803.6			234.4			202.9			1,592.8			1,352.8
Expenses Incurred		172.2			157.5			513.6			464.2			166.0			157.6			851.8			779.3
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	(2.6	)	$	4.8		$	(95.1	)	$	(98.7	)	$	92.5		$	92.0		$	(5.2	)	$	(1.9	)
Ratios After Dividends to Policyholders:
Loss		69.7	%		68.1	%		69.8	%		68.8	%		47.6	%		44.9	%		65.3	%		63.5	%
Expense		29.2			29.4			34.6			35.7			32.2			32.9			32.9			33.7
Combined		98.9	%		97.5	%		104.4	%		104.5	%		79.8	%		77.8	%		98.2	%		97.2	%
Premiums Written as a % of Total		5.3	%		5.9	%		13.4	%		14.4	%		4.7	%		5.3	%		23.4	%		25.6	%

Page 8 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2003			2002			2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	1,088.6		$	930.1		$	1,362.1		$	1,119.0		$	625.9		$	458.2		$	1,032.4		$	897.4		$	4,109.0		$	3,404.7
Increase (Decrease) in Unearned Premiums		72.8			87.5			125.0			152.2			75.7			47.3			51.1			190.5			324.6			477.5
Net Premiums Earned		1,015.8			842.6			1,237.1			966.8			550.2			410.9			981.3			706.9			3,784.4			2,927.2
Net Losses Paid		516.8			567.9			583.0			669.4			234.9			204.8			415.9			350.9			1,750.6			1,793.0
Increase (Decrease) in Outstanding Losses		23.8			(51.6	)		396.6			651.4			144.3			48.4			111.9			53.9			676.6			702.1
Net Losses Incurred		540.6			516.3			979.6			1,320.8			379.2			253.2			527.8			404.8			2,427.2			2,495.1
Expenses Incurred		397.6			357.0			391.9			335.0			149.1			115.9			352.5			295.6			1,291.1			1,103.5
Dividends Incurred		0.0			0.0			0.0			0.0			11.9			24.6			0.0			0.0			11.9			24.6
Statutory Underwriting Income (Loss)	$	77.6		$	(30.7	)	$	(134.4	)	$	(689.0	)	$	10.0		$	17.2		$	101.0		$	6.5		$	54.2		$	(696.0	)
Ratios After Dividends to Policyholders:
Loss		53.2	%		61.3	%		79.2	%		136.6	%		70.4	%		65.7	%		53.8	%		57.3	%		64.4	%		86.0	%
Expense		36.5			38.4			28.8			30.0			24.3			26.6			34.1			32.9			31.5			32.6
Combined		89.7	%		99.7	%		108.0	%		166.6	%		94.7	%		92.3	%		87.9	%		90.2	%		95.9	%		118.6	%
Premiums Written as a % of Total		9.8	%		10.3	%		12.3	%		12.4	%		5.7	%		5.1	%		9.3	%		9.9	%		37.1	%		37.7	%

The Property and Casualty underwriting results for 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 87.8% for Casualty and 89.2% for Total Commercial.

The Property and Casualty underwriting results for 2002 include the effect of net losses of $741.1 million related to asbestos and toxic waste claims. Excluding the effect of such losses, the combined loss and expense ratio was 89.9% for Casualty and 93.1% for Total Commercial.

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2003			2002			2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	2,113.6		$	1,702.4		$	830.0		$	680.3		$	1,425.0		$	946.2		$	4,368.6		$	3,328.9		$	11,067.9		$	9,047.3
Increase (Decrease) in Unearned Premiums		162.8			125.6			44.3			34.2			202.8			141.2			409.9			301.0			885.4			962.0
Net Premiums Earned		1,950.8			1,576.8			785.7			646.1			1,222.2			805.0			3,958.7			3,027.9			10,182.5			8,085.3
Net Losses Paid		899.6			854.1			515.3			302.5			381.8			284.2			1,796.7			1,440.8			4,987.6			4,432.7
Increase (Decrease) in Outstanding Losses		659.7			468.3			139.9			229.9			250.9			77.7			1,050.5			775.9			1,879.6			1,631.9
Net Losses Incurred		1,559.3			1,322.4			655.2			532.4			632.7			361.9			2,847.2			2,216.7			6,867.2			6,064.6
Expenses Incurred		506.0			449.7			220.9			181.4			486.5			308.7			1,213.4			939.8			3,356.3			2,822.6
Dividends Incurred		0.0			0.0			7.1			9.5			3.8			2.4			10.9			11.9			22.8			36.5
Statutory Underwriting Income (Loss)	$	(114.5	)	$	(195.3	)	$	(97.5	)	$	(77.2	)	$	99.2		$	132.0		$	(112.8	)	$	(140.5	)		(63.8	)		(838.4	)
Increase in Deferred Policy Acquisition Costs																										168.3			212.5
Underwriting Income (Loss)																									$	104.5		$	(625.9	)
Ratios After Dividends to Policyholders:
Loss		79.9	%		83.9	%		84.2	%		83.6	%		52.0	%		45.1	%		72.1	%		73.5	%		67.6	%		75.4	%
Expense		24.0			26.4			26.8			27.1			34.2			32.7			27.9			28.3			30.4			31.3
Combined		103.9	%		110.3	%		111.0	%		110.7	%		86.2	%		77.8	%		100.0	%		101.8	%		98.0	%		106.7	%
Premiums Written as a % of Total		19.1	%		18.8	%		7.5	%		7.5	%		12.9	%		10.4	%		39.5	%		36.7	%		100.0	%		100.0	%

The Property and Casualty underwriting results for 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 95.5% for Worldwide Total.

The Property and Casualty underwriting results for 2002 include the effect of net losses of $741.1 million related to asbestos and toxic waste claims. Excluding the effect of such losses, the combined loss and expense ratio was 97.5% for Worldwide Total.

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2003			2002			2003			2002			2003			2002
Net Premiums Written	$	9,134.4		$	7,502.6		$	1,933.5		$	1,544.7		$	11,067.9		$	9,047.3
Increase (Decrease) in Unearned Premiums		780.1			838.1			105.3			123.9			885.4			962.0
Net Premiums Earned		8,354.3			6,664.5			1,828.2			1,420.8			10,182.5			8,085.3
Net Losses Paid		4,580.4			3,912.1			407.2			520.6			4,987.6			4,432.7
Increase (Decrease) in Outstanding Losses		1,236.0			1,137.8			643.6			494.1			1,879.6			1,631.9
Net Losses Incurred		5,816.4			5,049.9			1,050.8			1,014.7			6,867.2			6,064.6
Expenses Incurred		2,685.8			2,240.1			670.5			582.5			3,356.3			2,822.6
Dividends Incurred		22.8			36.5			0.0			0.0			22.8			36.5
Statutory Underwriting Income (Loss)	$	(170.7	)	$	(662.0	)	$	106.9		$	(176.4	)		(63.8	)		(838.4	)
Increase in Deferred Policy Acquisition Costs														168.3			212.5
Underwriting Income (Loss)													$	104.5		$	(625.9	)
Ratios After Dividends to Policyholders:
Loss		69.8	%		76.2	%		57.5	%		71.4	%		67.6	%		75.4	%
Expense		29.5			30.0			34.7			37.7			30.4			31.3
Combined		99.3	%		106.2	%		92.2	%		109.1	%		98.0	%		106.7	%
Premiums Written as a % of Total		82.5	%		82.9	%		17.5	%		17.1	%		100.0	%		100.0	%

Page 11 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	146.4		$	134.0		$	371.2		$	327.9		$	123.5		$	114.5		$	641.1		$	576.4
Increase (Decrease) in Unearned Premiums		1.9			1.5			5.0			14.0			(1.2	)		(2.4	)		5.7			13.1
Net Premiums Earned		144.5			132.5			366.2			313.9			124.7			116.9			635.4			563.3
Net Losses Paid		92.5			79.1			238.9			180.0			48.2			44.4			379.6			303.5
Increase (Decrease) in Outstanding Losses		9.3			10.1			(5.5	)		25.8			17.5			8.5			21.3			44.4
Net Losses Incurred		101.8			89.2			233.4			205.8			65.7			52.9			400.9			347.9
Expenses Incurred		41.7			36.5			128.4			117.0			41.0			38.2			211.1			191.7
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	1.0		$	6.8		$	4.4		$	(8.9	)	$	18.0		$	25.8		$	23.4		$	23.7
Ratios After Dividends to Policyholders:
Loss		70.4	%		67.3	%		63.7	%		65.5	%		52.7	%		45.2	%		63.1	%		61.8	%
Expense		28.5			27.3			34.6			35.7			33.2			33.4			32.9			33.2
Combined		98.9	%		94.6	%		98.3	%		101.2	%		85.9	%		78.6	%		96.0	%		95.0	%
Premiums Written as a % of Total		5.0	%		5.6	%		12.7	%		13.5	%		4.2	%		4.7	%		21.9	%		23.8	%

Page 12 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2003			2002			2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	279.2		$	242.6		$	352.1		$	284.3		$	150.0		$	107.9		$	266.3		$	244.7		$	1,047.6		$	879.5
Increase (Decrease) in Unearned Premiums		19.5			17.9			15.9			17.4			1.6			(1.2	)		12.4			34.8			49.4			68.9
Net Premiums Earned		259.7			224.7			336.2			266.9			148.4			109.1			253.9			209.9			998.2			810.6
Net Losses Paid		115.2			141.9			168.2			181.1			56.8			54.3			84.3			85.6			424.5			462.9
Increase (Decrease) in Outstanding Losses		18.4			(15.2	)		273.2			49.5			55.5			11.0			43.0			55.6			390.1			100.9
Net Losses Incurred		133.6			126.7			441.4			230.6			112.3			65.3			127.3			141.2			814.6			563.8
Expenses Incurred		102.1			92.8			99.6			84.0			36.7			27.5			90.3			78.9			328.7			283.2
Dividends Incurred		0.0			0.0			0.0			0.0			2.2			7.3			0.0			0.0			2.2			7.3
Statutory Underwriting Income (Loss)	$	24.0		$	5.2		$	(204.8	)	$	(47.7	)	$	(2.8	)	$	9.0		$	36.3		$	(10.2	)	$	(147.3	)	$	(43.7	)
Ratios After Dividends to Policyholders:
Loss		51.4	%		56.4	%		131.3	%		86.4	%		76.8	%		64.2	%		50.2	%		67.3	%		81.8	%		70.2	%
Expense		36.6			38.2			28.3			29.6			24.8			27.3			33.9			32.2			31.4			32.5
Combined		88.0	%		94.6	%		159.6	%		116.0	%		101.6	%		91.5	%		84.1	%		99.5	%		113.2	%		102.7	%
Premiums Written as a % of Total		9.5	%		10.0	%		12.0	%		11.7	%		5.1	%		4.4	%		9.1	%		10.1	%		35.7	%		36.2	%

The Property and Casualty underwriting results for the fourth quarter of 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 85.2% for Casualty and 88.1% for Total Commercial.

The Property and Casualty underwriting results for the fourth quarter of 2002 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 87.9% for Casualty and 93.3% for Total Commercial.

Page 13 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

	Executive						Financial						Other						Total						Worldwide
	Protection						Institutions						Specialty						Specialty						Total
	2003			2002			2003			2002			2003			2002			2003			2002			2003			2002
Net Premiums Written	$	587.6		$	488.1		$	226.6		$	172.0		$	427.5		$	311.1		$	1,241.7		$	971.2		$	2,930.4		$	2,427.1
Increase (Decrease) in Unearned Premiums		73.4			73.4			18.8			(4.1	)		67.2			59.3			159.4			128.6			214.5			210.6
Net Premiums Earned		514.2			414.7			207.8			176.1			360.3			251.8			1,082.3			842.6			2,715.9			2,216.5
Net Losses Paid		240.8			228.4			117.7			74.2			116.1			84.8			474.6			387.4			1,278.7			1,153.8
Increase (Decrease) in Outstanding Losses		184.0			177.3			56.1			109.6			87.0			(34.4	)		327.1			252.5			738.5			397.8
Net Losses Incurred		424.8			405.7			173.8			183.8			203.1			50.4			801.7			639.9			2,017.2			1,551.6
Expenses Incurred		124.7			123.2			57.2			41.9			144.3			107.3			326.2			272.4			866.0			747.3
Dividends Incurred		0.0			0.0			1.5			1.5			1.1			1.1			2.6			2.6			4.8			9.9
Statutory Underwriting Income (Loss)	$	(35.3	)	$	(114.2	)	$	(24.7	)	$	(51.1	)	$	11.8		$	93.0		$	(48.2	)	$	(72.3	)		(172.1	)		(92.3	)
Increase in Deferred Policy Acquisition Costs																										34.6			31.2
Underwriting Income (Loss)																									$	(137.5	)	$	(61.1	)
Ratios After Dividends to Policyholders:
Loss		82.6	%		97.8	%		84.3	%		105.3	%		56.6	%		20.1	%		74.3	%		76.2	%		74.4	%		70.3	%
Expense		21.2			25.3			25.4			24.5			33.8			34.6			26.3			28.1			29.6			30.9
Combined		103.8	%		123.1	%		109.7	%		129.8	%		90.4	%		54.7	%		100.6	%		104.3	%		104.0	%		101.2	%
Premiums Written as a % of Total		20.1	%		20.1	%		7.7	%		7.1	%		14.6	%		12.8	%		42.4	%		40.0	%		100.0	%		100.0	%

The Property and Casualty underwriting results for the fourth quarter of 2003 include the effect of net losses of $250.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 94.8% for Worldwide Total.

The Property and Casualty underwriting results for the fourth quarter of 2002 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of such losses, the combined loss and expense ratio was 97.8% for Worldwide Total.

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2003			2002			2003			2002			2003			2002
Net Premiums Written	$	2,399.2		$	1,997.9		$	531.2		$	429.2		$	2,930.4		$	2,427.1
Increase (Decrease) in Unearned Premiums		176.5			162.4			38.0			48.2			214.5			210.6
Net Premiums Earned		2,222.7			1,835.5			493.2			381.0			2,715.9			2,216.5
Net Losses Paid		1,230.3			1,036.5			48.4			117.3			1,278.7			1,153.8
Increase (Decrease) in Outstanding Losses		487.4			182.1			251.1			215.7			738.5			397.8
Net Losses Incurred		1,717.7			1,218.6			299.5			333.0			2,017.2			1,551.6
Expenses Incurred		690.8			591.1			175.2			156.2			866.0			747.3
Dividends Incurred		4.8			9.9			0.0			0.0			4.8			9.9
Statutory Underwriting Income (Loss)	$	(190.6	)	$	15.9		$	18.5		$	(108.2	)		(172.1	)		(92.3	)
Increase in Deferred Policy Acquisition Costs														34.6			31.2
Underwriting Income (Loss)													$	(137.5	)	$	(61.1	)
Ratios After Dividends to Policyholders:
Loss		77.4	%		66.8	%		60.7	%		87.4	%		74.4	%		70.3	%
Expense		28.9			29.7			33.0			36.4			29.6			30.9
Combined		106.3	%		96.5	%		93.7	%		123.8	%		104.0	%		101.2	%
Premiums Written as a % of Total		81.9	%		82.3	%		18.1	%		17.7	%		100.0	%		100.0	%

Page 15 of 16

THE CHUBB CORPORATION

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 three separate business units: personal insurance, commercial insurance and specialty insurance. Performance of the business units is based on statutory underwriting results. Statutory accounting principles 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 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 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 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 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 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