Exhibit 99.2

  The Chubb Corporation   Supplementary Investor Information   September 30, 2013

This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

SEPTEMBER 30, 2013

	Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights		1
Share Repurchase Activity		2
Summary of Invested Assets:
Corporate		3
Property and Casualty		3
Investment Income After Taxes:
Corporate		4
Property and Casualty		4
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus		4
Change in Net Unpaid Losses		5
Underwriting Results - Year-To-Date		6-10
Underwriting Results - Quarterly		11-15
Definitions of Key Terms		16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	Sept. 30 2013						December 31 2012
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,881			4	%	$	2,528			6	%
Fixed Maturities
Tax Exempt		18,951			44			19,913			45
Taxable		18,659			44			18,163			41
Equity Securities		1,821			4			1,663			4
Other Invested Assets		1,665			4			1,954			4
Total Invested Assets	$	42,977			100	%	$	44,221			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,364					$	2,678
Equity Securities		658						419
		2,022						3,097
Deferred Income Tax Liability		708						1,084
	$	1,314					$	2,013
Capitalization
Long Term Debt	$	3,300					$	3,575
Shareholders’ Equity		15,621						15,827
Total Capitalization	$	18,921					$	19,402
Debt as a Percentage of Total Capitalization		17.4	%					18.4	%
Actual Common Shares Outstanding		251.8						261.8
Book Value Per Common Share	$	62.04					$	60.45
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	58.52					$	53.80

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended September 30
	Third Quarter 2013		Nine Months 2013		From December 2005 to September 30, 2013
Cost of Shares Repurchased	$	326	$	975	$	11,588
Average Cost Per Share	$	86.17	$	85.39	$	55.55
Shares Repurchased		3,781,625		11,418,615		208,603,848

During the period from December 2005 through December 2010, 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. In January 2013, the Board of Directors authorized the repurchase of up to $1.3 billion of the Corporation’s common stock, which authorization replaced the January 2012 authorization. The January 2013 authorization has no expiration date and, as of September 30, 2013, approximately $433 million remained under this authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	Sept. 30 2013		Dec. 31 2012		Sept. 30 2013		Dec. 31 2012
	(in millions)
Short Term Investments	$	662	$	943	$	662	$	943
Taxable Fixed Maturities		1,113		1,296		1,130		1,333
Equity Securities		102		176		104		215
Other Invested Assets		—		68		—		68
TOTAL	$	1,877	$	2,483	$	1,896	$	2,559

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	Sept. 30 2013		Dec. 31 2012		Sept. 30 2013		Dec. 31 2012
	(in millions)
Short Term Investments	$	1,219	$	1,585	$	1,219	$	1,585
Fixed Maturities
Tax Exempt		18,210		18,410		18,951		19,913
Taxable		16,923		15,692		17,529		16,830
Equity Securities		1,061		1,068		1,717		1,448
Other Invested Assets		1,665		1,886		1,665		1,886
TOTAL	$	39,078	$	38,641	$	41,081	$	41,662

(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 17

THE CHUBB CORPORATION

INVESTMENT INCOME AFTER TAXES

	Periods Ended September 30
	Third Quarter						Nine Months
	2013			2012			2013			2012
	(in millions)
CORPORATE INVESTMENT INCOME	$	3		$	7		$	12		$	18
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	171		$	181		$	523		$	553
Taxable Interest		102			108			310			334
Other		13			13			43			39
Investment Expenses		(6	)		(5	)		(22	)		(18	)
TOTAL	$	280		$	297		$	854		$	908
Effective Tax Rate		18.1	%		18.4	%		18.0	%		18.7	%
After-Tax Annualized Yield		2.83	%		3.08	%		2.88	%		3.14	%

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

	Sept. 30 2013		Dec. 31 2012		Sept. 30 2012
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	14,800	$	14,117	$	14,600
Rolling Year Statutory Net Premiums Written	$	12,085	$	11,861	$	11,919
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.82:1		0.84:1		0.82:1

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

Page 4 of 17

THE CHUBB CORPORATION

PROPERTY AND CASUALTY

CHANGE IN NET UNPAID LOSSES

NINE MONTHS ENDED SEPTEMBER 30, 2013

	Net Unpaid Losses										All Other Unpaid Losses Increase (Decrease)
	9/30/13		12/31/12		Increase (Decrease)			IBNR Increase (Decrease)
	(in millions)
Personal Insurance
Automobile	$	399	$	387	$	12		$	5		$	7
Homeowners		797		898		(101	)		(95	)		(6	)
Other		956		926		30			23			7
Total Personal		2,152		2,211		(59	)		(67	)		8
Commercial Insurance
Multiple Peril		1,777		1,799		(22	)		(29	)		7
Casualty		6,572		6,485		87			54			33
Workers’ Compensation		2,737		2,607		130			99			31
Property and Marine		959		1,316		(357	)		(300	)		(57	)
Total Commercial		12,045		12,207		(162	)		(176	)		14
Specialty Insurance
Professional Liability		7,020		7,150		(130	)		(34	)		(96	)
Surety		72		83		(11	)		(3	)		(8	)
Total Specialty		7,092		7,233		(141	)		(37	)		(104	)
Total Insurance		21,289		21,651		(362	)		(280	)		(82	)
Reinsurance Assumed		330		371		(41	)		(35	)		(6	)
Total	$	21,619	$	22,022	$	(403	)	$	(315	)	$	(88	)

Page 5 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	556		$	519		$	2,011		$	1,940		$	680		$	652		$	3,247		$	3,111
Decrease (Increase) in Unearned Premiums		(26	)		(20	)		(70	)		(66	)		(10	)		(12	)		(106	)		(98	)
Net Premiums Earned		530			499			1,941			1,874			670			640			3,141			3,013
Net Losses Paid		319			306			1,091			936			327			342			1,737			1,584
Increase (Decrease) in Outstanding Losses		17			2			(95	)		(31	)		32			18			(46	)		(11	)
Net Losses Incurred		336			308			996			905			359			360			1,691			1,573
Expenses Incurred		176			158			666			655			275			253			1,117			1,066
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	18		$	33		$	279		$	314		$	36		$	27		$	333		$	374
Ratios After Dividends to Policyholders:
Loss		63.4	%		61.7	%		51.3	%		48.3	%		53.6	%		56.3	%		53.8	%		52.2	%
Expense		31.7			30.5			33.1			33.8			40.4			38.8			34.4			34.3
Combined		95.1	%		92.2	%		84.4	%		82.1	%		94.0	%		95.1	%		88.2	%		86.5	%
Premiums Written as a % of Total		6.0	%		5.8	%		21.9	%		21.6	%		7.4	%		7.3	%		35.3	%		34.7	%

Page 6 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Commercial Multiple Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2013			2012			2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	834		$	840		$	1,240		$	1,248		$	846		$	789		$	1,094		$	1,092		$	4,014		$	3,969
Decrease (Increase) in Unearned Premiums		2			9			(2	)		(11	)		(68	)		(63	)		(18	)		(14	)		(86	)		(79	)
Net Premiums Earned		836			849			1,238			1,237			778			726			1,076			1,078			3,928			3,890
Net Losses Paid		421			412			714			629			369			350			752			714			2,256			2,105
Increase (Decrease) in Outstanding Losses		(17	)		38			109			154			131			164			(352	)		(60	)		(129	)		296
Net Losses Incurred		404			450			823			783			500			514			400			654			2,127			2,401
Expenses Incurred		319			314			359			353			184			171			379			367			1,241			1,205
Dividends Incurred		—			—			—			—			26			21			—			—			26			21
Statutory Underwriting Income	$	113		$	85		$	56		$	101		$	68		$	20		$	297		$	57		$	534		$	263
Ratios After Dividends to Policyholders:
Loss		48.3	%		53.0	%		66.5	%		63.3	%		66.5	%		72.9	%		37.2	%		60.7	%		54.5	%		62.1	%
Expense		38.3			37.4			28.9			28.3			22.4			22.3			34.6			33.6			31.1			30.5
Combined		86.6	%		90.4	%		95.4	%		91.6	%		88.9	%		95.2	%		71.8	%		94.3	%		85.6	%		92.6	%
Premiums Written as a % of Total		9.1	%		9.4	%		13.5	%		13.9	%		9.2	%		8.8	%		11.9	%		12.2	%		43.7	%		44.3	%

Page 7 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	1,692		$	1,660		$	236		$	220		$	1,928		$	1,880
Decrease (Increase) in Unearned Premiums		33			107			(2	)		18			31			125
Net Premiums Earned		1,725			1,767			234			238			1,959			2,005
Net Losses Paid		1,124			1,169			19			17			1,143			1,186
Increase (Decrease) in Outstanding Losses		(77	)		28			(10	)		8			(87	)		36
Net Losses Incurred		1,047			1,197			9			25			1,056			1,222
Expenses Incurred		506			498			96			89			602			587
Dividends Incurred		—			—			2			2			2			2
Statutory Underwriting Income	$	172		$	72		$	127		$	122		$	299		$	194
Ratios After Dividends to Policyholders:
Loss		60.7	%		67.7	%		3.9	%		10.6	%		53.9	%		61.0	%
Expense		29.9			30.0			41.0			40.8			31.3			31.3
Combined		90.6	%		97.7	%		44.9	%		51.4	%		85.2	%		92.3	%
Premiums Written as a % of Total		18.4	%		18.5	%		2.6	%		2.5	%		21.0	%		21.0	%

Page 8 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	9,189		$	8,960		$	(3	)	$	2		$	9,186		$	8,962
Decrease (Increase) in Unearned Premiums		(161	)		(52	)		1			1			(160	)		(51	)
Net Premiums Earned		9,028			8,908			(2	)		3			9,026			8,911
Net Losses Paid		5,136			4,875			29			52			5,165			4,927
Increase (Decrease) in Outstanding Losses		(262	)		321			(41	)		(84	)		(303	)		237
Net Losses Incurred		4,874			5,196			(12	)		(32	)		4,862			5,164
Expenses Incurred		2,960			2,858			—			1			2,960			2,859
Dividends Incurred		28			23			—			—			28			23
Statutory Underwriting Income	$	1,166		$	831		$	10		$	34			1,176			865
Increase in Deferred Acquisition Costs														69			15
GAAP Underwriting Income													$	1,245		$	880
Ratios After Dividends to Policyholders:
Loss		54.2	%		58.5	%		*	%		*	%		54.1	%		58.1	%
Expense		32.3			32.0			*			*			32.3			32.0
Combined		86.5	%		90.5	%		*	%		*	%		86.4	%		90.1	%
Premiums Written as a % of Total		100.0	%		100.0	%		0.0	%		0.0	%		100.0	%		100.0	%

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

Page 9 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	6,862		$	6,670		$	2,324		$	2,292		$	9,186		$	8,962
Decrease (Increase) in Unearned Premiums		(129	)		(64	)		(31	)		13			(160	)		(51	)
Net Premiums Earned		6,733			6,606			2,293			2,305			9,026			8,911
Net Losses Paid		3,982			3,844			1,183			1,083			5,165			4,927
Increase (Decrease) in Outstanding Losses		(369	)		20			66			217			(303	)		237
Net Losses Incurred		3,613			3,864			1,249			1,300			4,862			5,164
Expenses Incurred		2,075			2,002			885			857			2,960			2,859
Dividends Incurred		28			23			—			—			28			23
Statutory Underwriting Income	$	1,017		$	717		$	159		$	148			1,176			865
Increase in Deferred Acquisition Costs														69			15
GAAP Underwriting Income													$	1,245		$	880
Ratios After Dividends to Policyholders:
Loss		53.8	%		58.7	%		54.5	%		56.4	%		54.1	%		58.1	%
Expense		30.4			30.1			38.1			37.4			32.3			32.0
Combined		84.2	%		88.8	%		92.6	%		93.8	%		86.4	%		90.1	%
Premiums Written as a % of Total		74.7	%		74.4	%		25.3	%		25.6	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	185		$	170		$	707		$	679		$	214		$	213		$	1,106		$	1,062
Decrease (Increase) in Unearned Premiums		(5	)		(4	)		(52	)		(50	)		11			1			(46	)		(53	)
Net Premiums Earned		180			166			655			629			225			214			1,060			1,009
Net Losses Paid		112			99			301			328			115			102			528			529
Increase (Decrease) in Outstanding Losses		3			2			36			(57	)		4			16			43			(39	)
Net Losses Incurred		115			101			337			271			119			118			571			490
Expenses Incurred		59			53			232			225			90			86			381			364
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income	$	6		$	12		$	86		$	133		$	16		$	10		$	108		$	155
Ratios After Dividends to Policyholders:
Loss		63.9	%		60.8	%		51.5	%		43.1	%		52.9	%		55.1	%		53.9	%		48.5	%
Expense		31.9			31.2			32.8			33.1			42.0			40.4			34.4			34.3
Combined		95.8	%		92.0	%		84.3	%		76.2	%		94.9	%		95.5	%		88.3	%		82.8	%
Premiums Written as a % of Total		6.1	%		5.8	%		23.3	%		23.3	%		7.1	%		7.3	%		36.5	%		36.4	%

Page 11 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Commercial Multiple Peril						Commercial Casualty						Commercial Workers’ Compensation						Commercial Property and Marine						Total Commercial
	2013			2012			2013			2012			2013			2012			2013			2012			2013			2012
Net Premiums Written	$	285		$	287		$	390		$	378		$	281		$	242		$	299		$	304		$	1,255		$	1,211
Decrease (Increase) in Unearned Premiums		(6	)		(4	)		25			32			(12	)		7			59			53			66			88
Net Premiums Earned		279			283			415			410			269			249			358			357			1,321			1,299
Net Losses Paid		125			138			225			217			119			114			229			244			698			713
Increase (Decrease) in Outstanding Losses		—			(23	)		58			25			58			58			(120	)		(63	)		(4	)		(3	)
Net Losses Incurred		125			115			283			242			177			172			109			181			694			710
Expenses Incurred		106			105			118			114			63			56			116			113			403			388
Dividends Incurred		—			—			—			—			9			7			—			—			9			7
Statutory Underwriting Income	$	48		$	63		$	14		$	54		$	20		$	14		$	133		$	63		$	215		$	194
Ratios After Dividends to Policyholders:
Loss		44.8	%		40.6	%		68.2	%		59.0	%		68.1	%		71.1	%		30.4	%		50.7	%		52.9	%		55.0	%
Expense		37.2			36.6			30.3			30.2			23.1			23.8			38.8			37.2			32.3			32.2
Combined		82.0	%		77.2	%		98.5	%		89.2	%		91.2	%		94.9	%		69.2	%		87.9	%		85.2	%		87.2	%
Premiums Written as a % of Total		9.4	%		9.9	%		12.9	%		13.0	%		9.3	%		8.3	%		9.9	%		10.4	%		41.5	%		41.6	%

Page 12 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Professional Liability						Surety						Total Specialty
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	594		$	567		$	76		$	73		$	670		$	640
Decrease (Increase) in Unearned Premiums		(21	)		21			(1	)		8			(22	)		29
Net Premiums Earned		573			588			75			81			648			669
Net Losses Paid		365			373			4			6			369			379
Increase (Decrease) in Outstanding Losses		(27	)		26			(5	)		7			(32	)		33
Net Losses Incurred		338			399			(1	)		13			337			412
Expenses Incurred		170			165			32			29			202			194
Dividends Incurred		—			—			1			—			1			—
Statutory Underwriting Income	$	65		$	24		$	43		$	39		$	108		$	63
Ratios After Dividends to Policyholders:
Loss		59.0	%		67.9	%		(1.4	)%		16.1	%		52.1	%		61.6	%
Expense		28.6			29.1			42.7			39.7			30.2			30.3
Combined		87.6	%		97.0	%		41.3	%		55.8	%		82.3	%		91.9	%
Premiums Written as a % of Total		19.6	%		19.5	%		2.5	%		2.5	%		22.1	%		22.0	%

Page 13 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	3,031		$	2,913		$	(2	)	$	—		$	3,029		$	2,913
Decrease (Increase) in Unearned Premiums		(2	)		64			—			—			(2	)		64
Net Premiums Earned		3,029			2,977			(2	)		—			3,027			2,977
Net Losses Paid		1,595			1,621			9			18			1,604			1,639
Increase (Decrease) in Outstanding Losses		7			(9	)		(11	)		(33	)		(4	)		(42	)
Net Losses Incurred		1,602			1,612			(2	)		(15	)		1,600			1,597
Expenses Incurred		986			946			—			—			986			946
Dividends Incurred		10			7			—			—			10			7
Statutory Underwriting Income	$	431		$	412		$	—		$	15			431			427
Increase (Decrease) in Deferred Acquisition Costs														12			(9	)
GAAP Underwriting Income													$	443		$	418
Ratios After Dividends to Policyholders:
Loss		53.1	%		54.3	%		*	%		*	%		53.0	%		53.8	%
Expense		32.6			32.5			*			*			32.7			32.5
Combined		85.7	%		86.8	%		*	%		*	%		85.7	%		86.3	%
Premiums Written as a % of Total		100.1	%		100.0	%		(0.1	)%		0.0	%		100.0	%		100.0	%

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

Page 14 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2013 AND 2012

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2013			2012			2013			2012			2013			2012
Net Premiums Written	$	2,335		$	2,222		$	694		$	691		$	3,029		$	2,913
Decrease (Increase) in Unearned Premiums		(65	)		(6	)		63			70			(2	)		64
Net Premiums Earned		2,270			2,216			757			761			3,027			2,977
Net Losses Paid		1,180			1,291			424			348			1,604			1,639
Increase (Decrease) in Outstanding Losses		21			(127	)		(25	)		85			(4	)		(42	)
Net Losses Incurred		1,201			1,164			399			433			1,600			1,597
Expenses Incurred		702			668			284			278			986			946
Dividends Incurred		10			7			—			—			10			7
Statutory Underwriting Income	$	357		$	377		$	74		$	50			431			427
Increase (Decrease) in Deferred Acquisition Costs														12			(9	)
GAAP Underwriting Income													$	443		$	418
Ratios After Dividends to Policyholders:
Loss		53.1	%		52.7	%		52.7	%		56.9	%		53.0	%		53.8	%
Expense		30.2			30.2			40.9			40.2			32.7			32.5
Combined		83.3	%		82.9	%		93.6	%		97.1	%		85.7	%		86.3	%
Premiums Written as a % of Total		77.1	%		76.3	%		22.9	%		23.7	%		100.0	%		100.0	%

Page 15 of 17

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.

Combined Loss and Expense Ratio or Combined Ratio

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

Page 16 of 17

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.

	Periods Ended September 30
	Third Quarter						Nine Months
	2013			2012			2013			2012
	(dollars in millions)
Annualized Net Income	$	2,164		$	2,132		$	2,368		$	1,924
Average Shareholders’ Equity	$	15,572		$	15,768		$	15,747		$	15,582
Return on Equity		13.9	%		13.5	%		15.0	%		12.3	%
Annualized Operating Income	$	2,116		$	2,132		$	2,077		$	1,835
Average Shareholders’ Equity Excluding Unrealized Appreciation or Depreciation	$	14,257		$	13,794		$	14,082		$	13,713
Operating Return on Equity		14.8	%		15.5	%		14.7	%		13.4	%

Page 17 of 17