8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported)      October 23, 2007

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:

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

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

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

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

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index to Current Report on Form 8-K dated October 23, 2007

Press release dated October 23, 2007 (furnished pursuant to Item 2.02 of Form 8-K)

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

 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 Item 2.02 of Form 8-K. On October 23, 2007, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended September 30, 2007. On October 23, 2007, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2007 third quarter results. Copies of the press release and the SIIR, both of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are attached to this Form 8-K as Exhibits 99.1 and 99.2, respectively. In its press release, the SIIR and the conference call to discuss its 2007 third quarter results, scheduled to be webcast at 5:00 P.M. on October 23, 2007, Chubb presents, and will present, its results of operations in the manner that it believes is most meaningful to investors, which includes certain measures that are not based on accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press release dated October 23, 2007 (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: October 23, 2007	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 OCTOBER 23, 2007

Exhibit No.		Description
	99.1	Press release dated October 23, 2007 (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 Third Quarter Net Income per Share of $1.87;
Operating Income per Share Increases 23% to a Record $1.68;
Combined Ratio Improves to 81.6% from 85.5%;
2007 Operating Income per Share Guidance Is Raised To a Range of $6.05 to $6.15

     WARREN, New Jersey, October 23, 2007 — The Chubb Corporation [NYSE: CB] today reported that net income in the third quarter of 2007 was $738 million or $1.87 per share, compared to $604 million or $1.43 per share in the third quarter of 2006.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased to $662 million from $579 million in the third quarter of 2006. Operating income per share increased 23% to a record $1.68 from $1.37.

     Total net written premiums for the third quarter declined 2% to $2.9 billion. Net written premiums for the insurance business were flat — down 3% in the U.S. and up 12% outside the U.S. (4% in local currencies). Net written premiums for the reinsurance assumed business declined 65%, reflecting the impact of the Chubb Re-Harbor Point transaction completed in December 2005.

     The third quarter combined loss and expense ratio was 81.6% in 2007, compared to 85.5% in 2006. Catastrophe losses accounted for 2.0 percentage points of the combined ratio in the third quarter of 2007 compared to 1.5 points in the third quarter of 2006. The expense ratio for the third quarter was 29.8% in 2007 and 28.6% in 2006.

     Property and casualty investment income after taxes for the third quarter increased 10% to $324 million in 2007 from $295 million in 2006.

     During the third quarter, Chubb repurchased 10,193,239 shares of its common stock at a total cost of $519 million. As of September 30, 2007, there were 7,926,122 shares of common stock available for repurchase under the current authorization.

2

Nine-Month Results

     For the first nine months of 2007, net income was $2.2 billion or $5.33 per share, compared with $1.9 billion or $4.43 per share for the first nine months of 2006. Operating income for the first nine months of 2007 totaled a record $1.9 billion or $4.81 per share, compared with $1.8 billion or $4.14 per share for the first nine months of 2006.

     Total net written premiums for the first nine months declined 2% to $8.9 billion. Net written premiums for the insurance business increased 1% — down 1% in the U.S. and up 8% outside the U.S. (2% in local currencies). Net written premiums for the reinsurance assumed business declined 70%.

     The combined loss and expense ratio for the first nine months was 82.6% in 2007, compared to 84.5% in 2006. The impact of catastrophes accounted for 2.8 percentage points of the combined ratio in the first nine months of 2007 compared to 1.4 points in the first nine months of 2006. The expense ratio for the first nine months was 29.9% in 2007 and 28.7% in 2006.

     Property and casualty investment income after taxes for the first nine months increased 9% to $942 million in 2007 from $862 million in 2006.

     During the first nine months, Chubb repurchased 31,919,816 shares of its common stock at a total cost of $1.7 billion.

Revised Guidance

     “Chubb’s record third quarter operating income reflects our continued emphasis on underwriting excellence, which resulted in a record-low combined ratio with outstanding profit contributions from each of our three business units,” said John D. Finnegan, Chairman, President and Chief Executive Officer.

     “Based on our outstanding results for the first nine months and outlook for the fourth quarter, we are increasing our 2007 calendar year operating income per share guidance to a range of $6.05 to $6.15 from the $5.70 to $6.10 range we provided in July,” said Mr. Finnegan.

     “This revised guidance continues to assume 4 percentage points of catastrophe losses for the year,” said Mr. Finnegan. “Since the impact of catastrophe losses in the first nine months was only 2.8 points, this implies 7.7 points of catastrophe losses in the fourth quarter, which is substantially higher than our historic fourth-quarter average. However, given the uncertain impact of the California wildfires, we decided to be conservative and maintain our catastrophe assumption for the year,” he said.

3

     “The strength of our operating performance is evidenced by the fact that despite the high level of assumed catastrophe losses, we are still projecting fourth-quarter operating income per share in the range of $1.24 to $1.34,” said Mr. Finnegan. The impact on operating income per share of each point of catastrophe losses in the fourth quarter is about five cents. Guidance and related assumptions are subject to the risks outlined in the company’s forward-looking information safe-harbor statement below.

Third Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums grew 7% in the third quarter to $977 million. CPI’s combined ratio for the quarter improved to 83.3% from 84.1% in the third quarter of 2006. Catastrophe losses for the quarter were 5.2 percentage points in 2007 and 4.1 points in 2006.

     Net written premiums for Homeowners grew 8%, and the combined ratio was 76.8%. Personal Automobile net written premiums declined 7%, and the combined ratio was 91.1%. Other Personal lines grew 22% and had a combined ratio of 99.0%.

     Chubb Commercial Insurance (CCI) net written premiums declined 3% in the third quarter to $1.2 billion. The combined ratio for the quarter improved to 84.4% in 2007 from 85.4% in 2006. Catastrophe losses accounted for 0.8 percentage points in the third quarter of 2007 and 0.7 points in the corresponding quarter of 2006.

     Average third quarter renewal rates in the U.S. were down 4% for CCI, which retained 84% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 0.8 to 1.

     Chubb Specialty Insurance (CSI) net written premiums declined 3% in the third quarter to $726 million. The combined ratio improved to 76.3% from 86.4% in the third quarter of 2006.

     Professional Liability (PL) net written premiums declined 4%, and the business had a combined ratio of 81.8%. Average third quarter renewal rates in the U.S. were down 6% for PL, which retained 88% of the U.S. premiums that came up for renewal. In the U.S., the ratio of new to lost business was 1.4 to 1.

     Surety net written premiums were up 3%, and the combined ratio was 30.8%.

4

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

     Chubb’s senior management will discuss the company’s third quarter performance with investors and analysts today, October 23, at 5 P.M. Eastern Daylight Time. The conference call will be webcast live on the Internet at http://www.chubb.com and archived later in the day for replay.

About Chubb

     Founded in 1882, the Chubb Group of Insurance Companies provide property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.

     Chubb’s Supplementary Investor Information Report has been posted on its Internet site at http://www.chubb.com.

     All financial results in this release and attachments are unaudited.

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

5

Definitions of Key Terms

Operating Income

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

Underwriting Income (Loss)

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

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

Property and Casualty Investment Income After Income Tax

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

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

Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at 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 are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding management’s 2007 operating income per share guidance and related assumptions. Forward looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on Chubb. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in Chubb’s public filings with the Securities and Exchange Commission and those associated with:

• global political conditions and the occurrence of terrorist attacks, including any nuclear, biological, chemical or radiological events;

• the effects of the outbreak or escalation of war or hostilities;

• premium pricing and profitability or growth estimates overall or by lines of business or geographic area, and related expectations with respect to the timing and terms of any required regulatory approvals;

• adverse changes in loss cost trends;

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

– developments in judicial decisions or regulatory or legislative actions relating to coverage and liability, in particular, for asbestos, toxic waste and other mass tort claims;

– development of new theories of liability;

– our estimates relating to ultimate asbestos liabilities;

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

– the effects of proposed asbestos liability legislation, including the impact of claims patterns arising from the possibility of legislation and those that may arise if legislation is not passed;

• the availability and cost of reinsurance coverage;

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

7

• the impact of economic factors on companies on whose behalf we have issued surety bonds, and in particular, on those companies that 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:

– claims and litigation arising out of stock option “backdating,” “spring loading” and other stock option grant practices by public companies;

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

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

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

– legislative or regulatory proposals or changes;

• the effects of changes in market practices in the U.S. property and casualty insurance industry, in particular contingent commissions and loss mitigation and finite reinsurance arrangements, arising from any legal or regulatory proceedings, related settlements and industry reform, including changes that have been announced and changes that may occur in the future;

• the impact of legislative and regulatory developments on our business, including those relating to terrorism and catastrophes;

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

• the ability of our subsidiaries to pay us dividends;

• general economic and market conditions including:

– changes in interest rates, market credit spreads and the performance of the financial markets;

– the effects of inflation;

– uncertainty in the housing and mortgage markets and its impact on the broader financial markets;

– 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; 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 September 30
	Third Quarter						Nine Months
	2007			2006			2007			2006
				(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,938		$	2,994		$	8,863		$	9,000
Decrease (Increase) in Unearned Premiums		40			(20	)		64			(37	)
Premiums Earned		2,978			2,974			8,927			8,963
Losses and Loss Expenses		1,541			1,687			4,693			4,984
Operating Costs and Expenses		874			854			2,649			2,580
Increase in Deferred Policy Acquisition Costs		(11	)		(11	)		(64	)		(40	)
Dividends to Policyholders		5			8			13			23
Underwriting Income		569			436			1,636			1,416
Investments
Investment Income Before Expenses		413			375			1,201			1,100
Investment Expenses		8			5			25			24
Investment Income		405			370			1,176			1,076
Other Income (Charges)		(1	)		—			3			6
Property and Casualty Income		973			806			2,815			2,498
CORPORATE AND OTHER		(43	)		(13	)		(108	)		(67	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		930			793			2,707			2,431
Federal and Foreign Income Tax		268			214			763			678
CONSOLIDATED OPERATING INCOME		662			579			1,944			1,753
REALIZED INVESTMENT GAINS AFTER INCOME TAX		76			25			213			121
CONSOLIDATED NET INCOME	$	738		$	604		$	2,157		$	1,874
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	324		$	295		$	942		$	862

9

				Periods Ended September 30
	Third Quarter						Nine Months
	2007			2006			2007			2006
OUTSTANDING SHARE DATA (in millions)
Average Common and Potentially Dilutive Shares		393.6			421.4			404.5			423.2
Actual Common Shares at End of Period		383.8			411.6			383.8			411.6
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.68		$	1.37		$	4.81		$	4.14
Realized Investment Gains		.19			.06			.52			.29
Net Income	$	1.87		$	1.43		$	5.33		$	4.43
Effect of Catastrophes	$	(.10	)	$	(.07	)	$	(.40	)	$	(.19	)

	Sept. 30		Dec. 31		Sept. 30
	2007		2006		2006
BOOK VALUE PER COMMON SHARE	$	37.12	$	33.71	$	32.95
BOOK VALUE PER COMMON SHARE, with Available-for-Sale Fixed Maturities at Amortized Cost		36.93		33.38		32.53

PROPERTY AND CASUALTY UNDERWRITING RATIOS
PERIODS ENDED SEPTEMBER 30

	Third Quarter						Nine Months
	2007			2006			2007			2006
Losses and Loss Expenses to Premiums Earned		51.8	%		56.9	%		52.7	%		55.8	%
Underwriting Expenses to Premiums Written		29.8			28.6			29.9			28.7
Combined Loss and Expense Ratio		81.6	%		85.5	%		82.6	%		84.5	%
Effect of Catastrophes on Combined Loss and Expense Ratio		2.0	%		1.5	%		2.8	%		1.4	%

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

	Third Quarter				Nine Months
	2007		2006		2007		2006
			(in millions)
Paid Losses and Loss Expenses	$	1,369	$	1,363	$	4,148	$	3,939
Increase in Unpaid Losses and Loss Expenses		172		324		545		1,045
Total Losses and Loss Expenses	$	1,541	$	1,687	$	4,693	$	4,984

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PROPERTY AND CASUALTY PRODUCT MIX

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2007		2006		(Decrease)			2007			2006
	(in millions)
NINE MONTHS ENDED SEPTEMBER 30
Personal Insurance
Automobile	$	472	$	511		(8	)%		89.6	%		89.6	%
Homeowners		1,831		1,706		7			77.2			74.3
Other		489		422		16			95.3			95.3
Total Personal		2,792		2,639		6			82.6			80.8
Commercial Insurance
Multiple Peril		926		968		(4	)		81.1			77.5
Casualty		1,300		1,303		—			95.1			94.7
Workers’ Compensation		686		694		(1	)		76.0			81.3
Property and Marine		909		898		1			85.4			73.6
Total Commercial		3,821		3,863		(1	)		85.9			83.2
Specialty Insurance
Professional Liability		1,893		1,942		(3	)		83.7			92.8
Surety		257		225		14			31.5			45.1
Total Specialty		2,150		2,167		(1	)		78.3			88.7
Total Insurance		8,763		8,669		1			83.0			84.0
Reinsurance Assumed		100		331		(70	)		*			*
Total	$	8,863	$	9,000		(2	)		82.6			84.5
QUARTERS ENDED SEPTEMBER 30
Personal Insurance
Automobile	$	161	$	174		(7	)%		91.1	%		93.1	%
Homeowners		657		609		8			76.8			76.6
Other		159		130		22			99.0			102.8
Total Personal		977		913		7			83.3			84.1
Commercial Insurance
Multiple Peril		313		323		(3	)		73.4			81.9
Casualty		403		408		(1	)		98.4			97.3
Workers’ Compensation		205		222		(8	)		79.4			81.2
Property and Marine		283		291		(3	)		79.5			74.3
Total Commercial		1,204		1,244		(3	)		84.4			85.4
Specialty Insurance
Professional Liability		647		671		(4	)		81.8			91.0
Surety		79		77		3			30.8			39.5
Total Specialty		726		748		(3	)		76.3			86.4
Total Insurance		2,907		2,905		—			82.1			85.3
Reinsurance Assumed		31		89		(65	)		*			*
Total	$	2,938	$	2,994		(2	)		81.6			85.5

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

EX-99.2

Exhibit 99.2

The	Supplementary	September 30, 2007
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
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
SEPTEMBER 30, 2007

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights	1
Share Repurchase Activity	2
Summary of Invested Assets:
Corporate	3
Property and Casualty	3
Investment Income After Taxes:
Corporate	4
Property and Casualty	4
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus	4
Change in Net Unpaid Losses	5
Underwriting Results — Year-To-Date	6-10
Underwriting Results — Quarterly	11-15
Definitions of Key Terms	16

THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS

	Sept. 30			Dec. 31
	2007			2006
	(in millions)
Invested Assets (at carrying value)
Short Term Investments	$	2,530		$	2,254
Fixed Maturities
Tax Exempt		18,571			17,748
Taxable		15,343			14,218
Equity Securities		2,208			1,957
Other Invested Assets		1,887			1,516
Total Invested Assets	$	40,539		$	37,693
Unrealized Appreciation of Fixed
Maturities Carried at Amortized Cost	$	6		$	7
Capitalization
Long Term Debt	$	4,135		$	2,466
Shareholders’ Equity		14,248			13,863
Total Capitalization	$	18,383		$	16,329
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION		22.5	%		15.1	%
Actual Common Shares Outstanding		383.8			411.3
Book Value Per Common Share	$	37.12		$	33.71
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	36.93		$	33.38

Page 1 of 16

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended September 30				From
	Third		Nine		December 2005
	Quarter		Months		to September 30,
	2007		2007		2007
Cost of Shares Repurchased		$519		$1,659		$3,051
Average Cost Per Share		$50.93		$51.97		$50.79
Shares Repurchased		10,193,239		31,919,816		60,073,878

In December 2005, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. No shares remain under the 2005 share repurchase authorization.

In December 2006, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation’s common stock. In March 2007, the Board of Directors authorized an increase of 20,000,000 shares to the authorization approved in December 2006. The authorization has no expiration date. As of September 30, 2007, 7,926,122 shares remained under the share repurchase authorization.

Page 2 of 16

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Sept. 30		Dec. 31		Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	1,343	$	793	$	1,343	$	793	$	1,343	$	793
Taxable Fixed Maturities		1,085		1,160		1,065		1,138		1,065		1,138
Equity Securities		289		289		494		416		494		416
TOTAL	$	2,717	$	2,242	$	2,902	$	2,347	$	2,902	$	2,347

PROPERTY AND CASUALTY

	Cost or				Market				Carrying
	Amortized Cost				Value				Value
	Sept. 30		Dec. 31		Sept. 30		Dec. 31		Sept. 30		Dec. 31
	2007		2006		2007		2006		2007		2006
	(in millions)
Short Term Investments	$	1,187	$	1,461	$	1,187	$	1,461	$	1,187	$	1,461
Fixed Maturities
Tax Exempt		18,354		17,449		18,577		17,755		18,571		17,748
Taxable		14,358		13,150		14,278		13,080		14,278		13,080
Common Stocks		1,412		1,235		1,687		1,502		1,687		1,502
Preferred Stocks		25		37		27		39		27		39
Other Invested Assets		1,887		1,516		1,887		1,516		1,887		1,516
TOTAL	$	37,223	$	34,848	$	37,643	$	35,353	$	37,637	$	35,346

Page 3 of 16

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	PERIODS ENDED SEPTEMBER 30
	THIRD QUARTER						NINE MONTHS
	2007			2006			2007			2006
	(in millions)
CORPORATE INVESTMENT INCOME	$	21		$	15		$	57		$	46
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	185		$	171		$	545		$	504
Taxable Interest		124			111			357			332
Other		20			16			56			42
Investment Expenses		(5	)		(3	)		(16	)		(16	)
TOTAL	$	324		$	295		$	942		$	862
Effective Tax Rate		20.0	%		20.3	%		19.9	%		19.9	%
After-Tax Annualized Yield		3.51	%		3.49	%		3.47	%		3.48	%

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

	Sept. 30		Dec. 31		Sept. 30
	2007		2006		2006
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	12,750	$	11,357	$	10,450
Rolling Year Statutory Net
Premiums Written	$	11,809	$	11,967	$	12,078
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.93:1		1.05:1		1.16:1

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

Page 4 of 16

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
NINE MONTHS ENDED SEPTEMBER 30, 2007

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	9/30/07		12/31/06		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	422	$	425	$	(3	)	$	13		$	(16	)
Homeowners		676		665		11			—			11
Other		718		657		61			79			(18	)
Total Personal		1,816		1,747		69			92			(23	)
Commercial Insurance
Multiple Peril		1,603		1,593		10			37			(27	)
Casualty		5,513		5,213		300			250			50
Workers’ Compensation		1,841		1,740		101			88			13
Property and Marine		706		678		28			13			15
Total Commercial		9,663		9,224		439			388			51
Specialty Insurance
Professional Liability		7,507		7,288		219			547			(328	)
Surety		57		59		(2	)		1			(3	)
Total Specialty		7,564		7,347		217			548			(331	)
Total Insurance		19,043		18,318		725			1,028			(303	)
Reinsurance Assumed		1,201		1,381		(180	)		(123	)		(57	)
Total	$	20,244	$	19,699	$	545		$	905		$	(360	)

Page 5 of 16

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

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	472		$	511		$	1,831		$	1,706		$	489		$	422		$	2,792		$	2,639
Increase (Decrease) in Unearned Premiums		(20	)		13			82			89			14			5			76			107
Net Premiums Earned		492			498			1,749			1,617			475			417			2,716			2,532
Net Losses Paid		304			294			786			745			237			227			1,327			1,266
Increase (Decrease) in Outstanding Losses		(3	)		13			11			(49	)		61			42			69			6
Net Losses Incurred		301			307			797			696			298			269			1,396			1,272
Expenses Incurred		134			143			579			533			159			130			872			806
Dividends Incurred		—			—			—			—			—			—			—			-
Statutory Underwriting Income	$	57		$	48		$	373		$	388		$	18		$	18		$	448		$	454
Ratios After Dividends to Policyholders:
Loss		61.2	%		61.6	%		45.6	%		43.1	%		62.8	%		64.5	%		51.4	%		50.2	%
Expense		28.4			28.0			31.6			31.2			32.5			30.8			31.2			30.6
Combined		89.6	%		89.6	%		77.2	%		74.3	%		95.3	%		95.3	%		82.6	%		80.8	%
Premiums Written as a % of Total		5.3	%		5.7	%		20.7	%		19.0	%		5.5	%		4.7	%		31.5	%		29.4	%

Page 6 of 16

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

													Commercial						Commercial
	Commercial						Commercial						Workers'						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2007			2006			2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	926		$	968		$	1,300		$	1,303		$	686		$	694		$	909		$	898		$	3,821		$	3,863
Increase (Decrease) in Unearned Premiums		(26	)		(1	)		4			1			2			15			5			43			(15	)		58
Net Premiums Earned		952			969			1,296			1,302			684			679			904			855			3,836			3,805
Net Losses Paid		431			376			568			550			256			247			425			420			1,680			1,593
Increase (Decrease) in Outstanding Losses		10			53			300			336			101			145			28			(63	)		439			471
Net Losses Incurred		441			429			868			886			357			392			453			357			2,119			2,064
Expenses Incurred		322			322			365			347			155			147			321			286			1,163			1,102
Dividends Incurred		—			—			—			—			11			20			—			—			11			20
Statutory Underwriting Income	$	189		$	218		$	63		$	69		$	161		$	120		$	130		$	212		$	543		$	619
Ratios After Dividends to Policyholders:
Loss		46.3	%		44.3	%		67.0	%		68.1	%		53.0	%		59.5	%		50.1	%		41.8	%		55.4	%		54.5	%
Expense		34.8			33.2			28.1			26.6			23.0			21.8			35.3			31.8			30.5			28.7
Combined		81.1	%		77.5	%		95.1	%		94.7	%		76.0	%		81.3	%		85.4	%		73.6	%		85.9	%		83.2	%
Premiums Written as a % of Total		10.4	%		10.7	%		14.7	%		14.5	%		7.7	%		7.7	%		10.3	%		10.0	%		43.1	%		42.9	%

Page 7 of 16

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

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	1,893		$	1,942		$	257		$	225		$	2,150		$	2,167
Increase (Decrease) in Unearned Premiums		(86	)		(83	)		23			23			(63	)		(60	)
Net Premiums Earned		1,979			2,025			234			202			2,213			2,227
Net Losses Paid		952			837			5			7			957			844
Increase (Decrease) in Outstanding Losses		219			566			(2	)		20			217			586
Net Losses Incurred		1,171			1,403			3			27			1,174			1,430
Expenses Incurred		465			457			77			70			542			527
Dividends Incurred		—			—			2			3			2			3
Statutory Underwriting Income	$	343		$	165		$	152		$	102		$	495		$	267
Ratios After Dividends to Policyholders:
Loss		59.2	%		69.3	%		1.3	%		13.6	%		53.1	%		64.3	%
Expense		24.5			23.5			30.2			31.5			25.2			24.4
Combined		83.7	%		92.8	%		31.5	%		45.1	%		78.3	%		88.7	%
Premiums Written as a % of Total		21.4	%		21.5	%		2.9	%		2.5	%		24.3	%		24.0	%

Page 8 of 16

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

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	8,763		$	8,669		$	100		$	331		$	8,863		$	9,000
Increase (Decrease) in Unearned Premiums		(2	)		105			(62	)		(68	)		(64	)		37
Net Premiums Earned		8,765			8,564			162			399			8,927			8,963
Net Losses Paid		3,964			3,703			184			236			4,148			3,939
Increase (Decrease) in Outstanding Losses		725			1,063			(180	)		(18	)		545			1,045
Net Losses Incurred		4,689			4,766			4			218			4,693			4,984
Expenses Incurred		2,577			2,435			72			145			2,649			2,580
Dividends Incurred		13			23			—			—			13			23
Statutory Underwriting Income	$	1,486		$	1,340		$	86		$	36			1,572			1,376
Increase in Deferred Acquisition Costs														64			40
GAAP Underwriting Income													$	1,636		$	1,416
Ratios After Dividends to Policyholders:
Loss		53.6	%		55.8	%		*	%		*	%		52.7	%		55.8	%
Expense		29.4			28.2			*			*			29.9			28.7
Combined		83.0	%		84.0	%		*	%		*	%		82.6	%		84.5	%
Premiums Written as a % of Total		98.9	%		96.3	%		1.1	%		3.7	%		100.0	%		100.0	%

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

Page 9 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

							Outside
							the						Worldwide
	United States						United States						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	6,917		$	7,203		$	1,946		$	1,797		$	8,863		$	9,000
Increase (Decrease) in Unearned Premiums		(61	)		16			(3	)		21			(64	)		37
Net Premiums Earned		6,978			7,187			1,949			1,776			8,927			8,963
Net Losses Paid		3,559			3,397			589			542			4,148			3,939
Increase (Decrease) in Outstanding Losses		144			651			401			394			545			1,045
Net Losses Incurred		3,703			4,048			990			936			4,693			4,984
Expenses Incurred		1,964			1,983			685			597			2,649			2,580
Dividends Incurred		13			23			—			—			13			23
Statutory Underwriting Income	$	1,298		$	1,133		$	274		$	243			1,572			1,376
Increase in Deferred Acquisition Costs														64			40
GAAP Underwriting Income													$	1,636		$	1,416
Ratios After Dividends to Policyholders:
Loss		53.2	%		56.5	%		50.8	%		52.7	%		52.7	%		55.8	%
Expense		28.4			27.6			35.2			33.2			29.9			28.7
Combined		81.6	%		84.1	%		86.0	%		85.9	%		82.6	%		84.5	%
Premiums Written as a % of Total		78.0	%		80.0	%		22.0	%		20.0	%		100.0	%		100.0	%

Page 10 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	161		$	174		$	657		$	609		$	159		$	130		$	977		$	913
Increase (Decrease) in Unearned Premiums		(2	)		6			67			65			(7	)		(9	)		58			62
Net Premiums Earned		163			168			590			544			166			139			919			851
Net Losses Paid		98			102			257			243			99			73			454			418
Increase (Decrease) in Outstanding Losses		5			8			11			4			9			26			25			38
Net Losses Incurred		103			110			268			247			108			99			479			456
Expenses Incurred		45			48			206			190			54			41			305			279
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	15		$	10		$	116		$	107		$	4		$	(1	)	$	135		$	116
Ratios After Dividends to Policyholders:
Loss		63.2	%		65.5	%		45.4	%		45.4	%		65.1	%		71.2	%		52.1	%		53.6	%
Expense		27.9			27.6			31.4			31.2			33.9			31.6			31.2			30.5
Combined		91.1	%		93.1	%		76.8	%		76.6	%		99.0	%		102.8	%		83.3	%		84.1	%
Premiums Written as a % of Total		5.5	%		5.8	%		22.3	%		20.3	%		5.4	%		4.4	%		33.2	%		30.5	%

Page 11 of 16

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

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2007			2006			2007			2006			2007			2006			2007			2006			2007			2006
Net Premiums Written	$	313		$	323		$	403		$	408		$	205		$	222		$	283		$	291		$	1,204		$	1,244
Increase (Decrease) in Unearned Premiums		(6	)		3			(29	)		(27	)		(21	)		(6	)		(18	)		3			(74	)		(27	)
Net Premiums Earned		319			320			432			435			226			228			301			288			1,278			1,271
Net Losses Paid		131			139			182			189			83			73			145			145			541			546
Increase (Decrease) in Outstanding Losses		(5	)		14			121			117			38			59			(11	)		(19	)		143			171
Net Losses Incurred		126			153			303			306			121			132			134			126			684			717
Expenses Incurred		106			110			114			110			50			47			99			89			369			356
Dividends Incurred		—			—			—			—			4			6			—			—			4			6
Statutory Underwriting Income (Loss)	$	87		$	57		$	15		$	19		$	51		$	43		$	68		$	73		$	221		$	192
Ratios After Dividends to Policyholders:
Loss		39.5	%		47.8	%		70.1	%		70.3	%		54.5	%		59.4	%		44.5	%		43.7	%		53.7	%		56.7	%
Expense		33.9			34.1			28.3			27.0			24.9			21.8			35.0			30.6			30.7			28.7
Combined		73.4	%		81.9	%		98.4	%		97.3	%		79.4	%		81.2	%		79.5	%		74.3	%		84.4	%		85.4	%
Premiums Written as a % of Total		10.7	%		10.8	%		13.7	%		13.6	%		7.0	%		7.4	%		9.6	%		9.7	%		41.0	%		41.5	%

Page 12 of 16

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

	Professional												Total
	Liability						Surety						Specialty
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	647		$	671		$	79		$	77		$	726		$	748
Increase (Decrease) in Unearned Premiums		(12	)		4			(1	)		8			(13	)		12
Net Premiums Earned		659			667			80			69			739			736
Net Losses Paid		316			324			—			—			316			324
Increase (Decrease) in Outstanding Losses		70			133			(1	)		5			69			138
Net Losses Incurred		386			457			(1	)		5			385			462
Expenses Incurred		150			151			25			24			175			175
Dividends Incurred		—			—			1			2			1			2
Statutory Underwriting Income (Loss)	$	123		$	59		$	55		$	38		$	178		$	97
Ratios After Dividends to Policyholders:
Loss		58.6	%		68.5	%		(1.3	)%		7.5	%		52.2	%		62.9	%
Expense		23.2			22.5			32.1			32.0			24.1			23.5
Combined		81.8	%		91.0	%		30.8	%		39.5	%		76.3	%		86.4	%
Premiums Written as a % of Total		22.0	%		22.4	%		2.7	%		2.6	%		24.7	%		25.0	%

Page 13 of 16

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

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,907		$	2,905		$	31		$	89		$	2,938		$	2,994
Increase (Decrease) in Unearned Premiums		(29	)		47			(11	)		(27	)		(40	)		20
Net Premiums Earned		2,936			2,858			42			116			2,978			2,974
Net Losses Paid		1,311			1,288			58			75			1,369			1,363
Increase (Decrease) in Outstanding Losses		237			347			(65	)		(23	)		172			324
Net Losses Incurred		1,548			1,635			(7	)		52			1,541			1,687
Expenses Incurred		849			810			25			44			874			854
Dividends Incurred		5			8			—			—			5			8
Statutory Underwriting Income (Loss)	$	534		$	405		$	24		$	20			558			425
Increase in Deferred Acquisition Costs														11			11
GAAP Underwriting Income													$	569		$	436
Ratios After Dividends to Policyholders:
Loss		52.8	%		57.4	%		*	%		*	%		51.8	%		56.9	%
Expense		29.3			27.9			*			*			29.8			28.6
Combined		82.1	%		85.3	%		*	%		*	%		81.6	%		85.5	%
Premiums Written as a % of Total		98.9	%		97.0	%		1.1	%		3.0	%		100.0	%		100.0	%

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

Page 14 of 16

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED SEPTEMBER 30, 2007 AND 2006
(MILLIONS OF DOLLARS)

							Outside
							the						Worldwide
	United States						United States						Total
	2007			2006			2007			2006			2007			2006
Net Premiums Written	$	2,325		$	2,445		$	613		$	549		$	2,938		$	2,994
Increase (Decrease) in Unearned Premiums		15			75			(55	)		(55	)		(40	)		20
Net Premiums Earned		2,310			2,370			668			604			2,978			2,974
Net Losses Paid		1,220			1,179			149			184			1,369			1,363
Increase (Decrease) in Outstanding Losses		(9	)		204			181			120			172			324
Net Losses Incurred		1,211			1,383			330			304			1,541			1,687
Expenses Incurred		657			679			217			175			874			854
Dividends Incurred		5			8			—			—			5			8
Statutory Underwriting Income (Loss)	$	437		$	300		$	121		$	125			558			425
Increase in Deferred Acquisition Costs														11			11
GAAP Underwriting Income													$	569		$	436
Ratios After Dividends to Policyholders:
Loss		52.5	%		58.6	%		49.4	%		50.2	%		51.8	%		56.9	%
Expense		28.3			27.9			35.4			31.8			29.8			28.6
Combined		80.8	%		86.5	%		84.8	%		82.0	%		81.6	%		85.5	%
Premiums Written as a % of Total		79.1	%		81.7	%		20.9	%		18.3	%		100.0	%		100.0	%

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THE CHUBB CORPORATION

Definitions of Key Terms

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

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

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

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

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

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