8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) April 21, 2011

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, Warren, New Jersey	07059
(Address of principal executive offices)	(Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report.)

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

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

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

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

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

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index to Current Report on Form 8-K filed on April 21, 2011

Press release dated April 21, 2011 (furnished pursuant to Item 2.02 of Form 8-K)

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

Item 2.02 Results of Operations and Financial Condition.

The following information, including the text of the exhibits attached hereto, is furnished pursuant to this Item 2.02 of Form 8-K. On April 21, 2011, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter ended March 31, 2011. On April 21, 2011, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2011 first 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 furnished as Exhibits 99.1 and 99.2, respectively, to this Form 8-K. In its press release, the SIIR and the conference call to discuss its 2011 first quarter results, scheduled to be webcast at 5:00 P.M. on April 21, 2011, 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 prepared in accordance with accounting principles generally accepted in the United States.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits.

99.1	Press release dated April 21, 2011 (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: April 21, 2011	By:	/s/ John J.Kennedy
		Name:	John J. Kennedy
		Title:	Senior Vice President and Chief Accounting Officer

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
DATED APRIL 21, 2011

Exhibit No.		Description
	99.1	Press release dated April 21, 2011 (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 First Quarter Net Income per Share of $1.70;
Operating Income per Share Is $1.35;
Combined Ratio Is 93.7%, including Catastrophe Impact of 9.5 Points

     WARREN, New Jersey, April 21, 2011 — The Chubb Corporation [NYSE: CB] today reported that net income in the first quarter of 2011 was $509 million compared to $464 million in the first quarter of 2010. Net income per share increased 22% to $1.70 from $1.39 per share.

     Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $405 million in the first quarter of 2011 and $381 million in the first quarter of 2010. First quarter operating income per share increased 18% to $1.35 in 2011 from $1.14 in 2010.

     The impact of catastrophes in the first quarter of 2011 was $270 million before tax, including winter storms in the U.S., flooding in Australia, and earthquakes in New Zealand and Japan. In the first quarter of 2010, the impact of catastrophes was $344 million before tax. The impact of catastrophes on first quarter net income and operating income per share was $0.59 in 2011 and $0.67 in 2010. The impact of catastrophes includes losses and loss expenses net of reinsurance recoverable and also includes reinsurance reinstatement premiums.

     The first quarter combined loss and expense ratio was 93.7% in 2011 compared to 93.6% in 2010. The impact of catastrophes accounted for 9.5 percentage points of the combined ratio in the first quarter of 2011, compared to 12.3 percentage points in the first quarter of 2010. Excluding the impact of catastrophes, the first quarter combined ratio was 84.2% in 2011 and 81.3% in 2010.

     The expense ratio for the first quarter was 31.7% in 2011 and 31.3% in 2010.

     Net written premiums for the first quarter increased 3% to $2.9 billion. Premiums increased 1% in the U.S. and 10% outside the U.S. (9% in local currencies).

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     Property and casualty investment income after taxes for the first quarter declined 1% to $310 million in 2011 from $313 million in 2010.

     Net income for the first quarter of 2011 reflected net realized investment gains of $160 million pre-tax ($0.35 per share after-tax). Net income for the first quarter of 2010 reflected net realized investment gains of $127 million pre-tax ($0.25 per share after-tax). The gains in both quarters related mostly to the company’s alternative investments.

     “The big story for the property and casualty insurance industry in the first quarter was the high level of natural catastrophes around the globe,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Although these catastrophes had a negative impact of $0.59 per share on Chubb’s first quarter results, we still produced strong operating income per share of $1.35 and net income per share of $1.70. Our combined ratio of 84.2% excluding catastrophes reflected continued outstanding underwriting performance across all of our business units.

     “While the property and casualty market environment remained competitive,” said Mr. Finnegan, “net written premiums increased 3% for the second consecutive quarter, an encouraging sign. This is a positive change from the flat to negative premium growth, excluding the effect of currency fluctuation, that we experienced during each of the past five calendar years.”

     During the first quarter of 2011, Chubb repurchased approximately 6.6 million shares of its common stock at a total cost of $387 million (an average of $58.91 per share). As of March 31, 2011, there were 21.9 million shares of common stock remaining for repurchase under the current authorization.

     Average diluted shares outstanding for the first quarter were 300.0 million in 2011 and 335.0 million in 2010.

First Quarter Operations Review

     Chubb Personal Insurance (CPI) net written premiums increased 2% in the first quarter to $894 million. CPI’s combined ratio for the quarter was 93.8%, compared to 104.4% in the first quarter of 2010. The first-quarter impact of catastrophes accounted for 7.8 percentage points in 2011, compared to 22.8 points in 2010. Excluding the impact of catastrophes, CPI’s first quarter combined ratio was 86.0% in 2011 and 81.6% in 2010.

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     Net written premiums for Homeowners increased 3%, and the combined ratio was 94.8%. The impact of catastrophes in the first quarter accounted for 12.3 percentage points of the Homeowners combined ratio. Excluding the impact of catastrophes, the combined ratio for Homeowners was 82.5%. Personal Automobile premiums increased 11%, and the combined ratio was 92.8%. For Other Personal lines, premiums declined 6% and the combined ratio was 92.2%.

     Chubb Commercial Insurance (CCI) net written premiums increased 7% in the first quarter to $1.3 billion. The combined ratio for the quarter was 100.7% in 2011 and 93.8% in 2010. The impact of catastrophes in the first quarter accounted for 16.2 percentage points of the combined ratio in 2011, compared to 11.4 points in 2010. Excluding the impact of catastrophes, CCI’s first quarter combined ratio was 84.5% in 2011 and 82.4% in 2010.

     Average first quarter renewal rates in the U.S. were flat for CCI, and renewal premium retention was 87%. In the U.S., the ratio of new to lost business was 1.3 to 1.

     Chubb Specialty Insurance (CSI) net written premiums were down 1% in the first quarter to $639 million. The combined ratio for CSI was 82.4%, compared to 80.9% in the first quarter of 2010.

     Professional Liability (PL) net written premiums were down 3%, and the business had a combined ratio of 86.8%. Average first quarter renewal rates for PL in the U.S. were down 3%, and renewal premium retention was 87%. In the U.S., the ratio of new to lost business was 1.1 to 1.

     Surety net written premiums were up 16%, and the combined ratio was 50.5%.

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

     Chubb’s senior management will discuss the company’s first quarter performance with investors and analysts today, April 21st, 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.

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About Chubb

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

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

     All financial results in this release and attachments are unaudited.

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

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Definitions of Key Terms

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

Underwriting Income (Loss): Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is 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 (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of 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.

Net Written Premiums Growth (Decrease) Excluding the Impact of Currency Fluctuation: Management uses net written premiums growth (decrease) excluding the impact of currency fluctuation, a non-GAAP financial measure, to evaluate the trends in net written premiums, exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted. In net written premiums growth (decrease) excluding the impact of currency fluctuation, the effect of fluctuations in the exchange rates is excluded as these rates may fluctuate significantly and could distort the analysis of trends. Net written premiums growth (decrease) excluding the impact of currency fluctuation is determined by using the same exchange rate to translate each foreign currency denominated net written premium amount in both periods.

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FORWARD-LOOKING INFORMATION

     In the conference call identified above and otherwise, we make statements regarding our results of operations, financial condition and other matters that are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). Forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements generally can be identified by words such as “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “predict,” “potential,” “continue,” 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 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 and attract new business;

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

• the adequacy of our loss reserves, including:

- our expectations relating to reinsurance recoverables;

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

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

- development of new theories of liability;

- our estimates relating to ultimate asbestos liabilities;

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

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

• the availability and cost of reinsurance coverage;

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

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

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

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

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

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

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

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

- legislative or regulatory proposals or changes;

• the effects of changes in market practices in the U.S. property and casualty insurance industry 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, catastrophes and the financial markets;

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

• the ability of our subsidiaries to pay us dividends;

• general political, economic and market conditions, whether globally or in the markets in which we operate, including:

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

- currency fluctuations;

- the effects of inflation;

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

- changes in competition and pricing environments;

- regional or general changes in asset valuations;

- the inability to reinsure certain risks economically; and

- changes in the litigation environment;

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

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

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THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA
(Unaudited)

	Three Months Ended
	March 31
	2011			2010
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,859		$	2,765
Decrease (Increase) in Unearned Premiums		(5	)		17
Premiums Earned		2,854			2,782
Losses and Loss Expenses		1,765			1,730
Operating Costs and Expenses		904			862
Increase in Deferred Policy Acquisition Costs		(25	)		(22	)
Dividends to Policyholders		8			8
Underwriting Income		202			204
Investments
Investment Income Before Expenses		391			396
Investment Expenses		10			9
Investment Income		381			387
Other Income (Charges)		5			(7	)
Property and Casualty Income		588			584
CORPORATE AND OTHER		(63	)		(63	)
CONSOLIDATED OPERATING INCOME BEFORE INCOME TAX		525			521
Federal and Foreign Income Tax		120			140
CONSOLIDATED OPERATING INCOME		405			381
REALIZED INVESTMENT GAINS AFTER INCOME TAX		104			83
CONSOLIDATED NET INCOME	$	509		$	464
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	310		$	313

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	Three Months Ended
	March 31
	2011			2010
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		300.0			335.0
Actual Common Shares at End of Period		292.5			326.8
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	1.35		$	1.14
Realized Investment Gains		.35			.25
Net Income	$	1.70		$	1.39
Effect of Catastrophes	$	(.59	)	$	(.67	)

	Mar. 31		Dec. 31		Mar. 31
	2011		2010		2010
BOOK VALUE PER COMMON SHARE	$	53.26	$	52.24	$	48.17
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		50.41		49.05		45.19

PROPERTY AND CASUALTY UNDERWRITING RATIOS
THREE MONTHS ENDED MARCH 31

	2011			2010
Losses and Loss Expenses to Premiums Earned		62.0	%		62.3	%
Underwriting Expenses to Premiums Written		31.7			31.3
Combined Loss and Expense Ratio		93.7	%		93.6	%
Effect of Catastrophes on Combined Loss and Expense Ratio		9.5	%		12.3	%

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

	2011		2010
	(in millions)
Paid Losses and Loss Expenses	$	1,467	$	1,432
Increase in Unpaid Losses and Loss Expenses		298		298
Total Losses and Loss Expenses	$	1,765	$	1,730

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PROPERTY AND CASUALTY PRODUCT MIX
THREE MONTHS ENDED MARCH 31

	Net Premiums Written							Combined Loss and
					% Increase			Expense Ratios
	2011		2010		(Decrease)			2011			2010
	(in millions)
Personal Insurance
Automobile	$	162	$	146		11	%		92.8	%		91.5	%
Homeowners		533		517		3			94.8			113.3
Other		199		211		(6	)		92.2			87.5
Total Personal		894		874		2			93.8			104.4
Commercial Insurance
Multiple Peril		267		254		5			105.9			112.6
Casualty		436		414		5			83.5			88.4
Workers’ Compensation		243		222		9			89.5			90.5
Property and Marine		380		353		8			125.1			87.6
Total Commercial		1,326		1,243		7			100.7			93.8
Specialty Insurance
Professional Liability		551		570		(3	)		86.8			86.2
Surety		88		76		16			50.5			39.8
Total Specialty		639		646		(1	)		82.4			80.9
Total Insurance		2,859		2,763		3			93.9			94.1
Reinsurance Assumed		—		2		(100	)		*			*
Total	$	2,859	$	2,765		3			93.7			93.6

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

EX-99.2

Exhibit 99.2

The	Supplementary	March 31, 2011
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
MARCH 31, 2011

	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	6-10
Definitions of Key Terms	11-12

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	Mar. 31						Dec. 31
	2011						2010
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	2,075			5	%	$	1,905			4	%
Fixed Maturities
Tax Exempt		19,806			47			19,774			47
Taxable		16,668			39			16,745			40
Equity Securities		1,661			4			1,550			4
Other Invested Assets		2,318			5			2,239			5
Total Invested Assets	$	42,528			100	%	$	42,213			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,281					$	1,458
Equity Securities		356						265
		1,637						1,723
Deferred Income Tax Liability		573						603
	$	1,064					$	1,120
Capitalization
Long Term Debt	$	3,975					$	3,975
Shareholders’ Equity		15,579						15,530
Total Capitalization	$	19,554					$	19,505
Debt as a Percentage of Total Capitalization		20.3	%					20.4	%
Actual Common Shares Outstanding		292.5						297.3
Book Value Per Common Share	$	53.26					$	52.24
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	50.41					$	49.05

Page 1 of 12

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Three Months		From
	Ended		December 2005
	March 31, 2011		to March 31, 2011
Cost of Shares Repurchased		$387		$8,347
Average Cost Per Share		$58.91		$51.18
Shares Repurchased		6,563,253		163,070,957

In December 2005 and December 2006, the Board of Directors authorized the repurchase of up to 28,000,000 shares and 20,000,000 shares, respectively, 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. In December 2007, 2008 and 2009 the Board of Directors authorized the repurchase of up to 28,000,000 shares, 20,000,000 shares and 25,000,000 shares, respectively, of the Corporation’s common stock. In June 2010, the Board of Directors authorized an increase of 14,000,000 shares to the authorization approved in December 2009. No shares remain under these share repurchase authorizations.

In December 2010, the Board of Directors authorized the repurchase of up to 30,000,000 shares of the Corporation’s common stock. The authorization has no expiration date. As of March 31, 2011, 21,929,043 shares remained under the share repurchase authorization.

Page 2 of 12

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or				Carrying
	Amortized Cost				Value (a)
	Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2011		2010		2011		2010
	(in millions)
Short Term Investments	$	975	$	817	$	975	$	817
Taxable Fixed Maturities		1,116		1,154		1,154		1,197
Equity Securities		200		205		170		171
Other Invested Assets		25		23		25		23
TOTAL	$	2,316	$	2,199	$	2,324	$	2,208

PROPERTY AND CASUALTY

	Cost or				Carrying
	Amortized Cost				Value (a)
	Mar. 31		Dec. 31		Mar. 31		Dec. 31
	2011		2010		2011		2010
	(in millions)
Short Term Investments	$	1,100	$	1,088	$	1,100	$	1,088
Fixed Maturities
Tax Exempt		19,156		19,072		19,806		19,774
Taxable		14,921		14,835		15,514		15,548
Equity Securities		1,105		1,080		1,491		1,379
Other Invested Assets		2,293		2,216		2,293		2,216
TOTAL	$	38,575	$	38,291	$	40,204	$	40,005

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

Page 3 of 12

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Three Months Ended
	March 31
	2011			2010
	(in millions)
CORPORATE INVESTMENT INCOME	$	8		$	8
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	192		$	189
Taxable Interest		116			121
Other		9			9
Investment Expenses		(7	)		(6	)
TOTAL	$	310		$	313
Effective Tax Rate		18.6	%		19.1	%
After-Tax Annualized Yield		3.20	%		3.27	%

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

STATUTORY POLICYHOLDERS’ SURPLUS

	Mar. 31		Dec. 31		Mar. 31
	2011		2010		2010
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,600	$	14,539	$	14,780
Rolling Year Statutory Net Premiums Written	$	11,360	$	11,262	$	11,105
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.78:1		0.77:1		0.75:1

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

Page 4 of 12

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES
THREE MONTHS ENDED MARCH 31, 2011

	Net Unpaid Losses										All Other
								IBNR			Unpaid Losses
					Increase			Increase			Increase
	3/31/11		12/31/10		(Decrease)			(Decrease)			(Decrease)
	(in millions)
Personal Insurance
Automobile	$	402	$	395	$	7		$	(1	)	$	8
Homeowners		740		692		48			37			11
Other		883		877		6			7			(1	)
Total Personal		2,025		1,964		61			43			18
Commercial Insurance
Multiple Peril		1,750		1,705		45			32			13
Casualty		6,244		6,141		103			92			11
Workers’ Compensation		2,269		2,234		35			44			(9	)
Property and Marine		978		819		159			139			20
Total Commercial		11,241		10,899		342			307			35
Specialty Insurance
Professional Liability		7,439		7,388		51			12			39
Surety		67		58		9			1			8
Total Specialty		7,506		7,446		60			13			47
Total Insurance		20,772		20,309		463			363			100
Reinsurance Assumed		562		592		(30	)		(37	)		7
Total	$	21,334	$	20,901	$	433		$	326		$	107

Page 5 of 12

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2011			2010			2011			2010			2011			2010			2011			2010
Net Premiums Written	$	162		$	146		$	533		$	517		$	199		$	211		$	894		$	874
Decrease (Increase) in Unearned Premiums		1			4			68			73			(6	)		(26	)		63			51
Net Premiums Earned		163			150			601			590			193			185			957			925
Net Losses Paid		96			94			309			276			108			99			513			469
Increase (Decrease) in Outstanding Losses		5			(3	)		44			185			1			5			50			187
Net Losses Incurred		101			91			353			461			109			104			563			656
Expenses Incurred		50			45			192			182			71			66			313			293
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	12		$	14		$	56		$	(53	)	$	13		$	15		$	81		$	(24	)
Ratios After Dividends to Policyholders:
Loss		62.0	%		60.7	%		58.8	%		78.1	%		56.5	%		56.2	%		58.8	%		70.9	%
Expense		30.8			30.8			36.0			35.2			35.7			31.3			35.0			33.5
Combined		92.8	%		91.5	%		94.8	%		113.3	%		92.2	%		87.5	%		93.8	%		104.4	%
Premiums Written as a % of Total		5.7	%		5.3	%		18.6	%		18.7	%		7.0	%		7.6	%		31.3	%		31.6	%

Page 6 of 12

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2011			2010			2011			2010			2011			2010			2011			2010			2011			2010
Net Premiums Written	$	267		$	254		$	436		$	414		$	243		$	222		$	380		$	353		$	1,326		$	1,243
Decrease (Increase) in Unearned Premiums		15			15			(36	)		(28	)		(46	)		(36	)		(50	)		(42	)		(117	)		(91	)
Net Premiums Earned		282			269			400			386			197			186			330			311			1,209			1,152
Net Losses Paid		150			129			159			175			98			93			153			139			560			536
Increase (Decrease) in Outstanding Losses		41			67			64			59			31			29			153			34			289			189
Net Losses Incurred		191			196			223			234			129			122			306			173			849			725
Expenses Incurred		102			101			121			115			51			48			123			113			397			377
Dividends Incurred		—			—			—			—			7			7			—			—			7			7
Statutory Underwriting Income (Loss)	$	(11	)	$	(28	)	$	56		$	37		$	10		$	9		$	(99	)	$	25		$	(44	)	$	43
Ratios After Dividends to Policyholders:
Loss		67.7	%		72.9	%		55.7	%		60.6	%		67.9	%		68.2	%		92.7	%		55.6	%		70.6	%		63.3	%
Expense		38.2			39.7			27.8			27.8			21.6			22.3			32.4			32.0			30.1			30.5
Combined		105.9	%		112.6	%		83.5	%		88.4	%		89.5	%		90.5	%		125.1	%		87.6	%		100.7	%		93.8	%
Premiums Written as a % of Total		9.3	%		9.2	%		15.3	%		15.0	%		8.5	%		8.0	%		13.3	%		12.8	%		46.4	%		45.0	%

Page 7 of 12

THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2011			2010			2011			2010			2011			2010
Net Premiums Written	$	551		$	570		$	88		$	76		$	639		$	646
Decrease (Increase) in Unearned Premiums		53			50			(5	)		5			48			55
Net Premiums Earned		604			620			83			81			687			701
Net Losses Paid		362			387			6			5			368			392
Increase (Decrease) in Outstanding Losses		(20	)		(29	)		9			(3	)		(11	)		(32	)
Net Losses Incurred		342			358			15			2			357			360
Expenses Incurred		166			162			28			28			194			190
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income (Loss)	$	96		$	100		$	39		$	50		$	135		$	150
Ratios After Dividends to Policyholders:
Loss		56.6	%		57.8	%		18.3	%		2.5	%		52.0	%		51.4	%
Expense		30.2			28.4			32.2			37.3			30.4			29.5
Combined		86.8	%		86.2	%		50.5	%		39.8	%		82.4	%		80.9	%
Premiums Written as a % of Total		19.3	%		20.6	%		3.0	%		2.7	%		22.3	%		23.3	%

Page 8 of 12

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2011			2010			2011			2010			2011			2010
Net Premiums Written	$	2,859		$	2,763		$	—		$	2		$	2,859		$	2,765
Decrease (Increase) in Unearned Premiums		(6	)		15			1			2			(5	)		17
Net Premiums Earned		2,853			2,778			1			4			2,854			2,782
Net Losses Paid		1,441			1,397			26			35			1,467			1,432
Increase (Decrease) in Outstanding Losses		328			344			(30	)		(46	)		298			298
Net Losses Incurred		1,769			1,741			(4	)		(11	)		1,765			1,730
Expenses Incurred		904			860			—			2			904			862
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	172		$	169		$	5		$	13			177			182
Increase in Deferred Acquisition Costs														25			22
GAAP Underwriting Income													$	202		$	204
Ratios After Dividends to Policyholders:
Loss		62.2	%		62.9	%		*	%		*	%		62.0	%		62.3	%
Expense		31.7			31.2			*			*			31.7			31.3
Combined		93.9	%		94.1	%		*	%		*	%		93.7	%		93.6	%
Premiums Written as a % of Total		100.0	%		99.9	%		0.0	%		0.1	%		100.0	%		100.0	%

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

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THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
(DOLLARS IN MILLIONS)

							Outside
							the						Worldwide
	United States						United States						Total
	2011			2010			2011			2010			2011			2010
Net Premiums Written	$	1,962		$	1,948		$	897		$	817		$	2,859		$	2,765
Decrease (Increase) in Unearned Premiums		125			148			(130	)		(131	)		(5	)		17
Net Premiums Earned		2,087			2,096			767			686			2,854			2,782
Net Losses Paid		1,145			1,106			322			326			1,467			1,432
Increase (Decrease) in Outstanding Losses		96			253			202			45			298			298
Net Losses Incurred		1,241			1,359			524			371			1,765			1,730
Expenses Incurred		597			589			307			273			904			862
Dividends Incurred		8			8			—			—			8			8
Statutory Underwriting Income (Loss)	$	241		$	140		$	(64	)	$	42			177			182
Increase in Deferred Acquisition Costs														25			22
GAAP Underwriting Income													$	202		$	204
Ratios After Dividends to Policyholders:
Loss		59.7	%		65.1	%		68.3	%		54.1	%		62.0	%		62.3	%
Expense		30.5			30.4			34.2			33.4			31.7			31.3
Combined		90.2	%		95.5	%		102.5	%		87.5	%		93.7	%		93.6	%
Premiums Written as a % of Total		68.6	%		70.5	%		31.4	%		29.5	%		100.0	%		100.0	%

Page 10 of 12

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 (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.

Combined Loss and Expense Ratio or Combined Ratio

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

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THE CHUBB CORPORATION

Definitions of Key Terms

Operating Income

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

Return on Equity and Operating Return on Equity

Return on equity is the ratio of annualized net income divided by average shareholders’ equity. Average shareholders’ equity is the average of the beginning and all quarter-end balances within the period.

Operating return on equity, a non-GAAP measure, is the ratio of annualized operating income divided by average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income (loss), the after-tax appreciation or depreciation, including unrealized other-than-temporary impairment losses, of the Corporation’s available-for-sale fixed maturities and equity securities, which are carried at fair value. The appreciation or depreciation of available-for-sale fixed maturities and equity securities is subject to fluctuation and could distort the analysis of trends. Average shareholders’ equity excluding the after-tax unrealized appreciation or depreciation of investments is the average of the beginning and all quarter-end balances within the period. Management uses operating return on equity, among other measures, to assess the overall performance of the Corporation.

	Three Months Ended
	March 31
	2011			2010
	(dollars in millions)
Annualized Net Income	$	2,036		$	1,856
Average Shareholders’ Equity	$	15,555		$	15,688
Return on Equity		13.1	%		11.8	%
Annualized Operating Income	$	1,620		$	1,524
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	14,463		$	14,589
Operating Return on Equity		11.2	%		10.4	%

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