8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) April 25, 2005

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

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

15 Mountain View Road, P.O. Box 1615, Warren, New Jersey	07061-1615
(Address of principal executive offices)	(Zip Code)

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

Not Applicable
(Former name or former address, if changed since last report.)

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to this Item 2.02 of Form 8-K. On April 25, 2005, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter ended March 31, 2005. On April 25, 2005, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2005 first quarter results and a reclassification of its property and casualty underwriting results for the years 2001 through 2004 which conforms the presentation of these previously announced results to the new reporting format adopted by Chubb in presenting its 2005 first quarter results. Copies of the press release, the SIIR and the reclassification are attached to this Form 8-K as Exhibits 99.1, 99.2 and 99.3, respectively. In its earnings release, the SIIR, the reclassification and in the conference call to discuss its 2005 first quarter results, scheduled to be webcast at 5:00 P.M. on April 25, 2005, 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, as more fully described in the press release, the SIIR and the reclassification furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Form 8-K and incorporated by reference into this Item 2.02 as if fully set forth herein.

Item 9.01 Financial Statements and Exhibits.

(c)   Exhibits.

99.1	Press release dated April 25, 2005 (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	Reclassification of Property and Casualty Underwriting Results for the Years 2001 through 2004 (furnished pursuant to Item 2.02 of Form 8-K)

SIGNATURES

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

		THE CHUBB CORPORATION
Date:	April 25, 2005	By:	/s/ Henry B. Schram
			Name: Henry B. Schram
			Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED APRIL 25, 2005

Exhibit No.	Description
99.1	Press release dated April 25, 2005 (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	Reclassification of Property and Casualty Underwriting Results for the Years 2001 through 2004 (furnished pursuant to Item 2.02 of Form 8-K)

EX-99.1

Exhibit 99.1

	News from The Chubb Corporation
		The Chubb Corporation
		15 Mountain View Road • P.O. Box 1615
		Warren, New Jersey 07061-1615
		Telephone: 908-903-2000

FOR IMMEDIATE RELEASE

Chubb Reports First Quarter Net Income of
$470 Million or $2.37 per Share;
Operating Income per Share Increases 38% to a Record $2.22;
Combined Ratio Is 89.4%

     WARREN, N.J., April 25, 2005 – The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2005 was $470 million, a 30% increase over net income of $361 million in the first quarter of 2004. Net income per share increased 26% to $2.37 from $1.88.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased 43% to $440 million in the first quarter of 2005 from $308 million in the first quarter of 2004. Operating income per share grew 38% to a record $2.22 from $1.61 a year ago.

     Net written premiums for the first quarter increased 1% to $3.1 billion. Premiums for the insurance business grew 3% — up 1% in the U.S. and 7% outside the U.S. (3% in local currencies). Premiums for the reinsurance assumed business (Chubb Re) were down 12%.

     The combined loss and expense ratio for the first quarter was 89.4%, compared with 92.6% in the corresponding year-earlier quarter. In the first quarter of 2005, catastrophe losses for Chubb were $20 million and accounted for 0.6 points of the combined ratio. In the first quarter of 2004, catastrophe losses were $97 million and accounted for 3.5 points of the combined ratio. Excluding catastrophe losses, the first quarter combined ratio was 88.8% in 2005 and 89.1% in 2004. The expense ratio for the first quarter was 28.8% in 2005, compared with 30.1% in 2004.

Outlook for 2005

     “Chubb had an outstanding quarter, with the best combined ratio in more than 30 years,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Highlighting the quarter were the continued excellent performance of our commercial insurance lines and ongoing significant improvement in homeowners insurance.

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     “In a more competitive market environment, we have maintained underwriting discipline and strict expense vigilance in order to protect and enhance our profitability,” said Mr. Finnegan. “This core strategy will continue to guide the company forward.

     “Our first-quarter results put us on the path to achieving or exceeding our operating earnings guidance of $7.60 to $8.00 per share for 2005,” said Mr. Finnegan. Operating earnings guidance continues to assume 3 points of catastrophe losses for the year and to exclude results from the non-insurance business of Chubb Financial Solutions. “We are maintaining this outlook, as we have completed only one quarter, and we will revisit it when we have six months of operations behind us,” said Mr. Finnegan.

Reporting Format Changes; No Impact on Results or Guidance

     Beginning with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit.

     The changes to the reporting format for the property and casualty underwriting lines of business are as follows:

     Chubb Personal Insurance (CPI)

•   Valuable Articles results, which have been included in Other Personal, are now included in Homeowners.

•   Accident results, which have been included in Other Specialty, are now included in Other Personal.

     Chubb Commercial Insurance (CCI)

•   Commercial insurance results for Financial Institutions, which have been included in Chubb Specialty Insurance, are now included in the appropriate Chubb Commercial Insurance lines.

     Chubb Specialty Insurance (CSI)

•   Executive Protection results are now combined with the professional liability and financial fidelity results for Financial Institutions into a new Professional Liability line of business. Financial Institutions results are no longer reported separately.

•   Surety results, which have been included in Other Specialty, are now reported separately within Chubb Specialty Insurance.

     Reinsurance Assumed (Chubb Re)

•   Reinsurance Assumed results, which have been included in Other Specialty, are now reported as a separate business unit.

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     These reporting format changes do not have any impact on previously reported total property and casualty underwriting results.

     Property and casualty underwriting results for the years 2001 through 2004 have been reclassified to conform to the new reporting format and are posted on the Chubb website at www.chubb.com.

     The reporting format changes have no impact on Chubb’s 2005 operating income guidance provided last February or on the overall underlying assumptions of net written premium growth of 1% to 4%, a combined ratio of 91% to 93% and after-tax property and casualty investment income growth of 8% to 10%.

     With respect to the business units, there is no impact on the underlying premium growth and combined ratio assumptions for CPI and CCI. The assumptions for CSI have changed primarily because Reinsurance Assumed has been split from CSI into a separate business unit. Assumptions for 2005 for the reclassified business units are as follows:

•   Net written premium growth of 7% to 10% for CPI, 3% to 6% for CCI and 1% to 4% for CSI, and a 20% to 25% decline in premiums for Reinsurance Assumed; and

•   A combined ratio of 91% to 94% for CPI, 88% to 91% for CCI, 95% to 98% for CSI and 92% to 95% for Reinsurance Assumed.

     The assumptions for premium growth relate to the reclassified business unit results for 2004 that have been posted on the website.

     The guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statements.

First Quarter Operations Review

     Chubb Personal Insurance had net written premium growth of 5% and a combined ratio of 84.5%, compared to 97.5% in the first quarter of 2004. Catastrophes accounted for 1.4 percentage points of the combined ratio in the first quarter of 2005, compared to 10.2 points in the first quarter of 2004. Excluding catastrophe losses, the CPI combined ratio for the quarter was 83.1% in 2005 and 87.3% in 2004.

     Net written premiums for the Homeowners line grew 9%. The combined ratio was 80.6%, which included 2.6 percentage points of catastrophe losses. Personal Automobile premiums grew 1% and the combined ratio was 95.7%, while Other Personal lines, which include accident, excess liability and yacht insurance, had a 3% decline in premiums and a combined ratio of 86.8%.

     Chubb Commercial Insurance had a 2% increase in net written premiums and a combined ratio of 84.0% for the quarter, compared to 82.9% in the first quarter of 2004. CCI catastrophe losses in the first quarter accounted for 0.4 points of the combined ratio in 2005 and 1.9 points in 2004.

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     CCI’s average renewal rates in the U.S. were flat, and it retained 84% of the U.S. premiums that came up for renewal. In the U.S., premiums from new accounts exceeded lost business by a 1.1-to-1 margin.

     Chubb Specialty Insurance net written premiums were up 1%, and the combined ratio was 105.0%, compared to 103.7% in the corresponding year-earlier quarter. The 1.3-point deterioration was the result of one $60 million Surety loss, partially offset by improvement in the Professional Liability business.

     Surety premiums increased 9% in the first quarter, and the business had a combined ratio of 154.1%.

     Professional Liability net written premiums were up 1% in the first quarter, and the business had a combined ratio of 101.6%, a 5.7-point improvement over the first quarter of 2004. Average renewal rates in the U.S. were down 2%, and Chubb retained 85% of the U.S. premiums that came up for renewal. In the U.S., premiums from new accounts exceeded lost business by a 1.3-to-1 margin.

     Reinsurance Assumed (Chubb Re) net written premiums declined 12%, and the combined ratio was 88.0%, compared to 93.1% in the corresponding year-earlier quarter.

     Property and casualty investment income after taxes increased 14% to $252 million in the first quarter of 2005 from $222 million in the first quarter of 2004.

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

     Chubb’s senior management will discuss the company’s first-quarter performance with the investment community today, April 25, at 5:00 P.M. Eastern time. The conference call will be webcast live on the Internet at www.chubb.com and archived later in the evening for replay.

About Chubb

     Founded in 1882, the Chubb Group of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     The company’s Supplementary Investor Information Report has been posted on its Internet site at 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

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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 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 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.

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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, which are carried at market value. The appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Loss and Expense Ratio or Combined Ratio

The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

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FORWARD-LOOKING INFORMATION

     Certain statements in this document, and certain oral statements made by management from time to time, 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 estimates and assumptions related to economic, competitive, regulatory, judicial, legislative and other developments. These include statements relating to trends in, or representing management’s beliefs about, our future strategies, operations and financial results, as well as other statements that include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “will,” or other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on us. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission and those associated with:

•   the availability of primary and reinsurance coverage, including the implications relating to terrorism legislation and regulation;

•   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;

•   our ability to retain existing business;

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

•   the adequacy of loss reserves, including:

•   our expectations relating to reinsurance recoverables;

•   the 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;

•   our estimates relating to ultimate asbestos liabilities;

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

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

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

•   development of new theories of liability;

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

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

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

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

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

•   legislative or regulatory proposals or changes, including the changes in law and regulation implemented under the Sarbanes-Oxley Act of 2002;

•   the effects of investigations into market practices in the U.S. property and casualty insurance industry and any legal or regulatory proceedings arising therefrom;

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

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

•   the ability of our subsidiaries to pay us dividends;

•   general economic conditions including:

•   changes in interest rates, market credit spreads and the performance of the financial markets, generally and as they relate to credit risks assumed by our Chubb Financial Solutions unit in particular;

•   the effects of inflation;

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

•   changes in competition and pricing environments;

•   regional or general changes in asset valuations;

•   the inability to reinsure certain risks economically;

•   changes in the litigation environment;

•   general market conditions; and

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

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

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THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Three Months Ended
	March 31
	2005			2004
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,056.2		$	3,017.4
Increase in Unearned Premiums		(21.1	)		(223.4	)
Premiums Earned		3,035.1			2,794.0
Losses and Loss Expenses		1,835.0			1,740.6
Operating Costs and Expenses		879.0			907.3
Increase in Deferred Policy Acquisition Costs		(5.0	)		(39.6	)
Dividends to Policyholders		6.9			7.3
Underwriting Income		319.2			178.4
Investments
Investment Income Before Expenses		321.1			284.0
Investment Expenses		7.7			6.3
Investment Income		313.4			277.7
Other Charges		(3.2	)		(1.0	)
Property and Casualty Income		629.4			455.1
CHUBB FINANCIAL SOLUTIONS NON-INSURANCE BUSINESS		—			(14.3	)
CORPORATE AND OTHER		(62.5	)		(32.7	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		566.9			408.1
Federal and Foreign Income Tax		126.5			100.0
CONSOLIDATED OPERATING INCOME		440.4			308.1
REALIZED INVESTMENT GAINS AFTER INCOME TAX		29.2			52.6
CONSOLIDATED NET INCOME	$	469.6		$	360.7
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	252.2		$	221.8

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	Three Months Ended
	March 31
	2005			2004
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		198.4			191.7
Actual Common Shares at End of Period		195.3			189.7
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	2.22		$	1.61
Realized Investment Gains		.15			.27
Net Income	$	2.37		$	1.88
Effect of Catastrophe Losses	$	(.06	)	$	(.33	)
Effect of Chubb Financial Solutions
Non-Insurance Business	$	—		$	(.05	)

	Mar. 31		Dec. 31
	2005		2004
BOOK VALUE PER COMMON SHARE	$	53.26	$	52.55
BOOK VALUE PER COMMON SHARE, with Available-for-Sale Fixed Maturities at Amortized Cost		51.92		49.83

PROPERTY AND CASUALTY UNDERWRITING RATIOS
THREE MONTHS ENDED MARCH 31

	2005			2004
Losses and Loss Expenses to Premiums Earned		60.6	%		62.5	%
Expenses to Premiums Written		28.8			30.1
Combined Loss and Expense Ratio		89.4	%		92.6	%
Effect of Catastrophe Losses on Combined Loss and Expense Ratio		.6	%		3.5	%

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

	2005		2004
	(in millions)
Paid Losses and Loss Expenses	$	1,324.5	$	1,227.3
Increase in Unpaid Losses and Loss Expenses		510.5		513.3
Total Losses and Loss Expenses	$	1,835.0	$	1,740.6

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PROPERTY AND CASUALTY PRODUCT MIX
THREE MONTHS ENDED MARCH 31

								Combined Loss and
	Net Premiums Written							Expense Ratios
					% Increase
	2005		2004		(Decrease)			2005			2004
	(in millions)
Personal Insurance
Automobile	$	145.8	$	144.6		1	%		95.7	%		96.2	%
Homeowners		451.9		412.8		9			80.6			102.6
Other		157.8		162.1		(3	)		86.8			83.1
Total Personal		755.5		719.5		5			84.5			97.5
Commercial Insurance
Multiple Peril		336.4		335.4		—			82.2			85.2
Casualty		452.2		445.0		2			93.7			84.9
Workers’ Compensation		277.4		273.4		1			86.1			88.5
Property and Marine		299.4		286.4		5			70.1			75.5
Total Commercial		1,365.4		1,340.2		2			84.0			82.9
Specialty Insurance
Professional Liability		646.0		640.7		1			101.6			107.3
Surety		53.2		48.9		9			154.1			46.0
Total Specialty		699.2		689.6		1			105.0			103.7
Total Insurance		2,820.1		2,749.3		3			89.6			92.6
Reinsurance Assumed		236.1		268.1		(12	)		88.0			93.1
Total	$	3,056.2	$	3,017.4		1			89.4	%		92.6	%

The property and casualty product mix for 2004 includes certain reclassifications to conform with the 2005 presentation, which more closely reflects the way the property and casualty business is now managed. The total net premiums written and combined loss and expense ratio are not affected.

EX-99.2

Exhibit 99.2

The	Supplementary	March 31, 2005
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 with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit. For additional information, see the first quarter 2005 earnings release.

Property and casualty underwriting results for the first quarter of 2004 presented herein have been reclassified to conform to the new reporting format.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
MARCH 31, 2005

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights	1
Summary of Invested Assets:
Corporate	2
Property and Casualty	2
Investment Income After Taxes:
Corporate	3
Property and Casualty	3
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus	3
Change in Net Unpaid Losses	4
Underwriting Results	5-9
Definitions of Key Terms	10

THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	Mar. 31			Dec. 31
	2005			2004
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	1,415.7		$	1,307.5
Fixed Maturities
Tax Exempt		14,756.5			14,388.5
Taxable		13,782.5			13,620.8
Equity Securities		1,969.6			1,841.3
Total Invested Assets	$	31,924.3		$	31,158.1
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	16.6		$	21.1
Capitalization
Long Term Debt	$	2,808.8		$	2,813.7
Shareholders’ Equity		10,401.3			10,126.4
Total Capitalization	$	13,210.1		$	12,940.1
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		21.3	%		21.7	%
Actual Common Shares Outstanding		195.3			192.7
Book Value Per Common Share	$	53.26		$	52.55
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	51.92		$	49.83

Page 1 of 10

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Mar. 31		Dec. 31		Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	422.7	$	219.8	$	422.7	$	219.8	$	422.7	$	219.8
Taxable Fixed Maturities		1,098.5		1,098.5		1,090.8		1,108.7		1,090.8		1,108.7
Equity Securities		4.7		4.7		7.4		7.3		7.4		7.3
TOTAL	$	1,525.9	$	1,323.0	$	1,520.9	$	1,335.8	$	1,520.9	$	1,335.8

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Mar. 31		Dec. 31		Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	993.0	$	1,087.7	$	993.0	$	1,087.7	$	993.0	$	1,087.7
Fixed Maturities
Tax Exempt		14,449.6		13,839.8		14,773.1		14,409.6		14,756.5		14,388.5
Taxable		12,587.7		12,264.2		12,691.7		12,512.1		12,691.7		12,512.1
Common Stocks		1,786.0		1,645.7		1,919.9		1,791.3		1,919.9		1,791.3
Preferred Stocks		37.3		36.9		42.3		42.7		42.3		42.7
TOTAL	$	29,853.6	$	28,874.3	$	30,420.0	$	29,843.4	$	30,403.4	$	29,822.3

Page 2 of 10

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	THREE MONTHS ENDED
	MARCH 31
	2005			2004
	(in millions)
CORPORATE INVESTMENT INCOME	$	8.1		$	7.2
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	11.6		$	6.6
Taxable Interest		96.2			90.0
Tax Exempt Interest		149.4			129.3
Investment Expenses		(5.0	)		(4.1	)
TOTAL	$	252.2		$	221.8
Effective Tax Rate		19.5	%		20.1	%
After Tax Annualized Yield		3.42	%		3.51	%

After tax annualized yield is based on the average invested assets for the periods presented with fixed maturities at amortized cost and equity securities at market value.

STATUTORY POLICYHOLDERS’ SURPLUS

	Mar. 31		Mar. 31		Dec. 31
	2005		2004		2004
			(in millions)
Estimated Statutory Policyholders’ Surplus	$	8,250	$	6,750	$	7,848
Rolling Year Statutory Net Premiums Written		12,043		11,415		12,005
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		1.46:1		1.69:1		1.53:1

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

Page 3 of 10

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
THREE MONTHS ENDED MARCH 31, 2005

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	3/31/05		12/31/04		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	390.0	$	378.4	$	11.6		$	6.3		$	5.3
Homeowners		666.9		679.6		(12.7	)		3.1			(15.8	)
Other		549.4		521.3		28.1			13.1			15.0
Total Personal		1,606.3		1,579.3		27.0			22.5			4.5
Commercial Insurance
Multiple Peril		1,474.5		1,466.7		7.8			23.8			(16.0	)
Casualty		4,540.7		4,405.9		134.8			114.1			20.7
Workers’ Compensation		1,377.7		1,311.2		66.5			66.2			.3
Property and Marine		609.4		622.2		(12.8	)		(23.3	)		10.5
Total Commercial		8,002.3		7,806.0		196.3			180.8			15.5
Specialty Insurance
Professional Liability		6,391.1		6,191.3		199.8			164.7			35.1
Surety		115.5		83.3		32.2			(2.8	)		35.0
Total Specialty		6,506.6		6,274.6		232.0			161.9			70.1
Total Insurance		16,115.2		15,659.9		455.3			365.2			90.1
Reinsurance Assumed		1,204.0		1,148.8		55.2			59.8			(4.6	)
Total	$	17,319.2	$	16,808.7	$	510.5		$	425.0		$	85.5

The net unpaid losses as of December 31, 2004 include certain reclassifications to conform with the 2005 presentation. The total net unpaid losses is not affected.

Page 4 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	145.8		$	144.6		$	451.9		$	412.8		$	157.8		$	162.1		$	755.5		$	719.5
Increase (Decrease) in Unearned Premiums		(10.7	)		(5.5	)		(45.2	)		(39.3	)		18.6			28.8			(37.3	)		(16.0	)
Net Premiums Earned		156.5			150.1			497.1			452.1			139.2			133.3			792.8			735.5
Net Losses Paid		94.2			95.2			251.2			238.9			53.4			60.5			398.8			394.6
Increase (Decrease) in Outstanding Losses		11.6			6.0			(12.7	)		63.3			28.1			11.6			27.0			80.9
Net Losses Incurred		105.8			101.2			238.5			302.2			81.5			72.1			425.8			475.5
Expenses Incurred		40.9			41.6			147.2			147.4			44.5			47.0			232.6			236.0
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	9.8		$	7.3		$	111.4		$	2.5		$	13.2		$	14.2		$	134.4		$	24.0
Ratios After Dividends to Policyholders:
Loss		67.6	%		67.4	%		48.0	%		66.9	%		58.6	%		54.1	%		53.7	%		64.7	%
Expense		28.1			28.8			32.6			35.7			28.2			29.0			30.8			32.8
Combined		95.7	%		96.2	%		80.6	%		102.6	%		86.8	%		83.1	%		84.5	%		97.5	%
Premiums Written as a % of Total		4.7	%		4.8	%		14.8	%		13.7	%		5.2	%		5.3	%		24.7	%		23.8	%

The property and casualty underwriting results for 2004 include certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 5 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2005			2004			2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	336.4		$	335.4		$	452.2		$	445.0		$	277.4		$	273.4		$	299.4		$	286.4		$	1,365.4		$	1,340.2
Increase (Decrease) in Unearned Premiums		5.0			28.7			25.8			69.3			48.8			74.5			28.6			22.7			108.2			195.2
Net Premiums Earned		331.4			306.7			426.4			375.7			228.6			198.9			270.8			263.7			1,257.2			1,145.0
Net Losses Paid		156.4			126.9			150.1			178.1			80.0			72.6			105.9			107.5			492.4			485.1
Increase (Decrease) in Outstanding Losses		7.8			29.0			134.8			35.7			66.5			59.1			(12.8	)		(5.6	)		196.3			118.2
Net Losses Incurred		164.2			155.9			284.9			213.8			146.5			131.7			93.1			101.9			688.7			603.3
Expenses Incurred		109.9			115.1			121.4			124.7			54.7			53.4			106.9			105.5			392.9			398.7
Dividends Incurred		0.0			0.0			0.0			0.0			6.3			6.6			0.0			0.0			6.3			6.6
Statutory Underwriting Income (Loss)	$	57.3		$	35.7		$	20.1		$	37.2		$	21.1		$	7.2		$	70.8		$	56.3		$	169.3		$	136.4
Ratios After Dividends to Policyholders:
Loss		49.5	%		50.9	%		66.8	%		56.9	%		65.9	%		68.5	%		34.4	%		38.7	%		55.1	%		53.0	%
Expense		32.7			34.3			26.9			28.0			20.2			20.0			35.7			36.8			28.9			29.9
Combined		82.2	%		85.2	%		93.7	%		84.9	%		86.1	%		88.5	%		70.1	%		75.5	%		84.0	%		82.9	%
Premiums Written as a % of Total		11.0	%		11.1	%		14.8	%		14.8	%		9.1	%		9.1	%		9.8	%		9.5	%		44.7	%		44.5	%

The property and casualty underwriting results for 2004 include certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 6 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	646.0		$	640.7		$	53.2		$	48.9		$	699.2		$	689.6
Increase (Decrease) in Unearned Premiums		(32.4	)		5.2			9.7			7.1			(22.7	)		12.3
Net Premiums Earned		678.4			635.5			43.5			41.8			721.9			677.3
Net Losses Paid		325.8			291.7			18.0			0.3			343.8			292.0
Increase (Decrease) in Outstanding Losses		199.8			219.6			32.2			2.3			232.0			221.9
Net Losses Incurred		525.6			511.3			50.2			2.6			575.8			513.9
Expenses Incurred		156.0			171.8			19.5			19.1			175.5			190.9
Dividends Incurred		0.0			0.0			0.6			0.7			0.6			0.7
Statutory Underwriting Income (Loss)	$	(3.2	)	$	(47.6	)	$	(26.8	)	$	19.4		$	(30.0	)	$	(28.2	)
Ratios After Dividends to Policyholders:
Loss		77.5	%		80.5	%		117.0	%		6.3	%		79.9	%		76.0	%
Expense		24.1			26.8			37.1			39.7			25.1			27.7
Combined		101.6	%		107.3	%		154.1	%		46.0	%		105.0	%		103.7	%
Premiums Written as a % of Total		21.1	%		21.2	%		1.8	%		1.6	%		22.9	%		22.8	%

The property and casualty underwriting results for 2004 include certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 7 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,820.1		$	2,749.3		$	236.1		$	268.1		$	3,056.2		$	3,017.4
Increase (Decrease) in Unearned Premiums		48.2			191.5			(27.1	)		31.9			21.1			223.4
Net Premiums Earned		2,771.9			2,557.8			263.2			236.2			3,035.1			2,794.0
Net Losses Paid		1,235.0			1,171.7			89.5			55.6			1,324.5			1,227.3
Increase (Decrease) in Outstanding Losses		455.3			421.0			55.2			92.3			510.5			513.3
Net Losses Incurred		1,690.3			1,592.7			144.7			147.9			1,835.0			1,740.6
Expenses Incurred		801.0			825.6			78.0			81.7			879.0			907.3
Dividends Incurred		6.9			7.3			0.0			0.0			6.9			7.3
Statutory Underwriting Income (Loss)	$	273.7		$	132.2		$	40.5		$	6.6			314.2			138.8
Increase in Deferred Acquisition Costs														5.0			39.6
GAAP Underwriting Income													$	319.2		$	178.4
Ratios After Dividends to Policyholders:
Loss		61.1	%		62.5	%		55.0	%		62.6	%		60.6	%		62.5	%
Expense		28.5			30.1			33.0			30.5			28.8			30.1
Combined		89.6	%		92.6	%		88.0	%		93.1	%		89.4	%		92.6	%
Premiums Written as a % of Total		92.3	%		91.1	%		7.7	%		8.9	%		100.0	%		100.0	%

The property and casualty underwriting results for 2004 include certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 8 of 10

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,389.6		$	2,396.0		$	666.6		$	621.4		$	3,056.2		$	3,017.4
Increase (Decrease) in Unearned Premiums		(76.2	)		118.7			97.3			104.7			21.1			223.4
Net Premiums Earned		2,465.8			2,277.3			569.3			516.7			3,035.1			2,794.0
Net Losses Paid		1,169.3			1,068.4			155.2			158.9			1,324.5			1,227.3
Increase (Decrease) in Outstanding Losses		355.5			386.7			155.0			126.6			510.5			513.3
Net Losses Incurred		1,524.8			1,455.1			310.2			285.5			1,835.0			1,740.6
Expenses Incurred		656.3			690.2			222.7			217.1			879.0			907.3
Dividends Incurred		6.9			7.3			0.0			0.0			6.9			7.3
Statutory Underwriting Income (Loss)	$	277.8		$	124.7		$	36.4		$	14.1			314.2			138.8
Increase in Deferred Acquisition Costs														5.0			39.6
GAAP Underwriting Income													$	319.2		$	178.4
Ratios After Dividends to Policyholders:
Loss		62.0	%		64.1	%		54.5	%		55.3	%		60.6	%		62.5	%
Expense		27.5			28.9			33.4			34.9			28.8			30.1
Combined		89.5	%		93.0	%		87.9	%		90.2	%		89.4	%		92.6	%
Premiums Written as a % of Total		78.2	%		79.4	%		21.8	%		20.6	%		100.0	%		100.0	%

Page 9 of 10

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 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 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 share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at market value. The appreciation or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Loss and Expense Ratio or Combined Ratio
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned (loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by dividends to policyholders.

Page 10 of 10

EX-99.3

Exhibit 99.3

The	Reclassification of	For the Years Ended
Chubb	Property and Casualty	2001-2004
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 with the first quarter of 2005, the reporting format for property and casualty underwriting results by line of business has been changed to more closely reflect the way the business is now managed. The new reporting format provides additional clarity in that all Professional Liability business is now reported in one line within Chubb Specialty Insurance, all commercial business is now reported in Chubb Commercial Insurance and Reinsurance Assumed (Chubb Re) is now reported as a separate business unit. For additional information, see the first quarter 2005 earnings release.

Property and casualty underwriting results for the years 2001 through 2004 presented herein have been reclassified to conform to the new reporting format.

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 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 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
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	629.1		$	590.0		$	1,950.9		$	1,777.1		$	535.5		$	501.3		$	3,115.5		$	2,868.4
Increase (Decrease) in Unearned Premiums		21.5			30.3			85.3			106.7			11.7			23.3			118.5			160.3
Net Premiums Earned		607.6			559.7			1,865.6			1,670.4			523.8			478.0			2,997.0			2,708.1
Net Losses Paid		368.2			354.2			1,004.4			988.7			280.0			226.7			1,652.6			1,569.6
Increase (Decrease) in Outstanding Losses		35.8			35.9			86.3			83.0			55.7			47.8			177.8			166.7
Net Losses Incurred		404.0			390.1			1,090.7			1,071.7			335.7			274.5			1,830.4			1,736.3
Expenses Incurred		168.9			172.2			640.0			614.8			170.6			168.4			979.5			955.4
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	34.7		$	(2.6	)	$	134.9		$	(16.1	)	$	17.5		$	35.1		$	187.1		$	16.4
Ratios After Dividends to Policyholders:
Loss		66.5	%		69.7	%		58.5	%		64.2	%		64.1	%		57.4	%		61.1	%		64.1	%
Expense		26.8			29.2			32.8			34.6			31.9			33.6			31.4			33.3
Combined		93.3	%		98.9	%		91.3	%		98.8	%		96.0	%		91.0	%		92.5	%		97.4	%
Premiums Written as a % of Total		5.2	%		5.3	%		16.2	%		16.1	%		4.5	%		4.5	%		25.9	%		25.9	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 and 2003
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2004			2003			2004			2003			2004			2003			2004			2003			2004			2003
Net Premiums Written	$	1,301.7		$	1,188.4		$	1,682.5		$	1,476.0		$	881.5		$	749.0		$	1,072.9		$	1,054.9		$	4,938.6		$	4,468.3
Increase (Decrease) in Unearned Premiums		43.6			75.4			89.1			133.2			46.4			87.4			(6.7	)		31.8			172.4			327.8
Net Premiums Earned		1,258.1			1,113.0			1,593.4			1,342.8			835.1			661.6			1,079.6			1,023.1			4,766.2			4,140.5
Net Losses Paid		518.5			654.9			737.9			607.6			304.2			282.4			429.5			558.3			1,990.1			2,103.2
Increase (Decrease) in Outstanding Losses		23.9			(59.9	)		269.6			415.5			244.8			166.1			(19.9	)		17.3			518.4			539.0
Net Losses Incurred		542.4			595.0			1,007.5			1,023.1			549.0			448.5			409.6			575.6			2,508.5			2,642.2
Expenses Incurred		438.6			437.7			446.2			417.4			197.1			176.6			372.6			367.1			1,454.5			1,398.8
Dividends Incurred		0.0			0.0			0.0			0.0			25.9			19.0			0.0			0.0			25.9			19.0
Statutory Underwriting Income (Loss)	$	277.1		$	80.3		$	139.7		$	(97.7	)	$	63.1		$	17.5		$	297.4		$	80.4		$	777.3		$	80.5
Ratios After Dividends to Policyholders:
Loss		43.1	%		53.5	%		63.3	%		76.2	%		67.8	%		69.8	%		37.9	%		56.3	%		52.9	%		64.1	%
Expense		33.7			36.8			26.5			28.3			23.1			24.2			34.8			34.8			29.6			31.5
Combined		76.8	%		90.3	%		89.8	%		104.5	%		90.9	%		94.0	%		72.7	%		91.1	%		82.5	%		95.6	%
Premiums Written as a % of Total		10.8	%		10.8	%		14.0	%		13.3	%		7.3	%		6.8	%		8.9	%		9.5	%		41.0	%		40.4	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

The Property and Casualty underwriting results for 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of asbestos losses, the combined loss and expense ratio was 74.4% for Multiple Peril, 86.9% for Casualty and 80.9% for Total Commercial.

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 the asbestos losses, the combined loss and expense ratio was 85.9% for Casualty and 89.5% for Total Commercial.

Page 2 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	2,654.3		$	2,561.6		$	205.8		$	185.7		$	2,860.1		$	2,747.3
Increase (Decrease) in Unearned Premiums		88.9			188.6			9.2			18.1			98.1			206.7
Net Premiums Earned		2,565.4			2,373.0			196.6			167.6			2,762.0			2,540.6
Net Losses Paid		1,117.7			1,059.2			4.6			84.2			1,122.3			1,143.4
Increase (Decrease) in Outstanding Losses		1,139.1			936.0			28.5			(81.0	)		1,167.6			855.0
Net Losses Incurred		2,256.8			1,955.2			33.1			3.2			2,289.9			1,998.4
Expenses Incurred		637.2			622.0			81.1			67.4			718.3			689.4
Dividends Incurred		0.0			0.0			3.5			3.8			3.5			3.8
Statutory Underwriting Income (Loss)	$	(328.6	)	$	(244.2	)	$	78.9		$	93.2		$	(249.7	)	$	(151.0	)
Ratios After Dividends to Policyholders:
Loss		88.0	%		84.1	%		17.1	%		2.0	%		83.0	%		78.8	%
Expense		24.0			24.3			40.1			37.0			25.2			25.1
Combined		112.0	%		108.4	%		57.2	%		39.0	%		108.2	%		103.9	%
Premiums Written as a % of Total		22.0	%		23.1	%		1.7	%		1.7	%		23.7	%		24.8	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 3 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	10,914.2		$	10,084.0		$	1,138.7		$	983.9		$	12,052.9		$	11,067.9
Increase (Decrease) in Unearned Premiums		389.0			694.8			28.2			190.6			417.2			885.4
Net Premiums Earned		10,525.2			9,389.2			1,110.5			793.3			11,635.7			10,182.5
Net Losses Paid		4,765.0			4,816.2			268.4			171.4			5,033.4			4,987.6
Increase (Decrease) in Outstanding Losses		1,863.8			1,560.7			423.7			318.9			2,287.5			1,879.6
Net Losses Incurred		6,628.8			6,376.9			692.1			490.3			7,320.9			6,867.2
Expenses Incurred		3,152.3			3,043.6			363.6			312.7			3,515.9			3,356.3
Dividends Incurred		29.4			22.8			0.0			0.0			29.4			22.8
Statutory Underwriting Income (Loss)	$	714.7		$	(54.1	)	$	54.8		$	(9.7	)		769.5			(63.8	)
Increase in Deferred Acquisition Costs														76.6			168.3
GAAP Underwriting Income													$	846.1		$	104.5
Ratios After Dividends to Policyholders:
Loss		63.1	%		68.1	%		62.4	%		61.8	%		63.1	%		67.6	%
Expense		29.0			30.2			31.9			31.8			29.2			30.4
Combined		92.1	%		98.3	%		94.3	%		93.6	%		92.3	%		98.0	%
Premiums Written as a % of Total		90.6	%		91.1	%		9.4	%		8.9	%		100.0	%		100.0	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

The Property and Casualty underwriting results for 2004 include the effect of net losses of $75.0 million related to asbestos claims. Excluding the effect of asbestos losses, the combined loss and expense ratio was 91.4% for Total Insurance and 91.7% for Worldwide Total.

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 the asbestos losses, the combined loss and expense ratio was 95.6% for Total Insurance and 95.5% for Worldwide Total.

Page 4 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2004			2003			2004			2003			2004			2003
Net Premiums Written	$	9,885.4		$	9,134.4		$	2,167.5		$	1,933.5		$	12,052.9		$	11,067.9
Increase (Decrease) in Unearned Premiums		353.7			780.1			63.5			105.3			417.2			885.4
Net Premiums Earned		9,531.7			8,354.3			2,104.0			1,828.2			11,635.7			10,182.5
Net Losses Paid		4,481.3			4,580.4			552.1			407.2			5,033.4			4,987.6
Increase (Decrease) in Outstanding Losses		1,565.2			1,236.0			722.3			643.6			2,287.5			1,879.6
Net Losses Incurred		6,046.5			5,816.4			1,274.4			1,050.8			7,320.9			6,867.2
Expenses Incurred		2,795.7			2,685.8			720.2			670.5			3,515.9			3,356.3
Dividends Incurred		29.4			22.8			0.0			0.0			29.4			22.8
Statutory Underwriting Income (Loss)	$	660.1		$	(170.7	)	$	109.4		$	106.9			769.5			(63.8	)
Increase in Deferred Acquisition Costs														76.6			168.3
GAAP Underwriting Income													$	846.1		$	104.5
Ratios After Dividends to Policyholders:
Loss		63.6	%		69.8	%		60.6	%		57.5	%		63.1	%		67.6	%
Expense		28.4			29.5			33.2			34.7			29.2			30.4
Combined		92.0	%		99.3	%		93.8	%		92.2	%		92.3	%		98.0	%
Premiums Written as a % of Total		82.0	%		82.5	%		18.0	%		17.5	%		100.0	%		100.0	%

Page 5 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2002			2001			2002			2001			2002			2001			2002			2001
Net Premiums Written	$	536.1		$	480.2		$	1,577.4		$	1,326.4		$	451.2		$	397.4		$	2,564.7		$	2,204.0
Increase in Unearned Premiums		27.5			38.8			141.6			86.2			31.4			20.5			200.5			145.5
Net Premiums Earned		508.6			441.4			1,435.8			1,240.2			419.8			376.9			2,364.2			2,058.5
Net Losses Paid		308.9			275.3			797.5			772.9			210.4			188.8			1,316.8			1,237.0
Increase (Decrease) in Outstanding Losses		37.4			46.4			96.6			83.6			44.0			38.3			178.0			168.3
Net Losses Incurred		346.3			321.7			894.1			856.5			254.4			227.1			1,494.8			1,405.3
Expenses Incurred		157.5			129.2			562.5			466.2			160.1			137.4			880.1			732.8
Dividends Incurred		0.0			0.0			0.0			0.0			0.0			0.0			0.0			0.0
Statutory Underwriting Income (Loss)	$	4.8		$	(9.5	)	$	(20.8	)	$	(82.5	)	$	5.3		$	12.4		$	(10.7	)	$	(79.6	)
Ratios After Dividends to Policyholders:
Loss		68.1	%		72.9	%		62.3	%		69.1	%		60.6	%		60.2	%		63.3	%		68.3	%
Expense		29.4			26.9			35.6			35.1			35.5			34.6			34.3			33.2
Combined		97.5	%		99.8	%		97.9	%		104.2	%		96.1	%		94.8	%		97.6	%		101.5	%
Premiums Written as a % of Total		5.9	%		6.9	%		17.5	%		19.1	%		5.0	%		5.7	%		28.4	%		31.7	%
	RESULTS EXCLUDING THE IMPACT OF THE SEPTEMBER 11, 2001 ATTACK:
Net Premiums Written				$	480.2					$	1,326.4					$	397.4					$	2,204.0
Net Premiums Earned				$	441.4					$	1,240.2					$	376.9					$	2,058.5
Net Losses Incurred				$	316.7					$	841.5					$	217.1					$	1,375.3
Underwriting Income (Loss)				$	(4.5	)				$	(67.5	)				$	22.4					$	(49.6	)
Combined Ratio					98.7	%					103.0	%					92.2	%					100.1	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

Page 1 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(MILLIONS OF DOLLARS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2002			2001			2002			2001			2002			2001			2002			2001			2002			2001
Net Premiums Written	$	1,030.0		$	831.5		$	1,214.4		$	862.3		$	553.2		$	432.1		$	986.2		$	610.1		$	3,783.8		$	2,736.0
Increase in Unearned Premiums		103.1			39.9			169.8			26.9			53.0			23.9			199.8			43.4			525.7			134.1
Net Premiums Earned		926.9			791.6			1,044.6			835.4			500.2			408.2			786.4			566.7			3,258.1			2,601.9
Net Losses Paid		601.9			712.8			693.4			728.9			245.0			260.7			408.7			477.4			1,949.0			2,179.8
Increase (Decrease) in Outstanding Losses		(37.5	)		62.6			664.9			(69.4	)		55.4			25.7			78.9			191.2			761.7			210.1
Net Losses Incurred		564.4			775.4			1,358.3			659.5			300.4			286.4			487.6			668.6			2,710.7			2,389.9
Expenses Incurred		392.3			320.6			354.2			281.1			137.7			111.8			310.7			238.8			1,194.9			952.3
Dividends Incurred		0.0			0.0			0.0			0.0			34.1			23.4			0.0			0.0			34.1			23.4
Statutory Underwriting Income (Loss)	$	(29.8	)	$	(304.4	)	$	(667.9	)	$	(105.2	)	$	28.0		$	(13.4	)	$	(11.9	)	$	(340.7	)	$	(681.6	)	$	(763.7	)
Ratios After Dividends to Policyholders:
Loss		60.9	%		97.9	%		130.0	%		78.9	%		64.5	%		74.4	%		62.0	%		118.0	%		84.1	%		92.7	%
Expense		38.1			38.6			29.2			32.6			26.5			27.4			31.5			39.1			31.9			35.1
Combined		99.0	%		136.5	%		159.2	%		111.5	%		91.0	%		101.8	%		93.5	%		157.1	%		116.0	%		127.8	%
Premiums Written as a % of Total		11.4	%		11.9	%		13.4	%		12.4	%		6.1	%		6.2	%		10.9	%		8.8	%		41.8	%		39.3	%
				RESULTS EXCLUDING THE IMPACT OF THE SEPTEMBER 11, 2001 ATTACK:
Net Premiums Written				$	867.5					$	862.3					$	441.1					$	615.1					$	2,786.0
Net Premiums Earned				$	827.6					$	835.4					$	417.2					$	571.7					$	2,651.9
Net Losses Incurred				$	537.2					$	629.5					$	253.9					$	445.3					$	1,865.9
Underwriting Income (Loss)				$	(30.2	)				$	(75.2	)				$	28.1					$	(112.4	)				$	(189.7	)
Combined Ratio					101.9	%					108.0	%					91.2	%					116.7	%					105.5	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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 the asbestos and toxic waste losses, the combined loss and expense ratio was 88.3% for Casualty and 93.0% for Total Commercial.

Page 2 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2002			2001			2002			2001			2002			2001
Net Premiums Written	$	2,049.7		$	1,608.2		$	161.2		$	133.1		$	2,210.9		$	1,741.3
Increase in Unearned Premiums		127.8			3.0			20.2			15.1			148.0			18.1
Net Premiums Earned		1,921.9			1,605.2			141.0			118.0			2,062.9			1,723.2
Net Losses Paid		991.6			858.0			29.4			17.8			1,021.0			875.8
Increase (Decrease) in Outstanding Losses		665.0			220.4			(105.9	)		217.8			559.1			438.2
Net Losses Incurred		1,656.6			1,078.4			(76.5	)		235.6			1,580.1			1,314.0
Expenses Incurred		543.1			449.1			72.7			66.6			615.8			515.7
Dividends Incurred		0.0			0.0			2.4			5.1			2.4			5.1
Statutory Underwriting Income (Loss)	$	(277.8	)	$	77.7		$	142.4		$	(189.3	)	$	(135.4	)	$	(111.6	)
Ratios After Dividends to Policyholders:
Loss		86.2	%		67.2	%		(55.2	)%		208.7	%		76.7	%		76.5	%
Expense		26.5			27.9			45.8			52.0			27.9			29.7
Combined		112.7	%		95.1	%		(9.4	)%		260.7	%		104.6	%		106.2	%
Premiums Written as a % of Total		22.6	%		23.1	%		1.8	%		1.9	%		30.1	%		29.2	%

RESULTS EXCLUDING THE IMPACT OF THE SEPTEMBER 11, 2001 ATTACK:

Net Premiums Written	$	1,608.2		$	133.1		$	1,741.3
Net Premiums Earned	$	1,605.2		$	118.0		$	1,723.2
Net Losses Incurred	$	1,077.4		$	235.6		$	1,313.0
Underwriting Income (Loss)	$	78.7		$	(189.3	)	$	(110.6	)
Combined Ratio		95.1	%		260.7	%		106.1	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

The Property and Casualty underwriting results for 2002 include the effect of a net benefit of $88 million related to Enron Surety bond losses. Excluding the effect of Enron, the combined loss and expense ratio was 54.1% for Surety and 108.9% for Total Specialty.

The Property and Casualty underwriting results for 2001 include the effect of net losses of $220 million related to Enron Surety bond losses. Excluding the effect of the September 11 attack and Enron, the combined loss and expense ratio was 65.8% for Surety and 93.3% for Total Specialty.

Page 3 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2002			2001			2002			2001			2002			2001
Net Premiums Written	$	8,559.4		$	6,681.3		$	487.9		$	280.2		$	9,047.3		$	6,961.5
Increase in Unearned Premiums		874.2			297.7			87.8			7.4			962.0			305.1
Net Premiums Earned		7,685.2			6,383.6			400.1			272.8			8,085.3			6,656.4
Net Losses Paid		4,286.8			4,292.6			145.9			106.4			4,432.7			4,399.0
Increase (Decrease) in Outstanding Losses		1,498.8			816.6			133.1			141.8			1,631.9			958.4
Net Losses Incurred		5,785.6			5,109.2			279.0			248.2			6,064.6			5,357.4
Expenses Incurred		2,690.8			2,200.8			131.8			60.0			2,822.6			2,260.8
Dividends Incurred		36.5			28.5			0.0			0.0			36.5			28.5
Statutory Underwriting Income (Loss)	$	(827.7	)	$	(954.9	)	$	(10.7	)	$	(35.4	)		(838.4	)		(990.3	)
Increase in Deferred Acquisition Costs														212.5			86.8
GAAP Underwriting Income (Loss)													$	(625.9	)	$	(903.5	)
Ratios After Dividends to Policyholders:
Loss		75.6	%		80.4	%		69.7	%		91.0	%		75.4	%		80.8	%
Expense		31.6			33.1			27.0			21.4			31.3			32.6
Combined		107.2	%		113.5	%		96.7	%		112.4	%		106.7	%		113.4	%
Premiums Written as a % of Total		94.6	%		96.0	%		5.4	%		4.0	%		100.0	%		100.0	%

RESULTS EXCLUDING THE IMPACT OF THE SEPTEMBER 11, 2001 ATTACK:

Net Premiums Written	$	6,731.3		$	200.2		$	6,931.5
Net Premiums Earned	$	6,433.6		$	192.8		$	6,626.4
Net Losses Incurred	$	4,554.2		$	138.2		$	4,692.4
Underwriting Income (Loss)	$	(349.9	)	$	(5.4	)	$	(355.3	)
Combined Ratio		103.9	%		101.7	%		103.9	%

The Property and Casualty underwriting results above reflect certain reclassifications to conform with the 2005 presentation. The worldwide totals are not affected.

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 and net benefit of $88 million related to Enron Surety bond losses. Excluding the effect of the asbestos and toxic waste losses and Enron, the combined loss and expense ratio was 98.7% for Total Insurance and 98.5% for Worldwide Total.

The Property and Casualty underwriting results for 2001 include the effect of net losses of $220 million related to Enron Surety bond losses. Excluding the effect of the September 11 attack and Enron, the combined loss and expense ratio was 100.5% for Total Insurance and Worldwide Total.

Page 4 of 5

THE CHUBB CORPORATION — WORLDWIDE
RECLASSIFICATION OF PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 AND 2001
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2002			2001			2002			2001			2002			2001
Net Premiums Written	$	7,502.6		$	5,744.5		$	1,544.7		$	1,217.0		$	9,047.3		$	6,961.5
Increase in Unearned Premiums		838.1			245.7			123.9			59.4			962.0			305.1
Net Premiums Earned		6,664.5			5,498.8			1,420.8			1,157.6			8,085.3			6,656.4
Net Losses Paid		3,912.1			3,753.2			520.6			645.8			4,432.7			4,399.0
Increase (Decrease) in Outstanding Losses		1,137.8			787.5			494.1			170.9			1,631.9			958.4
Net Losses Incurred		5,049.9			4,540.7			1,014.7			816.7			6,064.6			5,357.4
Expenses Incurred		2,240.1			1,767.4			582.5			493.4			2,822.6			2,260.8
Dividends Incurred		36.5			28.5			0.0			0.0			36.5			28.5
Statutory Underwriting Income (Loss)	$	(662.0	)	$	(837.8	)	$	(176.4	)	$	(152.5	)		(838.4	)		(990.3	)
Increase in Deferred Acquisition Costs														212.5			86.8
GAAP Underwriting Income (Loss)													$	(625.9	)	$	(903.5	)
Ratios After Dividends to Policyholders:
Loss		76.2	%		83.0	%		71.4	%		70.6	%		75.4	%		80.8	%
Expense		30.0			30.9			37.7			40.5			31.3			32.6
Combined		106.2	%		113.9	%		109.1	%		111.1	%		106.7	%		113.4	%
Premiums Written as a % of Total		82.9	%		82.5	%		17.1	%		17.5	%		100.0	%		100.0	%

RESULTS EXCLUDING THE IMPACT OF THE SEPTEMBER 11, 2001 ATTACK:

Net Premiums Written	$5,714.5		$1,217.0		$	6,931.5
Net Premiums Earned	$5,468.8		$1,157.6		$	6,626.4
Net Losses Incurred	$3,917.2		$   775.2		$	4,692.4
Underwriting Income (Loss)	$  (244.3	)	$  (111.0	)	$	(355.3	)
Combined Ratio	103.1	%	107.5	%		103.9	%

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