Exhibit 99.2

The	Supplementary	June 30, 2014
Chubb	Investor
Corporation	Information

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

THE CHUBB CORPORATION

SUPPLEMENTARY INVESTOR INFORMATION

TABLE OF CONTENTS

JUNE 30, 2014

	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 - Quarterly	6-10
Underwriting Results - Year-To-Date	11-15
Definitions of Key Terms	16-17

THE CHUBB CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(in millions, except per share amounts)

	June 30 2014						December 31 2013
				% of Total						% of Total
Invested Assets (at carrying value)
Short Term Investments	$	1,845			4	%	$	2,114			5	%
Fixed Maturities
Tax Exempt		19,220			44			18,421			43
Taxable		18,842			43			18,670			44
Equity Securities		1,969			5			1,810			4
Other Invested Assets		1,595			4			1,598			4
Total Invested Assets	$	43,471			100	%	$	42,613			100	%
Unrealized Appreciation of Investments
Fixed Maturities	$	1,749					$	1,132
Equity Securities		863						753
		2,612						1,885
Deferred Income Tax Liability		914						660
	$	1,698					$	1,225
Capitalization
Long Term Debt	$	3,300					$	3,300
Shareholders’ Equity		16,498						16,097
Total Capitalization	$	19,798					$	19,397
Debt as a Percentage of Total Capitalization		16.7	%					17.0	%
Actual Common Shares Outstanding		240.5						248.3
Book Value Per Common Share	$	68.60					$	64.83
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost	$	63.87					$	61.86

Page 1 of 17

THE CHUBB CORPORATION

SHARE REPURCHASE ACTIVITY

(dollars in millions, except per share amounts)

	Periods Ended June 30
	Second Quarter 2014		Six Months 2014		From December 2005 to June 30, 2014
Cost of Shares Repurchased	$	375	$	784	$	12,697
Average Cost Per Share	$	92.95	$	89.59	$	57.50
Shares Repurchased		4,031,286		8,752,012		220,824,946

During the period from December 2005 through January 2013, the Board of Directors periodically authorized share repurchase programs. Pursuant to these authorizations, approximately 213 million shares of the Corporation’s common stock were repurchased. No shares or funds remain available under these authorizations.

In January 2014, the Board of Directors authorized the repurchase of up to $1.5 billion of the Corporation’s common stock. The January 2014 authorization has no expiration date and, as of June 30, 2014, approximately $823 million remained under this authorization.

Page 2 of 17

THE CHUBB CORPORATION

SUMMARY OF INVESTED ASSETS

CORPORATE

	Cost or Amortized Cost				Carrying Value (a)
	June 30 2014		Dec. 31 2013		June 30 2014		Dec. 31 2013
	(in millions)
Short Term Investments	$	574	$	864	$	574	$	864
Taxable Fixed Maturities		1,381		1,115		1,402		1,130
Equity Securities		—		—		—		2
TOTAL	$	1,955	$	1,979	$	1,976	$	1,996

PROPERTY AND CASUALTY

	Cost or Amortized Cost				Carrying Value (a)
	June 30 2014		Dec. 31 2013		June 30 2014		Dec. 31 2013
	(in millions)
Short Term Investments	$	1,271	$	1,250	$	1,271	$	1,250
Fixed Maturities
Tax Exempt		18,168		17,808		19,220		18,421
Taxable		16,764		17,036		17,440		17,540
Equity Securities		1,106		1,057		1,969		1,808
Other Invested Assets		1,595		1,598		1,595		1,598
TOTAL	$	38,904	$	38,749	$	41,495	$	40,617

(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 June 30
	Second Quarter						Six Months
	2014			2013			2014			2013
		(in millions)
CORPORATE INVESTMENT INCOME	$	4		$	4		$	8		$	9
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest	$	166		$	175		$	332		$	352
Taxable Interest		100			103			204			208
Other		14			16			28			30
Investment Expenses		(5	)		(8	)		(12	)		(16	)
TOTAL	$	275		$	286		$	552		$	574
Effective Tax Rate		18.2	%		18.1	%		18.5	%		18.0	%
After-Tax Annualized Yield		2.79	%		2.88	%		2.80	%		2.91	%

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

	June 30 2014		Dec. 31 2013		June 30 2013
	(in millions)
Estimated Statutory Policyholders’ Surplus	$	15,130	$	15,024	$	14,600
Rolling Year Statutory Net Premiums Written	$	12,348	$	12,214	$	11,968
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus		0.82:1		0.81:1		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

SIX MONTHS ENDED JUNE 30, 2014

	Net Unpaid Losses										All Other
	June 30 2014		Dec. 31 2013		Increase (Decrease)			IBNR Increase (Decrease)			Unpaid Losses Increase (Decrease)
	(in millions)
Personal Insurance
Automobile	$	397	$	390	$	7		$	3		$	4
Homeowners		798		715		83			44			39
Other		995		968		27			28			(1	)
Total Personal		2,190		2,073		117			75			42
Commercial Insurance
Multiple Peril		1,781		1,745		36			24			12
Casualty		6,519		6,576		(57	)		91			(148	)
Workers’ Compensation		2,848		2,793		55			4			51
Property and Marine		936		886		50			36			14
Total Commercial		12,084		12,000		84			155			(71	)
Specialty Insurance
Professional Liability		6,760		6,889		(129	)		19			(148	)
Surety		74		71		3			2			1
Total Specialty		6,834		6,960		(126	)		21			(147	)
Total Insurance		21,108		21,033		75			251			(176	)
Reinsurance Assumed		290		311		(21	)		(2	)		(19	)
Total	$	21,398	$	21,344	$	54		$	249		$	(195	)

Page 5 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Personal												Other						Total
	Automobile						Homeowners						Personal						Personal
	2014			2013			2014			2013			2014			2013			2014			2013
Net Premiums Written	$	195		$	195		$	766		$	734		$	248		$	225		$	1,209		$	1,154
Decrease (Increase) in Unearned Premiums		(16	)		(17	)		(91	)		(87	)		—			—			(107	)		(104	)
Net Premiums Earned		179			178			675			647			248			225			1,102			1,050
Net Losses Paid		109			100			429			315			110			102			648			517
Increase (Decrease) in Outstanding Losses		7			14			(13	)		43			20			18			14			75
Net Losses Incurred		116			114			416			358			130			120			662			592
Expenses Incurred		60			61			234			232			101			90			395			383
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	3		$	3		$	25		$	57		$	17		$	15		$	45		$	75
Ratios After Dividends to Policyholders:
Loss		64.8	%		64.0	%		61.6	%		55.3	%		52.4	%		53.3	%		60.0	%		56.4	%
Expense		30.8			31.3			30.6			31.6			40.7			40.0			32.7			33.2
Combined		95.6	%		95.3	%		92.2	%		86.9	%		93.1	%		93.3	%		92.7	%		89.6	%
Premiums Written as a % of Total		6.0	%		6.3	%		23.8	%		23.7	%		7.7	%		7.2	%		37.5	%		37.2	%

Page 6 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2014			2013			2014			2013			2014			2013			2014			2013			2014			2013
Net Premiums Written	$	285		$	277		$	404		$	402		$	285		$	266		$	384		$	374		$	1,358		$	1,319
Decrease (Increase) in Unearned Premiums		(5	)		1			1			9			(15	)		(7	)		(34	)		(23	)		(53	)		(20	)
Net Premiums Earned		280			278			405			411			270			259			350			351			1,305			1,299
Net Losses Paid		130			143			258			263			133			136			207			227			728			769
Increase (Decrease) in Outstanding Losses		23			12			(29	)		7			29			24			62			(55	)		85			(12	)
Net Losses Incurred		153			155			229			270			162			160			269			172			813			757
Expenses Incurred		105			107			116			117			61			59			129			127			411			410
Dividends Incurred		—			—			—			—			10			8			—			—			10			8
Statutory Underwriting Income (Loss)	$	22		$	16		$	60		$	24		$	37		$	32		$	(48	)	$	52		$	71		$	124
Ratios After Dividends to Policyholders:
Loss		54.7	%		55.8	%		56.6	%		65.7	%		62.3	%		63.7	%		76.9	%		49.0	%		62.8	%		58.6	%
Expense		36.8			38.6			28.7			29.1			22.2			22.9			33.6			34.0			30.5			31.3
Combined		91.5	%		94.4	%		85.3	%		94.8	%		84.5	%		86.6	%		110.5	%		83.0	%		93.3	%		89.9	%
Premiums Written as a % of Total		8.9	%		8.9	%		12.5	%		13.0	%		8.9	%		8.6	%		11.9	%		12.1	%		42.2	%		42.6	%

Page 7 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	572		$	549		$	83		$	77		$	655		$	626
Decrease (Increase) in Unearned Premiums		4			19			(3	)		—			1			19
Net Premiums Earned		576			568			80			77			656			645
Net Losses Paid		364			419			9			6			373			425
Increase (Decrease) in Outstanding Losses		(51	)		(71	)		(5	)		(4	)		(56	)		(75	)
Net Losses Incurred		313			348			4			2			317			350
Expenses Incurred		165			168			33			30			198			198
Dividends Incurred		—			—			1			1			1			1
Statutory Underwriting Income (Loss)	$	98		$	52		$	42		$	44		$	140		$	96
Ratios After Dividends to Policyholders:
Loss		54.3	%		61.3	%		5.1	%		2.6	%		48.4	%		54.3	%
Expense		28.9			30.6			40.2			39.5			30.3			31.7
Combined		83.2	%		91.9	%		45.3	%		42.1	%		78.7	%		86.0	%
Premiums Written as a % of Total		17.7	%		17.7	%		2.6	%		2.5	%		20.3	%		20.2	%

Page 8 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Total						Reinsurance						Worldwide
	Insurance						Assumed						Total
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	3,222		$	3,099		$	1		$	1		$	3,223		$	3,100
Decrease (Increase) in Unearned Premiums		(159	)		(105	)		—			—			(159	)		(105	)
Net Premiums Earned		3,063			2,994			1			1			3,064			2,995
Net Losses Paid		1,749			1,711			7			12			1,756			1,723
Increase (Decrease) in Outstanding Losses		43			(12	)		(7	)		(17	)		36			(29	)
Net Losses Incurred		1,792			1,699			—			(5	)		1,792			1,694
Expenses Incurred		1,004			991			—			—			1,004			991
Dividends Incurred		11			9			—			—			11			9
Statutory Underwriting Income	$	256		$	295		$	1		$	6			257			301
Increase in Deferred Acquisition Costs														21			16
GAAP Underwriting Income													$	278		$	317
Ratios After Dividends to Policyholders:
Loss		58.7	%		56.9	%		*	%		*	%		58.7	%		56.7	%
Expense		31.3			32.1			*			*			31.3			32.1
Combined		90.0	%		89.0	%		*	%		*	%		90.0	%		88.8	%
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 the Reinsurance Assumed business since it is in runoff.

Page 9 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	2,508		$	2,389		$	715		$	711		$	3,223		$	3,100
Decrease (Increase) in Unearned Premiums		(201	)		(153	)		42			48			(159	)		(105	)
Net Premiums Earned		2,307			2,236			757			759			3,064			2,995
Net Losses Paid		1,352			1,314			404			409			1,756			1,723
Increase (Decrease) in Outstanding Losses		62			(37	)		(26	)		8			36			(29	)
Net Losses Incurred		1,414			1,277			378			417			1,792			1,694
Expenses Incurred		722			708			282			283			1,004			991
Dividends Incurred		11			9			—			—			11			9
Statutory Underwriting Income	$	160		$	242		$	97		$	59			257			301
Increase in Deferred Acquisition Costs														21			16
GAAP Underwriting Income													$	278		$	317
Ratios After Dividends to Policyholders:
Loss		61.6	%		57.3	%		49.9	%		54.9	%		58.7	%		56.7	%
Expense		28.9			29.7			39.4			39.8			31.3			32.1
Combined		90.5	%		87.0	%		89.3	%		94.7	%		90.0	%		88.8	%
Premiums Written as a % of Total		77.8	%		77.1	%		22.2	%		22.9	%		100.0	%		100.0	%

Page 10 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Personal Automobile						Homeowners						Other Personal						Total Personal
	2014			2013			2014			2013			2014			2013			2014			2013
Net Premiums Written	$	368		$	371		$	1,358		$	1,304		$	496		$	466		$	2,222		$	2,141
Decrease (Increase) in Unearned Premiums		(11	)		(21	)		(17	)		(18	)		(16	)		(21	)		(44	)		(60	)
Net Premiums Earned		357			350			1,341			1,286			480			445			2,178			2,081
Net Losses Paid		230			207			807			790			222			212			1,259			1,209
Increase (Decrease) in Outstanding Losses		11			14			86			(131	)		28			28			125			(89	)
Net Losses Incurred		241			221			893			659			250			240			1,384			1,120
Expenses Incurred		114			117			431			434			202			185			747			736
Dividends Incurred		—			—			—			—			—			—			—			—
Statutory Underwriting Income (Loss)	$	2		$	12		$	17		$	193		$	28		$	20		$	47		$	225
Ratios After Dividends to Policyholders:
Loss		67.5	%		63.2	%		66.6	%		51.2	%		52.1	%		53.9	%		63.6	%		53.8	%
Expense		31.0			31.5			31.7			33.3			40.7			39.7			33.6			34.4
Combined		98.5	%		94.7	%		98.3	%		84.5	%		92.8	%		93.6	%		97.2	%		88.2	%
Premiums Written as a % of Total		5.9	%		6.0	%		21.6	%		21.2	%		7.9	%		7.6	%		35.4	%		34.8	%

Page 11 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

													Commercial						Commercial
	Commercial						Commercial						Workers’						Property						Total
	Multiple Peril						Casualty						Compensation						and Marine						Commercial
	2014			2013			2014			2013			2014			2013			2014			2013			2014			2013
Net Premiums Written	$	546		$	549		$	850		$	850		$	595		$	565		$	792		$	795		$	2,783		$	2,759
Decrease (Increase) in Unearned Premiums		11			8			(39	)		(27	)		(57	)		(56	)		(93	)		(77	)		(178	)		(152	)
Net Premiums Earned		557			557			811			823			538			509			699			718			2,605			2,607
Net Losses Paid		260			296			527			489			269			250			416			523			1,472			1,558
Increase (Decrease) in Outstanding Losses		37			(17	)		(44	)		51			53			73			51			(232	)		97			(125	)
Net Losses Incurred		297			279			483			540			322			323			467			291			1,569			1,433
Expenses Incurred		209			213			237			241			128			121			261			263			835			838
Dividends Incurred		—			—			—			—			19			17			—			—			19			17
Statutory Underwriting Income (Loss)	$	51		$	65		$	91		$	42		$	69		$	48		$	(29)		$	164		$	182		$	319
Ratios After Dividends to Policyholders:
Loss		53.3	%		50.1	%		59.5	%		65.6	%		62.1	%		65.6	%		66.8	%		40.5	%		60.7	%		55.3	%
Expense		38.3			38.8			27.9			28.4			22.2			22.1			33.0			33.1			30.2			30.6
Combined		91.6	%		88.9	%		87.4	%		94.0	%		84.3	%		87.7	%		99.8	%		73.6	%		90.9	%		85.9	%
Premiums Written as a % of Total		8.7	%		8.9	%		13.5	%		13.8	%		9.5	%		9.2	%		12.6	%		12.9	%		44.3	%		44.8	%

Page 12 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Professional												Total
	Liability						Surety						Specialty
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	1,124		$	1,098		$	155		$	160		$	1,279		$	1,258
Decrease (Increase) in Unearned Premiums		32			54			(2	)		(1	)		30			53
Net Premiums Earned		1,156			1,152			153			159			1,309			1,311
Net Losses Paid		746			759			52			15			798			774
Increase (Decrease) in Outstanding Losses		(120	)		(50	)		6			(5	)		(114	)		(55	)
Net Losses Incurred		626			709			58			10			684			719
Expenses Incurred		334			336			67			64			401			400
Dividends Incurred		—			—			2			1			2			1
Statutory Underwriting Income (Loss)	$	196		$	107		$	26		$	84		$	222		$	191
Ratios After Dividends to Policyholders:
Loss		54.2	%		61.5	%		38.4	%		6.3	%		52.3	%		54.9	%
Expense		29.7			30.6			43.8			40.3			31.4			31.8
Combined		83.9	%		92.1	%		82.2	%		46.6	%		83.7	%		86.7	%
Premiums Written as a % of Total		17.9	%		17.8	%		2.4	%		2.6	%		20.3	%		20.4	%

Page 13 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	Total Insurance						Reinsurance Assumed						Worldwide Total
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	6,284		$	6,158		$	1		$	(1)		$	6,285		$	6,157
Decrease (Increase) in Unearned Premiums		(192	)		(159	)		—			1			(192	)		(158	)
Net Premiums Earned		6,092			5,999			1			—			6,093			5,999
Net Losses Paid		3,529			3,541			21			20			3,550			3,561
Increase (Decrease) in Outstanding Losses		108			(269	)		(21	)		(30	)		87			(299	)
Net Losses Incurred		3,637			3,272			—			(10	)		3,637			3,262
Expenses Incurred		1,983			1,974			—			—			1,983			1,974
Dividends Incurred		21			18			—			—			21			18
Statutory Underwriting Income	$	451		$	735		$	1		$	10			452			745
Increase in Deferred Acquisition Costs														34			57
GAAP Underwriting Income													$	486		$	802
Ratios After Dividends to Policyholders:
Loss		59.9	%		54.7	%		*	%		*	%		59.9	%		54.5	%
Expense		31.7			32.2			*			*			31.7			32.2
Combined		91.6	%		86.9	%		*	%		*	%		91.6	%		86.7	%
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 the Reinsurance Assumed business since it is in runoff.

Page 14 of 17

THE CHUBB CORPORATION - WORLDWIDE

PROPERTY AND CASUALTY UNDERWRITING RESULTS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(DOLLARS IN MILLIONS)

	United States						Outside the United States						Worldwide Total
	2014			2013			2014			2013			2014			2013
Net Premiums Written	$	4,707		$	4,527		$	1,578		$	1,630		$	6,285		$	6,157
Decrease (Increase) in Unearned Premiums		(109	)		(64	)		(83	)		(94	)		(192	)		(158	)
Net Premiums Earned		4,598			4,463			1,495			1,536			6,093			5,999
Net Losses Paid		2,696			2,802			854			759			3,550			3,561
Increase (Decrease) in Outstanding Losses		151			(390	)		(64	)		91			87			(299	)
Net Losses Incurred		2,847			2,412			790			850			3,637			3,262
Expenses Incurred		1,383			1,373			600			601			1,983			1,974
Dividends Incurred		21			18			—			—			21			18
Statutory Underwriting Income	$	347		$	660		$	105		$	85			452			745
Increase in Deferred Acquisition Costs														34			57
GAAP Underwriting Income													$	486		$	802
Ratios After Dividends to Policyholders:
Loss		62.2	%		54.3	%		52.8	%		55.3	%		59.9	%		54.5	%
Expense		29.5			30.5			38.0			36.9			31.7			32.2
Combined		91.7	%		84.8	%		90.8	%		92.2	%		91.6	%		86.7	%
Premiums Written as a % of Total		74.9	%		73.5	%		25.1	%		26.5	%		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) and 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 June 30
	Second Quarter						Six Months
	2014			2013			2014			2013
	(dollars in millions)
Annualized Net Income	$	1,996		$	2,316		$	1,896		$	2,470
Average Shareholders’ Equity	$	16,362		$	15,770		$	16,274		$	15,789
Return on Equity		12.2	%		14.7	%		11.7	%		15.6	%
Annualized Operating Income	$	1,672		$	1,852		$	1,584		$	2,058
Average Shareholders’ Equity Excluding
Unrealized Appreciation or Depreciation	$	14,783		$	14,103		$	14,813		$	14,006
Operating Return on Equity		11.3	%		13.1	%		10.7	%		14.7	%

Page 17 of 17