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) July 26, 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))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1: PRESS RELEASE
EX-99.2: SUPPLEMENTARY INVESTOR INFORMATION REPORT

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 July 26, 2005, The Chubb Corporation (Chubb) issued a press release announcing its results for the quarter ended June 30, 2005. On July 26, 2005, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2005 second quarter results. Copies of the press release and the SIIR are attached to this Form 8-K as Exhibits 99.1 and 99.2, respectively. In its earnings release, the SIIR and in the conference call to discuss its 2005 second quarter results, scheduled to be webcast at 5:00 P.M. on July 26, 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 and the SIIR furnished as Exhibits 99.1 and 99.2, 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 July 26, 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)

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:	July 26, 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 JULY 26, 2005

Exhibit No.		Description
	99.1	Press release dated July 26, 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)

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 Second Quarter Net Income of $496 Million or $2.45 per Share;

Operating Income per Share Increases 29% to a Record $2.28;

2005 Operating Income per Share Guidance Is Raised to Range of $8.30 to $8.70

     WARREN, New Jersey, July 26, 2005 - The Chubb Corporation [NYSE: CB], a leading global property and casualty insurer, today reported that net income in the second quarter of 2005 was $496 million, a 39% increase over net income of $356 million in the second quarter of 2004. Net income per share increased 32% to $2.45 from $1.85.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased 35% in the second quarter of 2005 to $461 million from $341 million in the second quarter of 2004. Operating income per share grew 29% to a record $2.28 from $1.77.

     Net written premiums for the second quarter increased 6% to $3.1 billion. Premiums for the insurance business grew 8%: up 7% in the U.S. and 13% outside the U.S. (8% in local currencies). Premiums for the reinsurance assumed business (Chubb Re) declined 14%.

     The combined loss and expense ratio for the second quarter was 88.3%, compared to 92.8% in the second quarter of 2004. Catastrophe losses for the 2005 second quarter were $21 million, accounting for 0.7 percentage points of the combined ratio. In the second quarter of 2004, catastrophe losses (excluding the release of $80 million of net reserves for losses related to the September 11, 2001 attack on the World Trade Center) were $46 million, representing 1.6 percentage points of the combined ratio. The expense ratio improved to 28.0% from 29.5%.

2

Property and casualty investment income after taxes for the second quarter increased 12% to $261 million from $232 million in 2004.

     “Chubb’s outstanding second quarter results in personal insurance, commercial insurance and assumed reinsurance, coupled with the improvement in specialty insurance, are especially noteworthy in that they were achieved in a more competitive market environment,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “This performance demonstrates the kind of results Chubb can achieve when we focus on our core businesses and execute our disciplined underwriting strategies.”

Six Month Results

     For the first six months of 2005, net income was $965 million or $4.82 per share, compared with $717 million or $3.73 per share for the first half of 2004. Operating income totaled a record $902 million or $4.50 per share for the first half of 2005, compared with $649 million or $3.38 per share for the first half of 2004.

     Net written premiums for the first six months increased 4% to $6.2 billion. Premiums for the insurance business grew 5%: up 4% in the U.S. and 10% outside the U.S. (5% in local currencies). Premiums for the reinsurance assumed business (Chubb Re) declined 13%.

     The combined ratio for the first half was 88.9% in 2005 and 92.7% in 2004. Catastrophe losses for the first half of 2005 were $41 million, accounting for 0.7 percentage points of the combined ratio. In the first half of 2004, catastrophe losses (excluding the aforementioned September 11 reserve release) were $142 million, representing 2.5 percentage points of the combined ratio. The first half expense ratio improved to 28.4% from 29.8%.

     Property and casualty investment income after taxes increased 13% to $514 million in the first half of 2005 from $454 million in the corresponding period a year earlier.

Outlook for 2005

     “In light of our strong first half results and our positive outlook for the second half, we are raising guidance for full year 2005 operating earnings per share to a range of $8.30 to $8.70,” said Mr. Finnegan. The revised operating income guidance assumes 2 percentage points of catastrophe losses for the year. The company’s previous guidance, provided on February 1, 2005, was $7.60 to $8.00 per share and assumed 3 percentage points of catastrophe losses for the year.

3

     Mr. Finnegan said the revised 2005 operating income guidance assumes:

• Net written premium growth for the full year of 1% to 4%, based on growth of 6% to 8% for Chubb Personal Insurance (CPI), 2% to 4% for Chubb Commercial Insurance (CCI) and 4% to 6% for Chubb Specialty Insurance (CSI), and a decline of 20% to 25% in Reinsurance Assumed premiums;

• A combined ratio between 89% and 91% for the year, based on a combined ratio of 85% to 87% for CPI, 86% to 88% for CCI; 98% to 100% for CSI; and 92% to 94% for Reinsurance Assumed; and

• Growth of property and casualty investment income after taxes of 9% to 11% for the year.

Second Quarter Operations Review

     Chubb Personal Insurance net written premiums grew 8% to $871 million. CPI’s combined ratio improved to 81.0% from 89.6% in the second quarter of 2004, driven primarily by excellent results in Homeowners insurance. Catastrophe losses accounted for 1.5 percentage points of the second quarter combined ratio in 2005, compared with 4.9 points in 2004.

     The Homeowners line grew 10%. The combined ratio was 73.7%, which included 2.5 percentage points of catastrophe losses. Personal Automobile grew 3% and had a combined ratio of 95.2%, while Other Personal grew 7% and had a combined ratio of 91.6%.

     Chubb Commercial Insurance net written premiums grew 6% to $1.3 billion. The combined ratio was 86.7%, compared to 73.6% in the corresponding quarter of 2004. Excluding the $80 million September 11 net reserve release, CCI’s combined ratio in the second quarter of 2004 was 80.5%. Second quarter catastrophe losses accounted for 0.9 percentage points of the combined ratio in 2005 and 0.8 points in 2004 excluding the September 11 reserve release.

     Average renewal rates in the U.S. were down 1% for CCI, which 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 1.2-to-1 margin.

     Chubb Specialty Insurance net written premiums grew 12% to $743 million. The combined ratio was 98.3%, compared with 128.6% in the second quarter of 2004.

4

     Professional Liability (PL) net written premiums grew 12%, attributable largely to the company’s decision not to renew a reinsurance treaty. PL had a combined ratio of 101.4%, compared with 134.1% in the second quarter of 2004. The 2004 results included $160 million of net reserve strengthening for errors & omissions losses related to investment banks. Average renewal rates in the U.S. for PL were down 2%, and the renewal retention rate was 89%. In the U.S., premiums from new accounts exceeded lost business by a 1.9-to-1 margin.

     Surety premiums were up 13%, and the combined ratio was 54.2%.

     Reinsurance Assumed (Chubb Re) net written premiums declined 14% to $230 million. The combined ratio improved to 91.3% from 95.1% in the second quarter of 2004.

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

     Chubb’s senior management will discuss the company’s second quarter performance with analysts today, July 26, at 5:00 P.M. Eastern Daylight Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the 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 http://www.chubb.com.

     All financial results in this release and attachments are unaudited. Segment information for 2004 reflects the business unit realignment announced in February 2005.

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

5

Definitions of Key Terms

Operating Income

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

Underwriting Income (Loss)

Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Property and Casualty Investment Income After Income Tax

Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax-exempt securities and is therefore more meaningful for analysis purposes than investment income before income tax.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost

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

Combined Loss and Expense Ratio or Combined Ratio

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

6

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;

7

• 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.

8

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Periods Ended June 30
	Second Quarter						Six Months
	2005			2004			2005			2004
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	3,112.5		$	2,929.6		$	6,168.7		$	5,947.0
Increase in Unearned Premiums		(94.0	)		(68.0	)		(115.1	)		(291.4	)
Premiums Earned		3,018.5			2,861.6			6,053.6			5,655.6
Losses and Loss Expenses		1,818.9			1,805.9			3,653.9			3,546.5
Operating Costs and Expenses		869.2			863.3			1,748.2			1,770.6
Increase in Deferred Policy Acquisition Costs		(4.0	)		(9.8	)		(9.0	)		(49.4	)
Dividends to Policyholders		4.9			7.2			11.8			14.5
Underwriting Income		329.5			195.0			648.7			373.4
Investments
Investment Income Before Expenses		331.8			296.8			652.9			580.8
Investment Expenses		6.7			5.8			14.4			12.1
Investment Income		325.1			291.0			638.5			568.7
Other Income (Charges)		1.0			(1.5	)		(2.2	)		(2.5	)
Property and Casualty Income		655.6			484.5			1,285.0			939.6
CHUBB FINANCIAL SOLUTIONS NON-INSURANCE BUSINESS		(.7	)		(2.9	)		(.7	)		(17.2	)
CORPORATE AND OTHER		(23.4	)		(32.0	)		(85.9	)		(64.7	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		631.5			449.6			1,198.4			857.7
Federal and Foreign Income Tax		170.1			108.6			296.6			208.6
CONSOLIDATED OPERATING INCOME		461.4			341.0			901.8			649.1
REALIZED INVESTMENT GAINS AFTER INCOME TAX		34.1			15.1			63.3			67.7
CONSOLIDATED NET INCOME	$	495.5		$	356.1		$	965.1		$	716.8
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	261.3		$	232.4		$	513.5		$	454.2

9

	Periods Ended June 30
	Second Quarter						Six Months
	2005			2004			2005			2004
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		202.3			192.5			200.4			192.1
Actual Common Shares at End of Period		198.3			191.0			198.3			191.0
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	2.28		$	1.77		$	4.50		$	3.38
Realized Investment Gains		.17			.08			.32			.35
Net Income	$	2.45		$	1.85		$	4.82		$	3.73
Effect of Catastrophe Losses
September 11 Attack	$	—		$	.27		$	—		$	.27
All Other		(.07	)		(.15	)		(.13	)		(.48	)
Total	$	(.07	)	$	.12		$	(.13	)	$	(.21	)
Effect of Chubb Financial
Solutions Non-Insurance Business	$	—		$	(.01	)	$	—		$	(.06	)

	June 30		Dec. 31		June 30
	2005		2004		2004
BOOK VALUE PER COMMON SHARE	$	56.77	$	52.55	$	46.61
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		54.04		49.83		45.57

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED JUNE 30

	Second Quarter						Six Months
	2005			2004			2005			2004
Losses and Loss Expenses to Premiums Earned		60.3	%		63.3	%		60.5	%		62.9	%
Expenses to Premiums Written		28.0			29.5			28.4			29.8
Combined Loss and Expense Ratio		88.3	%		92.8	%		88.9	%		92.7	%
Effect of Catastrophe Losses (Other Than Those from the September 11 Attack) on Combined Loss and Expense Ratio		.7	%		1.6	%		.7	%		2.5	%

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

	Second Quarter				Six Months
	2005		2004		2005		2004
	(in millions)
Paid Losses and Loss Expenses	$	1,543.4	$	1,380.6	$	2,867.9	$	2,607.9
Increase in Unpaid Losses and Loss Expenses		275.5		425.3		786.0		938.6
Total Losses and Loss Expenses	$	1,818.9	$	1,805.9	$	3,653.9	$	3,546.5

10

PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2005		2004		(Decrease)			2005			2004
	(in millions)
SIX MONTHS ENDED JUNE 30
Personal Insurance
Automobile	$	316.8	$	310.4		2	%		95.3	%		95.0	%
Homeowners		1,019.8		928.9		10			76.9			94.6
Other		290.1		286.1		1			89.1			87.6
Total Personal		1,626.7		1,525.4		7			82.7			93.4
Commercial Insurance
Multiple Peril		640.9		649.0		(1	)		82.8			72.3
Casualty		909.9		857.0		6			97.3			83.6
Workers’ Compensation		496.2		469.1		6			84.9			90.4
Property and Marine		586.4		557.3		5			70.8			69.4
Total Commercial		2,633.4		2,532.4		4			85.3			78.2
Specialty Insurance
Professional Liability		1,337.5		1,260.3		6			101.5			120.6
Surety		104.7		94.4		11			101.3			48.2
Total Specialty		1,442.2		1,354.7		6			101.6			116.1
Total Insurance		5,702.3		5,412.5		5			88.8			92.6
Reinsurance Assumed		466.4		534.5		(13	)		89.6			94.1
Total	$	6,168.7	$	5,947.0		4			88.9	%		92.7	%

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.

11

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2005		2004		(Decrease)			2005			2004
	(in millions)
QUARTER ENDED JUNE 30
Personal Insurance
Automobile	$	171.0	$	165.8		3	%		95.2	%		94.1	%
Homeowners		567.9		516.1		10			73.7			87.3
Other		132.3		124.0		7			91.6			92.6
Total Personal		871.2		805.9		8			81.0			89.6
Commercial Insurance
Multiple Peril		304.5		313.6		(3	)		83.3			59.6
Casualty		457.7		412.0		11			100.9			82.2
Workers’ Compensation		218.8		195.7		12			84.1			93.2
Property and Marine		287.0		270.9		6			71.3			63.4
Total Commercial		1,268.0		1,192.2		6			86.7			73.6
Specialty Insurance
Professional Liability		691.5		619.6		12			101.4			134.1
Surety		51.5		45.5		13			54.2			50.1
Total Specialty		743.0		665.1		12			98.3			128.6
Total Insurance		2,882.2		2,663.2		8			88.1			92.6
Reinsurance Assumed		230.3		266.4		(14	)		91.3			95.1
Total	$	3,112.5	$	2,929.6		6			88.3	%		92.8	%

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	June 30, 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 second quarter of 2004 and the six months ended June 30, 2004 presented herein have been reclassified to conform to the new reporting format.

THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
JUNE 30, 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 - Year-To-Date		5-9
Underwriting Results - Quarterly		10-14
Definitions of Key Terms		15

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	June 30			Dec. 31
	2005			2004
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	1,461.8		$	1,307.5
Fixed Maturities
Tax Exempt		15,315.0			14,388.5
Taxable		14,089.4			13,620.8
Equity Securities		2,075.5			1,841.3
Total Invested Assets	$	32,941.7		$	31,158.1
Unrealized Appreciation of Fixed Maturities Carried at Amortized Cost	$	15.4		$	21.1
Capitalization
Long Term Debt	$	2,813.4		$	2,813.7
Shareholders’ Equity		11,258.0			10,126.4
Total Capitalization	$	14,071.4		$	12,940.1
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		20.0	%		21.7	%
Actual Common Shares Outstanding		198.3			192.7
Book Value Per Common Share	$	56.77		$	52.55
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	54.04		$	49.83

Page 1 of 15

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	June 30		Dec. 31		June 30		Dec. 31		June 30		Dec. 31
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	629.0	$	219.8	$	629.0	$	219.8	$	629.0	$	219.8
Taxable Fixed Maturities		1,165.2		1,098.5		1,168.7		1,108.7		1,168.7		1,108.7
Equity Securities		4.7		4.7		7.4		7.3		7.4		7.3
TOTAL	$	1,798.9	$	1,323.0	$	1,805.1	$	1,335.8	$	1,805.1	$	1,335.8

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	June 30		Dec. 31		June 30		Dec. 31		June 30		Dec. 31
	2005		2004		2005		2004		2005		2004
	(in millions)
Short Term Investments	$	832.8	$	1,087.7	$	832.8	$	1,087.7	$	832.8	$	1,087.7
Fixed Maturities
Tax Exempt		14,762.2		13,839.8		15,330.4		14,409.6		15,315.0		14,388.5
Taxable		12,644.6		12,264.2		12,920.7		12,512.1		12,920.7		12,512.1
Common Stocks		1,846.4		1,645.7		2,010.8		1,791.3		2,010.8		1,791.3
Preferred Stocks		52.3		36.9		57.3		42.7		57.3		42.7
TOTAL	$	30,138.3	$	28,874.3	$	31,152.0	$	29,843.4	$	31,136.6	$	29,822.3

Page 2 of 15

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED JUNE 30
	SECOND QUARTER						SIX MONTHS
	2005			2004			2005			2004
	(in millions)
CORPORATE INVESTMENT INCOME	$	10.8		$	7.5		$	18.9		$	14.7
PROPERTY AND CASUALTY INVESTMENT INCOME
(Amounts are shown net of applicable income taxes)
Dividends	$	9.4		$	8.9		$	21.0		$	15.5
Taxable Interest		102.6			90.6			198.8			180.6
Tax Exempt Interest		153.6			136.6			303.0			265.9
Investment Expenses		(4.3	)		(3.7	)		(9.3	)		(7.8	)
TOTAL	$	261.3		$	232.4		$	513.5		$	454.2
Effective Tax Rate		19.6	%		20.1	%		19.6	%		20.1	%
After Tax Annualized Yield		3.47	%		3.55	%		3.45	%		3.54	%

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.

PROPERTY AND CASUALTY STATUTORY POLICYHOLDERS’ SURPLUS

	June 30		Dec. 31		June 30
	2005		2004		2004
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	8,600	$	7,848	$	7,000
Rolling Year Statutory Net Premiums Written		12,214		12,005		11,728
Ratio of Statutory Net Premiums Written to Estimated Policyholders’ Surplus		1.42:1		1.53:1		1.68:1

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

Page 3 of 15

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
SIX MONTHS ENDED June 30, 2005

											All Other
	Net Unpaid Losses							IBNR			Unpaid Losses
					Increase			Increase			Increase
	6/30/05		12/31/04		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	407.0	$	378.4	$	28.6		$	9.3		$	19.3
Homeowners		662.9		679.6		(16.7	)		3.3			(20.0	)
Other		546.1		521.3		24.8			9.2			15.6
Total Personal		1,616.0		1,579.3		36.7			21.8			14.9
Commercial Insurance
Multiple Peril		1,510.9		1,469.8		41.1			36.9			4.2
Casualty		4,629.3		4,405.9		223.4			173.2			50.2
Workers’ Compensation		1,419.4		1,311.2		108.2			98.5			9.7
Property and Marine		580.7		617.3		(36.6	)		(33.0	)		(3.6	)
Total Commercial		8,140.3		7,804.2		336.1			275.6			60.5
Specialty Insurance
Professional Liability		6,488.1		6,188.2		299.9			253.9			46.0
Surety		97.3		88.2		9.1			(2.1	)		11.2
Total Specialty		6,585.4		6,276.4		309.0			251.8			57.2
Total Insurance		16,341.7		15,659.9		681.8			549.2			132.6
Reinsurance Assumed		1,253.0		1,148.8		104.2			75.5			28.7
Total	$	17,594.7	$	16,808.7	$	786.0		$	624.7		$	161.3

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 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	316.8		$	310.4		$	1,019.8		$	928.9		$	290.1		$	286.1		$	1,626.7		$	1,525.4
Increase (Decrease) in Unearned Premiums		4.2			10.8			16.6			14.5			11.7			22.9			32.5			48.2
Net Premiums Earned		312.6			299.6			1,003.2			914.4			278.4			263.2			1,594.2			1,477.2
Net Losses Paid		186.4			180.2			477.3			493.1			142.2			127.8			805.9			801.1
Increase (Decrease) in Outstanding Losses		28.6			22.3			(16.7	)		67.6			24.8			22.0			36.7			111.9
Net Losses Incurred		215.0			202.5			460.6			560.7			167.0			149.8			842.6			913.0
Expenses Incurred		84.0			85.2			316.3			309.5			84.4			87.7			484.7			482.4
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	13.6		$	11.9		$	226.3		$	44.2		$	27.0		$	25.7		$	266.9		$	81.8
Ratios After Dividends to Policyholders:
Loss		68.8	%		67.6	%		45.9	%		61.3	%		60.0	%		57.0	%		52.9	%		61.8	%
Expense		26.5			27.4			31.0			33.3			29.1			30.6			29.8			31.6
Combined		95.3	%		95.0	%		76.9	%		94.6	%		89.1	%		87.6	%		82.7	%		93.4	%
Premiums Written as a % of Total		5.1	%		5.2	%		16.5	%		15.6	%		4.7	%		4.8	%		26.3	%		25.6	%

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

Page 5 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 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	$	640.9		$	649.0		$	909.9		$	857.0		$	496.2		$	469.1		$	586.4		$	557.3		$	2,633.4		$	2,532.4
Increase (Decrease) in Unearned Premiums		(17.8	)		30.5			50.8			89.5			42.4			67.1			33.4			22.3			108.8			209.4
Net Premiums Earned		658.7			618.5			859.1			767.5			453.8			402.0			553.0			535.0			2,524.6			2,323.0
Net Losses Paid		288.1			268.9			390.4			444.6			172.0			158.9			240.2			232.7			1,090.7			1,105.1
Increase (Decrease) in Outstanding Losses		41.1			(33.1	)		223.4			(10.9	)		108.2			105.5			(36.6	)		(52.3	)		336.1			9.2
Net Losses Incurred		329.2			235.8			613.8			433.7			280.2			264.4			203.6			180.4			1,426.8			1,114.3
Expenses Incurred		210.1			221.5			235.4			232.1			104.8			101.8			199.0			198.8			749.3			754.2
Dividends Incurred		—			—			—			—			11.1			13.4			—			—			11.1			13.4
Statutory Underwriting Income (Loss)	$	119.4		$	161.2		$	9.9		$	101.7		$	57.7		$	22.4		$	150.4		$	155.8		$	337.4		$	441.1
Ratios After Dividends to Policyholders:
Loss		50.0	%		38.1	%		71.4	%		56.5	%		63.3	%		68.0	%		36.8	%		33.7	%		56.8	%		48.3	%
Expense		32.8			34.2			25.9			27.1			21.6			22.4			34.0			35.7			28.5			29.9
Combined		82.8	%		72.3	%		97.3	%		83.6	%		84.9	%		90.4	%		70.8	%		69.4	%		85.3	%		78.2	%
Premiums Written as a % of Total		10.4	%		10.9	%		14.8	%		14.4	%		8.0	%		7.9	%		9.5	%		9.4	%		42.7	%		42.6	%

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

Page 6 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	1,337.5		$	1,260.3		$	104.7		$	94.4		$	1,442.2		$	1,354.7
Increase (Decrease) in Unearned Premiums		(19.8	)		(5.8	)		13.1			8.0			(6.7	)		2.2
Net Premiums Earned		1,357.3			1,266.1			91.6			86.4			1,448.9			1,352.5
Net Losses Paid		760.5			595.4			47.8			2.5			808.3			597.9
Increase (Decrease) in Outstanding Losses		299.9			603.0			9.1			5.4			309.0			608.4
Net Losses Incurred		1,060.4			1,198.4			56.9			7.9			1,117.3			1,206.3
Expenses Incurred		312.5			327.5			40.2			36.3			352.7			363.8
Dividends Incurred		—			—			0.7			1.1			0.7			1.1
Statutory Underwriting Income (Loss)	$	(15.6	)	$	(259.8	)	$	(6.2	)	$	41.1		$	(21.8	)	$	(218.7	)
Ratios After Dividends to Policyholders:
Loss		78.1	%		94.6	%		62.6	%		9.3	%		77.1	%		89.2	%
Expense		23.4			26.0			38.7			38.9			24.5			26.9
Combined		101.5	%		120.6	%		101.3	%		48.2	%		101.6	%		116.1	%
Premiums Written as a % of Total		21.7	%		21.2	%		1.7	%		1.6	%		23.4	%		22.8	%

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

Page 7 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	5,702.3		$	5,412.5		$	466.4		$	534.5		$	6,168.7		$	5,947.0
Increase (Decrease) in Unearned Premiums		134.6			259.8			(19.5	)		31.6			115.1			291.4
Net Premiums Earned		5,567.7			5,152.7			485.9			502.9			6,053.6			5,655.6
Net Losses Paid		2,704.9			2,504.1			163.0			103.8			2,867.9			2,607.9
Increase (Decrease) in Outstanding Losses		681.8			729.5			104.2			209.1			786.0			938.6
Net Losses Incurred		3,386.7			3,233.6			267.2			312.9			3,653.9			3,546.5
Expenses Incurred		1,586.7			1,600.4			161.5			170.2			1,748.2			1,770.6
Dividends Incurred		11.8			14.5			—			—			11.8			14.5
Statutory Underwriting Income (Loss)	$	582.5		$	304.2		$	57.2		$	19.8			639.7			324.0
Increase in Deferred Acquisition Costs														9.0			49.4
GAAP Underwriting Income													$	648.7		$	373.4
Ratios After Dividends to Policyholders:
Loss		60.9	%		62.9	%		55.0	%		62.2	%		60.5	%		62.9	%
Expense		27.9			29.7			34.6			31.9			28.4			29.8
Combined		88.8	%		92.6	%		89.6	%		94.1	%		88.9	%		92.7	%
Premiums Written as a % of Total		92.4	%		91.0	%		7.6	%		9.0	%		100.0	%		100.0	%

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

Page 8 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	4,939.0		$	4,826.2		$	1,229.7		$	1,120.8		$	6,168.7		$	5,947.0
Increase (Decrease) in Unearned Premiums		24.9			188.0			90.2			103.4			115.1			291.4
Net Premiums Earned		4,914.1			4,638.2			1,139.5			1,017.4			6,053.6			5,655.6
Net Losses Paid		2,368.8			2,247.8			499.1			360.1			2,867.9			2,607.9
Increase (Decrease) in Outstanding Losses		656.4			710.3			129.6			228.3			786.0			938.6
Net Losses Incurred		3,025.2			2,958.1			628.7			588.4			3,653.9			3,546.5
Expenses Incurred		1,347.7			1,389.2			400.5			381.4			1,748.2			1,770.6
Dividends Incurred		11.8			14.5			—			—			11.8			14.5
Statutory Underwriting Income (Loss)	$	529.4		$	276.4		$	110.3		$	47.6			639.7			324.0
Increase in Deferred Acquisition Costs														9.0			49.4
GAAP Underwriting Income													$	648.7		$	373.4
Ratios After Dividends to Policyholders:
Loss		61.7	%		64.0	%		55.2	%		57.8	%		60.5	%		62.9	%
Expense		27.4			28.9			32.6			34.0			28.4			29.8
Combined		89.1	%		92.9	%		87.8	%		91.8	%		88.9	%		92.7	%
Premiums Written as a % of Total		80.1	%		81.2	%		19.9	%		18.8	%		100.0	%		100.0	%

Page 9 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2005			2004			2005			2004			2005			2004			2005			2004
Net Premiums Written	$	171.0		$	165.8		$	567.9		$	516.1		$	132.3		$	124.0		$	871.2		$	805.9
Increase (Decrease) in Unearned Premiums		14.9			16.3			61.8			53.8			(6.9	)		(5.9	)		69.8			64.2
Net Premiums Earned		156.1			149.5			506.1			462.3			139.2			129.9			801.4			741.7
Net Losses Paid		92.2			85.0			226.1			254.2			88.8			67.3			407.1			406.5
Increase (Decrease) in Outstanding Losses		17.0			16.3			(4.0	)		4.3			(3.3	)		10.4			9.7			31.0
Net Losses Incurred		109.2			101.3			222.1			258.5			85.5			77.7			416.8			437.5
Expenses Incurred		43.1			43.6			169.1			162.1			39.9			40.7			252.1			246.4
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	3.8		$	4.6		$	114.9		$	41.7		$	13.8		$	11.5		$	132.5		$	57.8
Ratios After Dividends to Policyholders:
Loss		70.0	%		67.8	%		43.9	%		55.9	%		61.4	%		59.8	%		52.0	%		59.0	%
Expense		25.2			26.3			29.8			31.4			30.2			32.8			29.0			30.6
Combined		95.2	%		94.1	%		73.7	%		87.3	%		91.6	%		92.6	%		81.0	%		89.6	%
Premiums Written as a % of Total		5.5	%		5.6	%		18.2	%		17.6	%		4.3	%		4.3	%		28.0	%		27.5	%

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

Page 10 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 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	$	304.5		$	313.6		$	457.7		$	412.0		$	218.8		$	195.7		$	287.0		$	270.9		$	1,268.0		$	1,192.2
Increase (Decrease) in Unearned Premiums		(22.8	)		1.8			25.0			20.2			(6.4	)		(7.4	)		4.8			(0.4	)		0.6			14.2
Net Premiums Earned		327.3			311.8			432.7			391.8			225.2			203.1			282.2			271.3			1,267.4			1,178.0
Net Losses Paid		131.7			142.0			240.3			266.5			92.0			86.3			134.3			125.2			598.3			620.0
Increase (Decrease) in Outstanding Losses		33.3			(62.1	)		88.6			(46.6	)		41.7			46.4			(23.8	)		(46.7	)		139.8			(109.0	)
Net Losses Incurred		165.0			79.9			328.9			219.9			133.7			132.7			110.5			78.5			738.1			511.0
Expenses Incurred		100.2			106.4			114.0			107.4			50.1			48.4			92.1			93.3			356.4			355.5
Dividends Incurred		—			—			—			—			4.8			6.8			—			—			4.8			6.8
Statutory Underwriting Income (Loss)	$	62.1		$	125.5		$	(10.2	)	$	64.5		$	36.6		$	15.2		$	79.6		$	99.5		$	168.1		$	304.7
Ratios After Dividends to Policyholders:
Loss		50.4	%		25.6	%		76.0	%		56.1	%		60.7	%		67.6	%		39.2	%		28.9	%		58.5	%		43.6	%
Expense		32.9			34.0			24.9			26.1			23.4			25.6			32.1			34.5			28.2			30.0
Combined		83.3	%		59.6	%		100.9	%		82.2	%		84.1	%		93.2	%		71.3	%		63.4	%		86.7	%		73.6	%
Premiums Written as a % of Total		9.8	%		10.7	%		14.7	%		14.1	%		7.0	%		6.7	%		9.2	%		9.2	%		40.7	%		40.7	%

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

Page 11 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Professional												Total
	Liability						Surety						Specialty
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	691.5		$	619.6		$	51.5		$	45.5		$	743.0		$	665.1
Increase (Decrease) in Unearned Premiums		12.6			(11.0	)		3.4			0.9			16.0			(10.1	)
Net Premiums Earned		678.9			630.6			48.1			44.6			727.0			675.2
Net Losses Paid		434.7			303.7			29.8			2.2			464.5			305.9
Increase (Decrease) in Outstanding Losses		100.1			383.4			(23.1	)		3.1			77.0			386.5
Net Losses Incurred		534.8			687.1			6.7			5.3			541.5			692.4
Expenses Incurred		156.5			155.7			20.7			17.2			177.2			172.9
Dividends Incurred		—			—			0.1			0.4			0.1			0.4
Statutory Underwriting Income (Loss)	$	(12.4	)	$	(212.2	)	$	20.6		$	21.7		$	8.2		$	(190.5	)
Ratios After Dividends to Policyholders:
Loss		78.8	%		109.0	%		13.9	%		12.0	%		74.5	%		102.6	%
Expense		22.6			25.1			40.3			38.1			23.8			26.0
Combined		101.4	%		134.1	%		54.2	%		50.1	%		98.3	%		128.6	%
Premiums Written as a % of Total		22.2	%		21.1	%		1.7	%		1.6	%		23.9	%		22.7	%

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

Page 12 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,882.2		$	2,663.2		$	230.3		$	266.4		$	3,112.5		$	2,929.6
Increase (Decrease) in Unearned Premiums		86.4			68.3			7.6			(0.3	)		94.0			68.0
Net Premiums Earned		2,795.8			2,594.9			222.7			266.7			3,018.5			2,861.6
Net Losses Paid		1,469.9			1,332.4			73.5			48.2			1,543.4			1,380.6
Increase (Decrease) in Outstanding Losses		226.5			308.5			49.0			116.8			275.5			425.3
Net Losses Incurred		1,696.4			1,640.9			122.5			165.0			1,818.9			1,805.9
Expenses Incurred		785.7			774.8			83.5			88.5			869.2			863.3
Dividends Incurred		4.9			7.2			—			—			4.9			7.2
Statutory Underwriting Income (Loss)	$	308.8		$	172.0		$	16.7		$	13.2			325.5			185.2
Increase in Deferred Acquisition Costs														4.0			9.8
GAAP Underwriting Income													$	329.5		$	195.0
Ratios After Dividends to Policyholders:
Loss		60.8	%		63.4	%		55.0	%		61.9	%		60.3	%		63.3	%
Expense		27.3			29.2			36.3			33.2			28.0			29.5
Combined		88.1	%		92.6	%		91.3	%		95.1	%		88.3	%		92.8	%
Premiums Written as a % of Total		92.6	%		90.9	%		7.4	%		9.1	%		100.0	%		100.0	%

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

Page 13 of 15

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED JUNE 30, 2005 AND 2004
(MILLIONS OF DOLLARS)

													Worldwide
	United States						Foreign						Total
	2005			2004			2005			2004			2005			2004
Net Premiums Written	$	2,549.4		$	2,430.2		$	563.1		$	499.4		$	3,112.5		$	2,929.6
Increase (Decrease) in Unearned Premiums		101.1			69.3			(7.1	)		(1.3	)		94.0			68.0
Net Premiums Earned		2,448.3			2,360.9			570.2			500.7			3,018.5			2,861.6
Net Losses Paid		1,199.5			1,179.4			343.9			201.2			1,543.4			1,380.6
Increase (Decrease) in Outstanding Losses		300.9			323.6			(25.4	)		101.7			275.5			425.3
Net Losses Incurred		1,500.4			1,503.0			318.5			302.9			1,818.9			1,805.9
Expenses Incurred		691.4			699.0			177.8			164.3			869.2			863.3
Dividends Incurred		4.9			7.2			—			—			4.9			7.2
Statutory Underwriting Income (Loss)	$	251.6		$	151.7		$	73.9		$	33.5			325.5			185.2
Increase in Deferred Acquisition Costs														4.0			9.8
GAAP Underwriting Income													$	329.5		$	195.0
Ratios After Dividends to Policyholders:
Loss		61.4	%		63.9	%		55.9	%		60.5	%		60.3	%		63.3	%
Expense		27.2			28.8			31.6			32.9			28.0			29.5
Combined		88.6	%		92.7	%		87.5	%		93.4	%		88.3	%		92.8	%
Premiums Written as a % of Total		81.9	%		83.0	%		18.1	%		17.0	%		100.0	%		100.0	%

Page 14 of 15

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 applicable to property and casualty insurance companies differ in certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.

Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.

Property and Casualty Investment Income After Income Tax

Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax-exempt securities and is therefore more meaningful for analysis purposes than investment income before income taxes.

Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost

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

Combined Ratio or Combined Loss and Expense Ratio

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

Page 15 of 15