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) January 31, 2013

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):

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

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

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

¨ 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	3
Item 9.01 Financial Statements and Exhibits	3
Signatures	4
Exhibit Index to Current Report on Form 8-K filed on January 31, 2013	5
Press release dated January 31, 2013 (furnished pursuant to Item 2.02 of Form 8-K)
Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)
The Chubb Corporation 2012 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

2

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 January 31, 2013, The Chubb Corporation (Chubb) issued a press release announcing its financial results for the quarter and year ended December 31, 2012. On January 31, 2013, Chubb also posted on its web site at www.chubb.com the Supplementary Investor Information Report (SIIR) relating to its 2012 fourth quarter and year-end results and The Chubb Corporation 2012 Update on Asbestos Reserves (Asbestos Report). Copies of the press release, the SIIR and the Asbestos Report, all of which are incorporated by reference into this Item 2.02 as if fully set forth herein, are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Form 8-K. In its press release, the SIIR, the Asbestos Report and the conference call to discuss its 2012 fourth quarter and year-end results, scheduled to be webcast at 5:00 P.M. on January 31, 2013, 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 January 31, 2013 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)
99.3	The Chubb Corporation 2012 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

3

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: January 31, 2013	By:	/s/ John J. Kennedy
		Name:	John J. Kennedy
		Title:	Senior Vice President and
			Chief Accounting Officer

4

EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K

DATED JANUARY 31, 2013

Exhibit No.	Description
99.1	Press release dated January 31, 2013 (furnished pursuant to Item 2.02 of Form 8-K)
99.2	Supplementary Investor Information Report (furnished pursuant to Item 2.02 of Form 8-K)
99.3	The Chubb Corporation 2012 Update on Asbestos Reserves (furnished pursuant to Item 2.02 of Form 8-K)

5

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 Fourth Quarter Net Income per Share of $0.38;

Operating Income per Share Is $0.16; Combined Ratio Is 111.2%,

Including 29.7 Percentage Point Impact of Catastrophes

Net Income per Share for 2012 Is $5.69;

Operating Income per Share Is $5.23; Combined Ratio Is 95.3%

Including 9.6 Percentage Point Impact of Catastrophes

Company Expects 2013 Operating Income per Share

In Range of $6.40 to $6.80

WARREN, New Jersey, January 31, 2013 — The Chubb Corporation [NYSE: CB] today reported net income in the fourth quarter of 2012 of $102 million or $0.38 per share, compared to $452 million or $1.60 per share in the fourth quarter of 2011.

Operating income was $44 million or $0.16 per share in the fourth quarter of 2012, compared to $460 million or $1.63 per share in the corresponding quarter of 2011. The company defines operating income as net income excluding after-tax realized investment gains and losses.

Chubb’s results for the fourth quarter of 2012 were adversely affected by costs of $882 million before tax ($2.15 per share after-tax) related to Storm Sandy. This amount includes $829 million of losses net of reinsurance recoverable, as well as reinsurance reinstatement premium costs of $53 million. During the quarter, the company also had $6 million of favorable development of reserves for catastrophes that occurred before the fourth quarter of 2012, reducing the total impact of catastrophes in the fourth quarter of 2012 to $876 million before tax ($2.13 per share after-tax). In the fourth quarter of 2011, the impact of catastrophes was $11 million before tax ($0.03 per share after-tax).

2

Net written premiums for the fourth quarter declined 2% to $2.9 billion in 2012 from $3.0 billion in 2011. Premiums were down 2% in the U.S. and down 1% outside the U.S. (up 1% in local currencies). Excluding the effects of foreign currency translation and reinsurance reinstatement premiums related to Storm Sandy, premiums worldwide increased 1%.

The fourth quarter combined loss and expense ratio was 111.2% in 2012 and 89.9% in 2011. The impact of catastrophes on the combined ratio was 29.7 percentage points in the fourth quarter of 2012. The impact of catastrophes in the fourth quarter of 2011 was 0.4 points. Excluding the impact of catastrophes, the fourth quarter combined ratio was 81.5% in 2012 and 89.5% in 2011.

The expense ratio for the fourth quarter was 30.9% in 2012 and 30.6% in 2011.

Property and casualty investment income after taxes for the fourth quarter declined 6% to $296 million in 2012 from $316 million in 2011.

Net income for the fourth quarter of 2012 included net realized investment gains of $90 million before tax ($0.22 per share after-tax). Net income for the fourth quarter of 2011 reflected net realized investment losses of $12 million before tax ($0.03 per share after-tax).

During the fourth quarter of 2012, Chubb repurchased 369,900 shares of its common stock at a total cost of $28 million, or an average cost of $76.54 per share.

Average diluted shares outstanding for the fourth quarter were 266.8 million in 2012 and 282.2 million in 2011.

Book value per share was $60.45 at December 31, 2012 compared to $60.99 at the end of the third quarter and $56.15 at December 31, 2011.

“Storm Sandy took an enormous toll on millions of people in the Northeast region of the United States, including many of our customers,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Chubb’s claim organization and all of our employees responded with speed, empathy and fairness during and after this devastating event. Helping people recover from catastrophes is a key part of our business, and I am very proud of our employees for their role in helping our customers rebuild their lives and restore their homes and businesses,” he said.

3

“Although Storm Sandy had a severe impact on Chubb’s fourth quarter results,” said Mr. Finnegan, “the very strong underlying performance of our business units, reflected in our excellent 81.5% combined ratio excluding catastrophes, enabled us to generate an operating profit in the quarter. For the full year 2012, we are very pleased that we achieved $1.4 billion in operating income after-tax despite a catastrophe impact of over $1.1 billion before tax.”

Full Year Results

For the year ended December 31, 2012, net income was $1.5 billion or $5.69 per share, compared to $1.7 billion or $5.76 per share for the year ended December 31, 2011. Operating income totaled $1.4 billion in 2012 and $1.5 billion in 2011. Operating income per share increased to $5.23 in 2012 from $5.12 in 2011.

Net written premiums increased 1% to $11.9 billion in 2012 from $11.8 billion in 2011; excluding the effect of foreign currency translation, premiums increased 2%. Premiums were up 2% in the U.S. and down 3% outside the U.S. (up 1% in local currencies).

The combined ratio in 2012 was 95.3%, the same as in 2011. The impact of catastrophes accounted for 9.6 percentage points of the combined ratio in 2012 and 8.9 points in 2011. Excluding the impact of catastrophes, the combined ratio was 85.7% in 2012 and 86.4% in 2011.

The expense ratio for the year was 31.7% in 2012 and 31.5% in 2011.

Property and casualty investment income after taxes in 2012 declined 5% to $1.2 billion in 2012 from $1.3 billion in 2011.

Net income for 2012 included net realized investment gains of $193 million before tax ($0.46 per share after-tax). Net income for 2011 reflected net realized investment gains of $288 million before tax ($0.64 per share after-tax).

During 2012, Chubb repurchased 13.1 million shares of its common stock at a total cost of $935 million, or an average cost of $71.38 per share.

Average diluted shares outstanding were 271.4 million in 2012 and 291.4 million in 2011.

4

Fourth Quarter Operations Review

Chubb Personal Insurance (CPI) net written premiums increased 2% in the fourth quarter of 2012 to $1.0 billion. CPI’s combined ratio for the fourth quarter was 117.9% in 2012 and 86.9% in 2011. The impact of catastrophes on CPI’s combined ratio in the fourth quarter was 40.1 percentage points in 2012 and 1.6 points in 2011. Excluding the impact of catastrophes, the combined ratio for the fourth quarter was 77.8% in 2012 and 85.3% in 2011.

Homeowners net written premiums were up 1%, and the combined ratio was 131.3% (69.3% excluding the impact of catastrophes). Personal Automobile net written premiums increased 4%, and the combined ratio was 97.1%. Other Personal lines net written premiums were up 3%, and the combined ratio was 97.1%.

Chubb Commercial Insurance (CCI) net written premiums for the fourth quarter of 2012 declined 2% to $1.2 billion. The combined ratio for the quarter was 118.7% in 2012 and 93.2% in 2011. The impact of catastrophes on CCI’s combined ratio in the fourth quarter accounted for 36.8 points in 2012 compared to a positive impact of 0.4 percentage points in 2011. Excluding the impact of catastrophes, the combined ratio for the fourth quarter was 81.9% in 2012 and 93.6% in 2011.

In the U.S., average fourth quarter CCI renewal rates were up 8%, renewal premium retention was 83% and the ratio of new to lost business was 0.7 to 1.

Chubb Specialty Insurance (CSI) net written premiums declined 7% in the fourth quarter to $688 million. The combined ratio was 88.5%, compared to 89.8% in the fourth quarter of 2011.

Professional Liability (PL) net written premiums declined 5%, and PL had a combined ratio of 93.7%. In the U.S., average PL renewal rates were up 9%, renewal premium retention was 81% and the ratio of new to lost business was 0.6 to 1.

Surety net written premiums were down 15%, and the combined ratio was 51.4%.

5

2012 Operations Review

For the year ended December 31, 2012, Chubb Personal Insurance net written premiums increased 4% to $4.1 billion. CPI’s combined ratio was 94.4% in 2012 and 98.3% in 2011. The impact of catastrophes accounted for 13.7 percentage points of the combined ratio in 2012 and 13.1 points in 2011. Excluding the impact of catastrophes, the combined ratio was 80.7% in 2012 and 85.2% in 2011.

Homeowners net written premiums increased 3%, and the combined ratio was 94.2% (73.2% excluding the impact of catastrophes). Personal Automobile net written premiums were up 1%, and the combined ratio was 93.4%. Other Personal lines net written premiums increased 8%, and the combined ratio was 95.6%.

Chubb Commercial Insurance net written premiums for 2012 increased 2% to $5.2 billion. The combined ratio was 99.0% in 2012 and 99.3% in 2011. The impact of catastrophes accounted for 11.4 percentage points of the combined ratio in 2012 and 10.5 points in 2011. Excluding the impact of catastrophes, the combined ratio was 87.6% in 2012 and 88.8% in 2011.

In the U.S., average CCI renewal rates were up 8%, renewal premium retention was 84% and the ratio of new to lost business was 0.8 to 1.

Chubb Specialty Insurance net written premiums for 2012 declined 6% to $2.6 billion. The combined ratio was 91.3% in 2012 and 85.1% in 2011.

Professional Liability’s net written premiums were down 5%. PL had a combined ratio of 96.7%. In the U.S., average 2012 renewal rates for PL were up 7%, renewal premium retention was 83% and the ratio of new to lost business was 0.7 to 1.

Surety net written premiums declined 11%, and the combined ratio was 51.4%.

6

2013 Operating Income Guidance

Based on management’s current outlook, Chubb expects to achieve 2013 operating income per share in the range of $6.40 to $6.80.

This guidance assumes for the full year 2013:

• An increase of 2% to 4% in net written premiums.

• Catastrophe losses that have an impact of 4.0 percentage points on the combined ratio. The impact of each percentage point of catastrophe losses on operating income per share is approximately $0.30.

• A combined ratio between 89% and 91%.

• A decline of 7% to 9% in property and casualty investment income after taxes.

• Approximately 260 million average diluted shares outstanding.

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

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

Chubb’s senior management will discuss the company’s fourth quarter performance with investors and analysts today, January 31^st, at 5 P.M. Eastern Standard 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

Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high net worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

7

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.

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

8

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, certain 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 results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income 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.

9

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 Foreign Currency Translation, Net Written Premiums Growth (Decrease) Excluding the Impact of Reinsurance Reinstatement Premiums, Net Written Premiums Growth (Decrease) Excluding the Impact of Foreign Currency Translation and Reinsurance Reinstatement Premiums:

Management uses net written premiums growth (decrease) excluding the impact of foreign currency translation, net written premiums growth (decrease) excluding the impact of reinsurance reinstatement premiums, and net written premiums growth (decrease) excluding the impact of foreign currency translation and reinsurance reinstatement premiums, non-GAAP financial measures, 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 international business is transacted and/or the effect of reinsurance reinstatement premiums. The impact of foreign currency translation is excluded as exchange rates may fluctuate significantly and the effect of fluctuations could distort the analysis of trends. When excluding the impact of foreign currency translation, management uses the same exchange rate to translate each foreign currency denominated net written premium amount in both periods. The impact of reinsurance reinstatement premiums related to a major catastrophe event such as Storm Sandy are excluded as these reinsurance reinstatement premiums are infrequent and could distort the analysis of trends. When excluding the impact of reinsurance reinstatement premiums, net written premiums are increased by the amount of reinsurance reinstatement premiums recognized in the period.

10

FORWARD-LOOKING INFORMATION

In this press release, the conference call identified above and otherwise, we may 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). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA and include statements regarding management’s 2013 operating income per share guidance and related assumptions. Forward-looking statements frequently can be identified by words such as “believe,” “expect,” “anticipate,” “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, economic and market conditions, particularly in the jurisdictions in which we operate and/or invest, including:

— changes in credit ratings, 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;

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

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

• 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 at acceptable rates;

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

11

• 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; and

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

• 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 or changes to our estimates (or the assessments of rating agencies and other third parties) of our potential exposure to such events;

• 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:

— 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, regulatory and similar developments on our business, including those relating to terrorism, catastrophes, the financial markets, solvency standards, capital requirements and accounting guidance;

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

• the ability of our subsidiaries to pay us dividends; and

• 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.

12

THE CHUBB CORPORATION

SUPPLEMENTARY FINANCIAL DATA

(Unaudited)

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2012			2011			2012			2011
	(in millions)
PROPERTY AND CASUALTY INSURANCE
Underwriting
Net Premiums Written	$	2,908		$	2,965		$	11,870		$	11,758
Decrease (Increase) in Unearned Premiums		19			(20	)		(32	)		(114	)
Premiums Earned		2,927			2,945			11,838			11,644
Losses and Loss Expenses		2,343			1,741			7,507			7,407
Operating Costs and Expenses		897			905			3,756			3,695
Decrease (Increase) in Deferred Policy Acquisition Costs		12			7			(3	)		(63	)
Dividends to Policyholders		7			8			30			31
Underwriting Income (Loss)		(332	)		284			548			574
Investments
Investment Income Before Expenses		373			398			1,518			1,598
Investment Expenses		8			7			36			36
Investment Income		365			391			1,482			1,562
Other Income (Charges)		4			(3	)		10			21
Property and Casualty Income		37			672			2,040			2,157
CORPORATE AND OTHER		(64	)		(58	)		(237	)		(246	)
CONSOLIDATED OPERATING INCOME (LOSS) BEFORE INCOME TAX		(27	)		614			1,803			1,911
Federal and Foreign Income Tax (Credit)		(71	)		154			383			420
CONSOLIDATED OPERATING INCOME		44			460			1,420			1,491
REALIZED INVESTMENT GAINS (LOSSES) AFTER INCOME TAX		58			(8	)		125			187
CONSOLIDATED NET INCOME	$	102		$	452		$	1,545		$	1,678
PROPERTY AND CASUALTY INVESTMENT INCOME AFTER INCOME TAX	$	296		$	316		$	1,204		$	1,265

13

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2012			2011			2012			2011
OUTSTANDING SHARE DATA
(in millions)
Average Common and Potentially Dilutive Shares		266.8			282.2			271.4			291.4
Actual Common Shares at End of Period		261.8			272.5			261.8			272.5
DILUTED EARNINGS PER SHARE DATA
Operating Income	$	.16			$1.63		$	5.23		$	5.12
Realized Investment Gains (Losses)		.22			(.03	)		.46			.64
Net Income	$	.38			$1.60		$	5.69		$	5.76
Effect of Catastrophes	$	(2.13	)		$ (.03	)	$	(2.73	)	$	(2.30	)

	Dec. 31 2012		Dec. 31 2011
			(As Adjusted)
BOOK VALUE PER COMMON SHARE	$	60.45		$56.15
BOOK VALUE PER COMMON SHARE,
with Available-for-Sale Fixed Maturities at Amortized Cost		53.80		50.37

Book value per common share at December 31, 2011 has been adjusted to reflect the adoption of new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. The adoption of this guidance decreased shareholders’ equity by $273 million as of December 31, 2011. The effect of the adoption of the new guidance on net income for the twelve months ended December 31, 2012 and December 31, 2011 was not material.

14

PROPERTY AND CASUALTY UNDERWRITING RATIOS

PERIODS ENDED DECEMBER 31

	Fourth Quarter						Twelve Months
	2012			2011			2012			2011
Losses and Loss Expenses to Premiums Earned		80.3	%		59.3	%		63.6			63.8	%
Underwriting Expenses to Premiums Written		30.9			30.6			31.7			31.5
Combined Loss and Expense Ratio		111.2	%		89.9	%		95.3	%		95.3	%
Effect of Catastrophes on Combined Loss and Expense Ratio		29.7	%		0.4	%		9.6	%		8.9	%

PROPERTY AND CASUALTY LOSSES AND LOSS EXPENSES COMPONENTS

PERIODS ENDED DECEMBER 31

	Fourth Quarter					Twelve Months
	2012		2011			2012		2011
	(in millions)
Paid Losses and Loss Expenses	$	1,889	$	2,108		$	6,816	$	7,046
Increase (Decrease) in Unpaid Losses and Loss Expenses		454		(367	)		691		361
Total Losses and Loss Expenses	$	2,343	$	1,741		$	7,507	$	7,407

The increase in unpaid losses and loss expenses for both the fourth quarter and the twelve months ended 2012 includes $620 million related to Storm Sandy.

15

PROPERTY AND CASUALTY PRODUCT MIX

QUARTERS ENDED DECEMBER 31

	Net Premiums Written
	2012								2011			% Increase (Decrease)
	Total				Excluding Storm Sandy Reinstatement Premiums				Total			Total			Excluding Storm Sandy Reinstatement Premiums
	(in millions)
Personal Insurance
Automobile		$	172			$	172			$	165		4	%		4	%
Homeowners			614				639				605		1			6
Other			228				228				221		3			3
Total Personal			1,014				1,039				991		2			5
Commercial Insurance
Multiple Peril			279				284				284		(2	)		—
Casualty			393				393				392		—			—
Workers’ Compensation			225				225				198		14			14
Property and Marine			308				331				358		(14	)		(8	)
Total Commercial			1,205				1,233				1,232		(2	)		—
Specialty Insurance
Professional Liability			613				613				648		(5	)		(5	)
Surety			75				75				88		(15	)		(15	)
Total Specialty			688				688				736		(7	)		(7	)
Total Insurance			2,907				2,960				2,959		(2	)		—
Reinsurance Assumed			1				1				6		*			*
Total		$	2,908			$	2,961			$	2,965		(2	)		—
	Combined Loss and Expense Ratios
	2012				2011
Personal Insurance
Automobile			97.1	%			93.3	%
Homeowners			131.3				82.3
Other			97.1				94.7
Total Personal			117.9				86.9
Commercial Insurance
Multiple Peril			103.9				81.8
Casualty			93.8				91.8
Workers’ Compensation			89.3				95.5
Property and Marine			184.2				102.2
Total Commercial			118.7				93.2
Specialty Insurance
Professional Liability			93.7				96.1
Surety			51.4				47.0
Total Specialty			88.5				89.8
Total Insurance			111.6				90.2
Reinsurance Assumed			*				*
Total			111.2				89.9

* The change in net premiums written and the combined loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in runoff.

16

PROPERTY AND CASUALTY PRODUCT MIX

TWELVE MONTHS ENDED DECEMBER 31

	Net Premiums Written
	2012						2011		% Increase (Decrease)
	Total			Excluding Storm Sandy Reinstatement Premiums			Total		Total			Excluding Storm Sandy Reinstatement Premiums
	(in millions)
Personal Insurance
Automobile	$	691			$     691		$	682		1	%		1	%
Homeowners		2,554			2,579			2,477		3			4
Other		880			880			818		8			8
Total Personal		4,125			4,150			3,977		4			4
Commercial Insurance
Multiple Peril		1,119			1,124			1,136		(2	)		(1	)
Casualty		1,641			1,641			1,639		—			—
Workers’ Compensation		1,014			1,014			860		18			18
Property and Marine		1,400			1,423			1,416		(1	)		—
Total Commercial		5,174			5,202			5,051		2			3
Specialty Insurance
Professional Liability		2,273			2,273			2,388		(5	)		(5	)
Surety		295			295			332		(11	)		(11	)
Total Specialty		2,568			2,568			2,720		(6	)		(6	)
Total Insurance		11,867			11,920			11,748		1			1
Reinsurance Assumed		3			3			10		*			*
Total	$	11,870			$11,923		$	11,758		1			1
	Combined Loss and Expense Ratios
	2012			2011
Personal Insurance
Automobile		93.4	%		94.4	%
Homeowners		94.2			100.2
Other		95.6			95.7
Total Personal		94.4			98.3
Commercial Insurance
Multiple Peril		93.7			101.5
Casualty		92.1			87.9
Workers’ Compensation		93.7			93.2
Property and Marine		115.0			114.7
Total Commercial		99.0			99.3
Specialty Insurance
Professional Liability		96.7			89.9
Surety		51.4			49.1
Total Specialty		91.3			85.1
Total Insurance		95.7			95.6
Reinsurance Assumed		*			*
Total		95.3			95.3

* The change in net premiums written and the combined loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in runoff.

EX-99.2

Exhibit 99.2

The	Supplementary	December 31, 2012
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

Adoption of New Accounting Pronouncement

Shareholders’ equity and book value per common share at December 31, 2011 and return on equity and operating return on equity for the fourth quarter and twelve months ended December 31, 2011 have been adjusted to reflect the adoption of new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. The adoption of this guidance decreased shareholders’ equity by $273 million as of December 31, 2010 and 2011 and each of the quarter-end balances within 2011. The effect of the adoption of the new guidance on net income for the fourth quarter and twelve months ended December 31, 2012 and December 31, 2011 was not material.

(i)

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

DECEMBER 31, 2012

	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
Impact of Catastrophes on Results	6
Underwriting Results — Year-To-Date	7-11
Underwriting Results — Quarterly	12-16
Definitions of Key Terms	17-19

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

AS OF DECEMBER 31

(in millions, except per share amounts)

	2012						2011
				% of Total						% of Total
Invested Assets (at carrying value)					(As Adjusted)
Short Term Investments	$	2,528			6	%	$	1,893			4	%
Fixed Maturities
Tax Exempt		19,913			45			20,211			47
Taxable		18,163			41			16,973			40
Equity Securities		1,663			4			1,512			4
Other Invested Assets		1,954			4			2,180			5
Total Invested Assets	$	44,221			100	%	$	42,769			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	2,678					$	2,422
Equity Securities		419						248
		3,097						2,670
Deferred Income Tax Liability		1,084						934
	$	2,013					$	1,736
Capitalization
Long Term Debt	$	3,575					$	3,575
Shareholders’ Equity		15,827						15,301
Total Capitalization	$	19,402					$	18,876
Debt as a Percentage of Total Capitalization		18.4	%					18.9	%
Actual Common Shares Outstanding		261.8						272.5
Book Value Per Common Share	$	60.45					$	56.15
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	53.80					$	50.37

Page 1 of 19

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended December 31
	Fourth Quarter 2012		Twelve Months 2012		From December 2005 to December 31, 2012
Cost of Shares Repurchased	$	28	$	935	$	10,613
Average Cost Per Share	$	76.54	$	71.38	$	53.82
Shares Repurchased		369,900		13,094,640		197,185,233

During the period from December 2005 through December 2010, under several share repurchase authorizations the Board of Directors authorized the repurchase of a total of 185 million shares of the Corporation’s common stock. No shares remain under these repurchase authorizations.

In January 2012, the Board of Directors authorized the repurchase of up to $1.2 billion of the Corporation’s common stock. The authorization has no expiration date. As of December 31, 2012, approximately $329 million remained under the share repurchase authorization.

Page 2 of 19

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

AS OF DECEMBER 31

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	2012		2011		2012		2011
	(in millions)
Short Term Investments	$	943	$	1,035	$	943	$	1,035
Taxable Fixed Maturities		1,296		955		1,333		983
Equity Securities		176		200		215		179
Other Invested Assets		68		27		68		27
TOTAL	$	2,483	$	2,217	$	2,559	$	2,224

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	2012		2011		2012		2011
	(in millions)
Short Term Investments	$	1,585	$	858	$	1,585	$	858
Fixed Maturities
Tax Exempt		18,410		18,786		19,913		20,211
Taxable		15,692		15,021		16,830		15,990
Equity Securities		1,068		1,064		1,448		1,333
Other Invested Assets		1,886		2,153		1,886		2,153
TOTAL	$	38,641	$	37,882	$	41,662	$	40,545

(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 the Corporation’s equity in the net assets of the partnerships.

Page 3 of 19

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2012			2011			2012			2011
	(in millions)
CORPORATE INVESTMENT INCOME	$	6		$	7		$	24		$	28
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	182		$	188		$	735		$	763
Taxable Interest		105			116			439			468
Other		14			16			53			57
Investment Expenses		(5	)		(4	)		(23	)		(23	)
TOTAL	$	296		$	316		$	1,204		$	1,265
Effective Tax Rate		18.9	%		19.2	%		18.8	%		19.0	%
After-Tax Annualized Yield		3.04	%		3.30	%		3.12	%		3.25	%

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

AS OF DECEMBER 31

	2012		2011		2010
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,150	$	13,958	$	14,539
Rolling Year Statutory Net Premiums Written	$	11,861	$	11,778	$	11,262
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.84:1		0.84:1		0.77:1

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

Page 4 of 19

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES

TWELVE MONTHS ENDED DECEMBER 31, 2012

	Net Unpaid Losses							IBNR Increase (Decrease)			All Other Unpaid Losses Increase (Decrease)
	12/31/12		12/31/11		Increase (Decrease)
					(in millions)
Personal Insurance
Automobile	$	387	$	404	$	(17	)	$	(11	)	$	(6	)
Homeowners		898		769		129			124			5
Other		926		902		24			39			(15	)
Total Personal		2,211		2,075		136			152			(16	)
Commercial Insurance
Multiple Peril		1,799		1,735		64			61			3
Casualty		6,485		6,274		211			99			112
Workers’ Compensation		2,607		2,392		215			168			47
Property and Marine		1,316		1,118		198			262			(64	)
Total Commercial		12,207		11,519		688			590			98
Specialty Insurance
Professional Liability		7,150		7,180		(30	)		(3	)		(27	)
Surety		83		75		8			7			1
Total Specialty		7,233		7,255		(22	)		4			(26	)
Total Insurance		21,651		20,849		802			746			56
Reinsurance Assumed		371		480		(109	)		(80	)		(29	)
Total	$	22,022	$	21,329	$	693		$	666		$	27

Page 5 of 19

THE CHUBB CORPORATION

IMPACT OF CATASTROPHES ON RESULTS

FOR THE FOURTH QUARTER OF 2012

	Reinsurance Reinstatement Premium Cost		Insurance Losses			Cost Before Tax
Storm Sandy
Personal Insurance
Gross	$	—	$	519		$	519
Ceded		25		129			104
Net		25		390			415
Commercial Insurance
Gross		—		590			590
Ceded		28		151			123
Net		28		439			467
Total Storm Sandy
Gross		—		1,109			1,109
Ceded		53		280			227
Net		53		829			882
All Other Catastrophes		—		(6	)		(6	)
Total	$	53	$	823		$	876

Page 6 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	691		$	682		$	2,554		$	2,477		$	880		$	818		$	4,125		$	3,977
Decrease (Increase) in Unearned Premiums		(20	)		(17	)		(65	)		(41	)		(16	)		(2	)		(101	)		(60	)
Net Premiums Earned		671			665			2,489			2,436			864			816			4,024			3,917
Net Losses Paid		437			411			1,377			1,540			458			448			2,272			2,399
Increase (Decrease) in Outstanding Losses		(12	)		11			127			75			30			23			145			109
Net Losses Incurred		425			422			1,504			1,615			488			471			2,417			2,508
Expenses Incurred		208			211			863			840			344			311			1,415			1,362
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	38		$	32		$	122		$	(19	)	$	32		$	34		$	192		$	47
Ratios After Dividends to Policyholders:
Loss		63.3	%		63.5	%		60.4	%		66.3	%		56.5	%		57.7	%		60.1	%		64.0	%
Expense		30.1			30.9			33.8			33.9			39.1			38.0			34.3			34.3
Combined		93.4	%		94.4	%		94.2	%		100.2	%		95.6	%		95.7	%		94.4	%		98.3	%
Premiums Written as a % of Total		5.8	%		5.8	%		21.6	%		21.0	%		7.4	%		7.0	%		34.8	%		33.8	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	691		$	682		$	2,579		$	2,477		$	880		$	818		$	4,150		$	3,977
Net Premiums Earned	$	671		$	665		$	2,514		$	2,436		$	864		$	816		$	4,049		$	3,917
Net Losses Incurred	$	405		$	414		$	1,000		$	1,112		$	482		$	468		$	1,887		$	1,994
Statutory Underwriting Income	$	58		$	40		$	651		$	484		$	38		$	37		$	747		$	561
Combined Ratio		90.5	%		93.2	%		73.2	%		79.6	%		94.9	%		95.4	%		80.7	%		85.2	%

Page 7 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Commercial Multiple Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2012			2011			2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	1,119		$	1,136		$	1,641		$	1,639		$	1,014		$	860		$	1,400		$	1,416		$	5,174		$	5,051
Decrease (Increase) in Unearned Premiums		9			(7	)		—			(19	)		(40	)		(31	)		1			(49	)		(30	)		(106	)
Net Premiums Earned		1,128			1,129			1,641			1,620			974			829			1,401			1,367			5,144			4,945
Net Losses Paid		583			700			838			855			464			405			940			814			2,825			2,774
Increase (Decrease) in Outstanding Losses		62			29			211			111			214			157			200			295			687			592
Net Losses Incurred		645			729			1,049			966			678			562			1,140			1,109			3,512			3,366
Expenses Incurred		409			419			463			464			219			193			471			475			1,562			1,551
Dividends Incurred		—			—			—			—			26			27			—			—			26			27
Statutory Underwriting Income (Loss)	$	74		$	(19	)	$	129		$	190		$	51		$	47		$	(210	)	$	(217	)	$	44		$	1
Ratios After Dividends to Policyholders:
Loss		57.2	%		64.6	%		63.9	%		59.6	%		71.5	%		70.0	%		81.4	%		81.1	%		68.6	%		68.4	%
Expense		36.5			36.9			28.2			28.3			22.2			23.2			33.6			33.6			30.4			30.9
Combined		93.7	%		101.5	%		92.1	%		87.9	%		93.7	%		93.2	%		115.0	%		114.7	%		99.0	%		99.3	%
Premiums Written as a % of Total		9.4	%		9.7	%		13.8	%		13.9	%		8.6	%		7.3	%		11.8	%		12.1	%		43.6	%		43.0	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	1,124		$	1,136		$	1,641		$	1,639		$	1,014		$	860		$	1,423		$	1,416		$	5,202		$	5,051
Net Premiums Earned	$	1,133		$	1,129		$	1,641		$	1,620		$	974		$	829		$	1,424		$	1,367		$	5,172		$	4,945
Net Losses Incurred	$	526		$	558		$	1,046		$	963		$	667		$	560		$	716		$	769		$	2,955		$	2,850
Statutory Underwriting Income	$	198		$	152		$	132		$	193		$	62		$	49		$	237		$	123		$	629		$	517
Combined Ratio		82.8	%		86.3	%		92.0	%		87.8	%		92.5	%		93.0	%		83.4	%		89.8	%		87.6	%		88.8	%

Page 8 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,273		$	2,388		$	295		$	332		$	2,568		$	2,720
Decrease (Increase) in Unearned Premiums		75			50			23			(1	)		98			49
Net Premiums Earned		2,348			2,438			318			331			2,666			2,769
Net Losses Paid		1,630			1,756			24			30			1,654			1,786
Increase (Decrease) in Outstanding Losses		(41	)		(245	)		9			17			(32	)		(228	)
Net Losses Incurred		1,589			1,511			33			47			1,622			1,558
Expenses Incurred		659			666			119			114			778			780
Dividends Incurred		—			—			4			4			4			4
Statutory Underwriting Income (Loss)	$	100		$	261		$	162		$	166		$	262		$	427
Ratios After Dividends to Policyholders:
Loss		67.7	%		62.0	%		10.5	%		14.4	%		60.9	%		56.4	%
Expense		29.0			27.9			40.9			34.7			30.4			28.7
Combined		96.7	%		89.9	%		51.4	%		49.1	%		91.3	%		85.1	%
Premiums Written as a % of Total		19.1	%		20.3	%		2.5	%		2.8	%		21.6	%		23.1	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	2,273		$	2,388		$	295		$	332		$	2,568		$	2,720
Net Premiums Earned	$	2,348		$	2,438		$	318		$	331		$	2,666		$	2,769
Net Losses Incurred	$	1,589		$	1,511		$	33		$	47		$	1,622		$	1,558
Statutory Underwriting Income	$	100		$	261		$	162		$	166		$	262		$	427
Combined Ratio		96.7	%		89.9	%		51.4	%		49.1	%		91.3	%		85.1	%

Page 9 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	11,867		$	11,748		$	3		$	10		$	11,870		$	11,758
Decrease (Increase) in Unearned Premiums		(33	)		(117	)		1			3			(32	)		(114	)
Net Premiums Earned		11,834			11,631			4			13			11,838			11,644
Net Losses Paid		6,751			6,959			65			87			6,816			7,046
Increase (Decrease) in Outstanding Losses		800			473			(109	)		(112	)		691			361
Net Losses Incurred		7,551			7,432			(44	)		(25	)		7,507			7,407
Expenses Incurred		3,755			3,693			1			2			3,756			3,695
Dividends Incurred		30			31			—			—			30			31
Statutory Underwriting Income (Loss)	$	498		$	475		$	47		$	36			545			511
Increase in Deferred Acquisition Costs														3			63
GAAP Underwriting Income													$	548		$	574
Ratios After Dividends to Policyholders:
Loss		64.0	%		64.1	%		*	%		*	%		63.6	%		63.8	%
Expense		31.7			31.5			*			*			31.7			31.5
Combined		95.7	%		95.6	%		*	%		*	%		95.3	%		95.3	%
Premiums Written as a % of Total		100.0	%		99.9	%		0.0	%		0.1	%		100.0	%		100.0	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	11,920		$	11,748		$	3		$	10		$	11,923		$	11,758
Net Premiums Earned	$	11,887		$	11,631		$	4		$	13		$	11,891		$	11,644
Net Losses Incurred	$	6,464		$	6,402		$	(44	)	$	(25	)	$	6,420		$	6,377
Statutory Underwriting Income	$	1,638		$	1,505		$	47		$	36		$	1,685		$	1,541
Combined Ratio		86.1	%		86.7	%		*	%		*	%		85.7	%		86.4	%

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

Page 10 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	8,779		$	8,582		$	3,091		$	3,176		$	11,870		$	11,758
Decrease (Increase) in Unearned Premiums		(32	)		(56	)		—			(58	)		(32	)		(114	)
Net Premiums Earned		8,747			8,526			3,091			3,118			11,838			11,644
Net Losses Paid		5,310			5,483			1,506			1,563			6,816			7,046
Increase (Decrease) in Outstanding Losses		515			149			176			212			691			361
Net Losses Incurred		5,825			5,632			1,682			1,775			7,507			7,407
Expenses Incurred		2,610			2,525			1,146			1,170			3,756			3,695
Dividends Incurred		30			31			—			—			30			31
Statutory Underwriting Income (Loss)	$	282		$	338		$	263		$	173			545			511
Increase in Deferred Acquisition Costs														3			63
GAAP Underwriting Income													$	548		$	574
Ratios After Dividends to Policyholders:
Loss		66.8	%		66.3	%		54.4	%		56.9	%		63.6	%		63.8	%
Expense		29.8			29.5			37.1			36.8			31.7			31.5
Combined		96.6	%		95.8	%		91.5	%		93.7	%		95.3	%		95.3	%
Premiums Written as a % of Total		74.0	%		73.0	%		26.0	%		27.0	%		100.0	%		100.0	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	8,832		$	8,582		$	3,091		$	3,176		$	11,923		$	11,758
Net Premiums Earned	$	8,800		$	8,526		$	3,091		$	3,118		$	11,891		$	11,644
Net Losses Incurred	$	4,730		$	4,757		$	1,690		$	1,620		$	6,420		$	6,377
Statutory Underwriting Income	$	1,430		$	1,213		$	255		$	328		$	1,685		$	1,541
Combined Ratio		83.6	%		85.5	%		91.8	%		88.8	%		85.7	%		86.4	%

Property and casualty underwriting results for 2011 reflect a reclassification of certain business that was previously considered outside the United States business and is now considered United States business. This reclassification had no impact on worldwide total amounts.

Page 11 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	172		$	165		$	614		$	605		$	228		$	221		$	1,014		$	991
Decrease (Increase) in Unearned Premiums		—			—			1			6			(4	)		(4	)		(3	)		2
Net Premiums Earned		172			165			615			611			224			217			1,011			993
Net Losses Paid		131			112			441			490			116			114			688			716
Increase (Decrease) in Outstanding Losses		(14	)		(9	)		158			(192	)		12			10			156			(191	)
Net Losses Incurred		117			103			599			298			128			124			844			525
Expenses Incurred		50			51			208			203			91			83			349			337
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	5		$	11		$	(192	)	$	110		$	5		$	10		$	(182	)	$	131
Ratios After Dividends to Policyholders:
Loss		68.0	%		62.4	%		97.4	%		48.7	%		57.2	%		57.1	%		83.5	%		52.9	%
Expense		29.1			30.9			33.9			33.6			39.9			37.6			34.4			34.0
Combined		97.1	%		93.3	%		131.3	%		82.3	%		97.1	%		94.7	%		117.9	%		86.9	%
Premiums Written as a % of Total		5.9	%		5.6	%		21.1	%		20.4	%		7.9	%		7.4	%		34.9	%		33.4	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	172		$	165		$	639		$	605		$	228		$	221		$	1,039		$	991
Net Premiums Earned	$	172		$	165		$	640		$	611		$	224		$	217		$	1,036		$	993
Net Losses Incurred	$	101		$	105		$	235		$	281		$	122		$	123		$	458		$	509
Statutory Underwriting Income (Loss)	$	21		$	9		$	197		$	127		$	11		$	11		$	229		$	147
Combined Ratio		87.8	%		94.5	%		69.3	%		79.5	%		94.4	%		94.2	%		77.8	%		85.3	%

Page 12 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Commercial Multiple Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2012			2011			2012			2011			2012			2011			2012			2011			2012			2011
Net Premiums Written	$	279		$	284		$	393		$	392		$	225		$	198		$	308		$	358		$	1,205		$	1,232
Decrease (Increase) in Unearned Premiums		—			(3	)		11			13			23			15			15			(4	)		49			21
Net Premiums Earned		279			281			404			405			248			213			323			354			1,254			1,253
Net Losses Paid		171			221			209			224			114			106			226			266			720			817
Increase (Decrease) in Outstanding Losses		24			(89	)		57			33			50			40			260			(16	)		391			(32	)
Net Losses Incurred		195			132			266			257			164			146			486			250			1,111			785
Expenses Incurred		95			99			110			111			48			47			104			113			357			370
Dividends Incurred		—			—			—			—			5			7			—			—			5			7
Statutory Underwriting Income (Loss)	$	(11	)	$	50		$	28		$	37		$	31		$	13		$	(267	)	$	(9	)	$	(219	)	$	91
Ratios After Dividends to Policyholders:
Loss		69.9	%		46.9	%		65.8	%		63.5	%		67.5	%		70.9	%		150.4	%		70.6	%		88.9	%		63.0	%
Expense		34.0			34.9			28.0			28.3			21.8			24.6			33.8			31.6			29.8			30.2
Combined		103.9	%		81.8	%		93.8	%		91.8	%		89.3	%		95.5	%		184.2	%		102.2	%		118.7	%		93.2	%
Premiums Written as a % of Total		9.6	%		9.6	%		13.5	%		13.2	%		7.7	%		6.7	%		10.6	%		12.1	%		41.4	%		41.6	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	284		$	284		$	393		$	392		$	225		$	198		$	331		$	358		$	1,233		$	1,232
Net Premiums Earned	$	284		$	281		$	404		$	405		$	248		$	213		$	346		$	354		$	1,282		$	1,253
Net Losses Incurred	$	118		$	144		$	265		$	256		$	162		$	147		$	129		$	243		$	674		$	790
Statutory Underwriting Income (Loss)	$	71		$	38		$	29		$	38		$	33		$	12		$	113		$	(2	)	$	246		$	86
Combined Ratio		75.0	%		86.1	%		93.6	%		91.5	%		88.5	%		96.0	%		68.7	%		100.2	%		81.9	%		93.6	%

Page 13 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	613		$	648		$	75		$	88		$	688		$	736
Decrease (Increase) in Unearned Premiums		(32	)		(45	)		5			1			(27	)		(44	)
Net Premiums Earned		581			603			80			89			661			692
Net Losses Paid		461			554			7			5			468			559
Increase (Decrease) in Outstanding Losses		(69	)		(130	)		1			6			(68	)		(124	)
Net Losses Incurred		392			424			8			11			400			435
Expenses Incurred		161			167			30			30			191			197
Dividends Incurred		—			—			2			1			2			1
Statutory Underwriting Income (Loss)	$	28		$	12		$	40		$	47		$	68		$	59
Ratios After Dividends to Policyholders:
Loss		67.5	%		70.3	%		10.3	%		12.5	%		60.7	%		63.0	%
Expense		26.2			25.8			41.1			34.5			27.8			26.8
Combined		93.7	%		96.1	%		51.4	%		47.0	%		88.5	%		89.8	%
Premiums Written as a % of Total		21.1	%		21.8	%		2.6	%		3.0	%		23.7	%		24.8	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	613		$	648		$	75		$	88		$	688		$	736
Net Premiums Earned	$	581		$	603		$	80		$	89		$	661		$	692
Net Losses Incurred	$	392		$	424		$	8		$	11		$	400		$	435
Statutory Underwriting Income (Loss)	$	28		$	12		$	40		$	47		$	68		$	59
Combined Ratio		93.7	%		96.1	%		51.4	%		47.0	%		88.5	%		89.8	%

Page 14 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,907		$	2,959		$	1		$	6		$	2,908		$	2,965
Decrease (Increase) in Unearned Premiums		19			(21	)		—			1			19			(20	)
Net Premiums Earned		2,926			2,938			1			7			2,927			2,945
Net Losses Paid		1,876			2,092			13			16			1,889			2,108
Increase (Decrease) in Outstanding Losses		479			(347	)		(25	)		(20	)		454			(367	)
Net Losses Incurred		2,355			1,745			(12	)		(4	)		2,343			1,741
Expenses Incurred		897			904			—			1			897			905
Dividends Incurred		7			8			—			—			7			8
Statutory Underwriting Income (Loss)	$	(333	)	$	281		$	13		$	10			(320	)		291
Decrease in Deferred Acquisition Costs														(12	)		(7	)
GAAP Underwriting Income (Loss)													$	(332	)	$	284
Ratios After Dividends to Policyholders:
Loss		80.7	%		59.6	%		*	%		*	%		80.3	%		59.3	%
Expense		30.9			30.6			*			*			30.9			30.6
Combined		111.6	%		90.2	%		*	%		*	%		111.2	%		89.9	%
Premiums Written as a % of Total		100.0	%		99.8	%		0.0	%		0.2	%		100.0	%		100.0	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	2,960		$	2,959		$	1		$	6		$	2,961		$	2,965
Net Premiums Earned	$	2,979		$	2,938		$	1		$	7		$	2,980		$	2,945
Net Losses Incurred	$	1,532		$	1,734		$	(12	)	$	(4	)	$	1,520		$	1,730
Statutory Underwriting Income (Loss)	$	543		$	292		$	13		$	10		$	556		$	302
Combined Ratio		81.9	%		89.8	%		*	%		*	%		81.5	%		89.5	%

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

Page 15 of 19

THE CHUBB CORPORATION — WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED DECEMBER 31, 2012 AND 2011

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2012			2011			2012			2011			2012			2011
Net Premiums Written	$	2,109		$	2,156		$	799		$	809		$	2,908		$	2,965
Decrease (Increase) in Unearned Premiums		32			1			(13	)		(21	)		19			(20	)
Net Premiums Earned		2,141			2,157			786			788			2,927			2,945
Net Losses Paid		1,466			1,677			423			431			1,889			2,108
Increase (Decrease) in Outstanding Losses		495			(381	)		(41	)		14			454			(367	)
Net Losses Incurred		1,961			1,296			382			445			2,343			1,741
Expenses Incurred		608			616			289			289			897			905
Dividends Incurred		7			8			—			—			7			8
Statutory Underwriting Income (Loss)	$	(435	)	$	237		$	115		$	54			(320	)		291
Decrease in Deferred Acquisition Costs														(12	)		(7	)
GAAP Underwriting Income (Loss)													$	(332	)	$	284
Ratios After Dividends to Policyholders:
Loss		91.9	%		60.3	%		48.6	%		56.5	%		80.3	%		59.3	%
Expense		28.9			28.7			36.2			35.7			30.9			30.6
Combined		120.8	%		89.0	%		84.8	%		92.2	%		111.2	%		89.9	%
Premiums Written as a % of Total		72.5	%		72.7	%		27.5	%		27.3	%		100.0	%		100.0	%
	RESULTS EXCLUDING THE IMPACT OF CATASTROPHES:
Net Premiums Written	$	2,162		$	2,156		$	799		$	809		$	2,961		$	2,965
Net Premiums Earned	$	2,194		$	2,157		$	786		$	788		$	2,980		$	2,945
Net Losses Incurred	$	1,134		$	1,302		$	386		$	428		$	1,520		$	1,730
Statutory Underwriting Income (Loss)	$	445		$	231		$	111		$	71		$	556		$	302
Combined Ratio		80.1	%		89.3	%		85.3	%		90.0	%		81.5	%		89.5	%

Property and casualty underwriting results for 2011 reflect a reclassification of certain business that was previously considered outside the United States business and is now considered United States business. This reclassification had no impact on worldwide total amounts.

Page 16 of 19

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, certain 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 results because it reflects the impact of any change in the proportion of tax exempt investment income to total investment income 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.

Page 17 of 19

THE CHUBB CORPORATION

Definitions of Key Terms

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.

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.

Net Premiums Written Excluding the Impact of Catastrophes and Net Premiums Earned Excluding the Impact of Catastrophes

Management has included net premiums written excluding the impact of catastrophes and net premiums earned excluding the impact of catastrophes, non-GAAP financial measures, so as to exclude reinsurance reinstatement premium costs related to a major catastrophe event from net premiums written and net premiums earned, as inclusion of such reinsurance reinstatement premium costs could distort the analysis of trends in premiums.

Net Losses Incurred Excluding the Impact of Catastrophes

Management has included net losses incurred excluding the impact of catastrophes, a non-GAAP financial measure, since management believes such information is helpful in evaluating results in a period when the Corporation experienced an unusually large individual catastrophe event, as the impact of such event could distort the analysis of trends.

Page 18 of 19

THE CHUBB CORPORATION

Definitions of Key Terms

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.

	Periods Ended December 31
	Fourth Quarter						Twelve Months
	2012			2011			2012			2011
	(dollars in millions)
	(As Adjusted)									(As Adjusted)
Annualized Net Income	$	408		$	1,808		$	1,545		$	1,678
Average Shareholders’ Equity	$	15,901		$	15,333		$	15,631		$	15,349
Return on Equity		2.6	%		11.8	%		9.9	%		10.9	%
Annualized Operating Income	$	176		$	1,840		$	1,420		$	1,491
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	13,850		$	13,723		$	13,733		$	13,998
Operating Return on Equity		1.3	%		13.4	%		10.3	%		10.7	%

Page 19 of 19

EX-99.3

Exhibit 99.3

Date of release: 01/31/2013

The following materials contain “forward looking statements,” including those relating to loss reserves and claim estimates, that are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or suggested by such statements. Such risks or uncertainties include but are not limited to those which may be noted more fully in the materials themselves, as well as those discussed or identified from time to time in The Chubb Corporation’s public filings with the Securities and Exchange Commission. The Chubb Corporation assumes no obligation to update any forward-looking information set forth in the following materials, which speak as of January 31, 2013 or as otherwise specified in the materials.

2

• Purpose of Updated Review

• Evaluation Methodology

• Exposure Analysis

• Asbestos Payments and Reserves

• Three Year Reserve Comparison

• Conclusions

3

• Reassess Chubb’s ultimate liability regarding asbestos exposures using an internal analysis, reviewed by our independent outside consulting actuaries

• Determine appropriate reserve levels

• Ensure aggressive case management of asbestos claims

– manage our exposure

– identify trends or issues that may impact exposure

• Provide relevant substantive information requested by investors and rating agencies

4

• Chubb segmented its defendant policyholders into two groups

Traditional defendant policyholders (Tiers 1 & 2)

– Those engaged in asbestos mining, manufacturing and building products industries

Peripheral defendant policyholders (Tiers 3 & 4)

– Those who manufactured, distributed, or installed an asbestos-containing product or who owned or operated a facility where asbestos products were present

5

Within these policyholder categories:

• All Tier 1 & 2 accounts and Tier 3 & 4 accounts with Chubb incurred losses of at least $3M or judged to have high potential exposure were evaluated individually. Claimant information and available coverage were reviewed for each defendant policyholder, including terms of coverage, policy limits and aggregate limits.

• Tier 3 & 4 accounts not individually evaluated were analyzed in the aggregate using statistical techniques. Factors considered include available coverage, claimant count, report year, bankruptcy, coverage dispute and case reserve amount.

• Future claims from unknown defendant policyholders were estimated based on claim reporting patterns and projected claim severities.

6

($ in millions)

	No. of Open Policyholders At 12/31/12		Total Net Paid In 2012		Net Asbestos Reserves At 12/31/12
	#		$		$
Traditional Defendants Tier 1		2		—		33
Traditional Defendants Tier 2		12		7		108
Peripheral Defendants Tiers 3 & 4		365		34		321
All Other				3		20
Reserves for future claims from unknown policyholders		Unknown		—		107
Total		379		44		589

7

Total net asbestos reserves at 12/31/12: $589M

• Case reserves of $258M

– Established by Claim Department on known claims

• IBNR reserves of $331M

– Includes provision for:

• potential reserve development on known defendant policyholders (development)

• future claims from unknown defendant policyholders (pure IBNR)

• future declaratory judgment actions and other litigation

8

($ in Millions)	2012			2011			2010
Beginning Reserves	$	605		$	631		$	689
Incurred Losses & LAE		28			22			0
Calendar Year Payments for Losses		(25	)		(28	)		(36	)
Calendar Year Payments for LAE		(19	)		(20	)		(22	)
Ending Reserves	$	589		$	605		$	631
IBNR portion of Ending Reserves	$	331		$	336		$	359

9

• Chubb’s asbestos net reserves of $589M at 12/31/12 are based on our 2012 analysis of our ultimate asbestos liabilities

• This reserve represents Chubb’s best estimate of our ultimate asbestos liability at 12/31/12

• This reserve amount is at full (undiscounted) value, and no consideration has been given for legislative or judicial relief

• The net reserve reflects a modest reinsurance recoverable amount of approximately 3% of the gross reserve

• Net payments for asbestos liabilities in 2012 were $44M

• Reserves at 12/31/12 calculate to a 3 year survival ratio of 11.8

10