Exhibit 99.2

	Financial Supplement September 30, 2005
Investor Contact Helen M. Wilson Phone: (441) 299-9283 Fax: (441) 292-8675	This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K/A and Quarterly Reports on Form 10-Q and Form 10-Q/A.
email: investorrelations@ace.bm	Cautionary Statement Regarding Forward-Looking Statements:
	Any forward-looking statements made in this financial supplement reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments, the amount and timing of reinsurance receivable and credit developments among reinsurers.
	The Company’s forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

	ACE Limited
	Financial Supplement Table of Contents

		Page
I.	Financial Highlights
	- Consolidated Financial Highlights	1
	- Consolidated Financial Highlights 2005 Excluding Third Quarter Catastrophe Loss Charges	2
	- Consolidated Financial Highlights 2004 Excluding Third Quarter Catastrophe Loss Charges	3
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	4-5
	- Summary Consolidated Balance Sheets	6
	- Consolidated Premiums by Line of Business	7
	- Consolidating Statement of Operations	8-9
	- Consolidating Schedule of Third Quarter Catastrophe Loss Charges	10
	- Third Quarter Catastrophe Loss Analysis	11
III.	Segment Results
	- Insurance-North American	12
	- Insurance-Overseas General	13
	- Global Reinsurance	14-15
	- Financial Services	16
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	17
	- Reinsurance Recoverable Analysis	18-21
	- Investment Portfolio	22
	- Realized and Unrealized Gains (Losses)	23
	- Capital Structure	24
	- Computation of Basic and Diluted Earnings Per Share	25
V.	Other Disclosures
	- Non-GAAP Financial Measures	26
	- Diluted Book Value per Ordinary Share	27
	- Comprehensive Income	28
	- Glossary	29

	ACE Limited
	Consolidated Financial Highlights
	(in millions of U.S. dollars, except share, per share data and ratios)
	(Unaudited)

	Three months ended September 30								Nine months ended September 30
	2005			2004			% Change 3Q-05 vs. 3Q-04		2005			2004			% Change YTD-05 vs. YTD-04
Gross premiums written	$	4,261		$	3,988		7	%	$	13,017		$	12,448		5	%
Net premiums written	$	2,889		$	2,774		4	%	$	9,164		$	8,855		3	%
Net premiums earned	$	3,091		$	2,859		8	%	$	8,889		$	8,229		8	%
Net investment income	$	320		$	246		30	%	$	910		$	731		24	%
Net income (loss)	$	(112	)	$	4		NM		$	792		$	875		-9	%
Income excluding net realized gains (losses)(1)	$	(187	)	$	37		NM		$	711		$	840		-15	%
Comprehensive income	$	(223	)	$	325		NM		$	499		$	776		-36	%
Operating cash flow	$	1,193		$	1,807		-34	%	$	3,499		$	4,071		-14	%
Combined ratio
Loss and loss expense ratio		92.5	%		79.4	%				73.9	%		67.9	%
Underwriting and administrative expense ratio		24.0	%		24.7	%				25.0	%		25.6	%
Combined ratio		116.5	%		104.1	%				98.9	%		93.5	%
Annualized ROE*		-8.1	%		1.2	%				9.5	%		12.5	%
Annualized ROE, excluding FAS 115*		-8.5	%		1.2	%				10.1	%		13.5	%
Effective tax rate on income excluding net realized gains (losses)		-4	%		63	%				26	%		25	%
Diluted earnings per share (2)
Income excluding net realized gains (losses)(1)	$	(0.70	)	$	0.09		NM		$	2.34		$	2.82		-17	%
Net income	$	(0.43	)	$	(0.03	)	NM		$	2.63		$	2.95		-11	%
Diluted book value per ordinary share	$	33.62		$	31.37		7	%	$	33.62		$	31.37		7	%
Diluted tangible book value per ordinary share	$	24.70		$	22.23		11	%	$	24.70		$	22.23		11	%
Weighted average basic ordinary shares outstanding		284.8			281.0					284.0			280.0
Weighted average diluted ordinary shares outstanding		289.8			285.6					288.7			285.3
Debt/ total capitalization		15.9	%		16.8	%				15.9	%		16.8	%

(1) See page 26 Non-GAAP Financial Measures.

(2) The denominator for diluted loss per share for the three months ended September 30, 2005 and 2004 does not include the dilutive effect of other dilutive securities. The incremental shares from assumed conversions are not included in computing diluted loss per share amounts as these shares are considered anti-dilutive.

* Calculated using income excluding net realized gains (losses).

Financial Highlights Page 1

	ACE Limited
	Consolidated Financial Highlights Excluding Third Quarter Catastrophe Loss Charges
	(in millions of U.S. dollars, except per share data and ratios)
	(Unaudited)

	Three months ended September 30, 2005									Nine months ended September 30, 2005
	As reported			Q3 Catastrophe loss charge			Adjusted(1)			As reported			Q3 Catastrophe loss charge			Adjusted(1)
Net premiums written(3)	$	2,832		$	(63	)	$	2,769		$	8,992		$	(63	)	$	8,929
Net premiums earned(3)	$	3,034		$	(95	)	$	2,939		$	8,717		$	(95	)	$	8,622
Losses and loss expenses	$	2,806		$	(996	)	$	1,810		$	6,439		$	(996	)	$	5,443
Income tax expense	$	15		$	159		$	174		$	269		$	159		$	428
Net income (loss)	$	(112	)	$	742		$	630		$	792		$	742		$	1,534
Income excluding net realized gains (losses)(1)	$	(187	)	$	742		$	555		$	711		$	742		$	1,453
Combined ratio
Loss and loss expense ratio		92.5	%		-30.9	%		61.6	%		73.9	%		-10.8	%		63.1	%
Underwriting and administrative expense ratio		24.0	%		0.8	%		24.8	%		25.0	%		0.3	%		25.3	%
Combined ratio		116.5	%		-30.1	%		86.4	%		98.9	%		-10.5	%		88.4	%
Annualized ROE*		-8.1	%								9.5	%
Annualized ROE, excluding FAS 115*		-8.5	%								10.1	%
Effective tax rate on income excluding net realized gains (losses)		-4	%		18	%		23	%		26	%		18	%		22	%
Diluted earnings per share (2)
Income excluding net realized gains (losses)(1)	$	(0.70	)	$	2.56		$	1.86		$	2.34		$	2.57		$	4.91
Net income (loss)	$	(0.43	)	$	2.56		$	2.13		$	2.63		$	2.57		$	5.20
Weighted average basic ordinary shares outstanding		284.8						284.8			284.0						284.0
Weighted average diluted ordinary shares outstanding		289.8						289.8			288.7						288.7

(1) See page 26 Non-GAAP Financial Measures.

(2) The denominator for diluted loss per share for the three months ended September 30, 2005 and 2004 does not include the dilutive effect of other dilutive securities. The incremental shares from assumed conversions are not included in computing diluted loss per share amounts as these shares are considered anti-dilutive.

(3) Excludes life as reported on page 8.

* Calculated using income excluding net realized gains (losses).

Financial Highlights (2) Page 2

	ACE Limited
	Consolidated Financial Highlights Excluding Third Quarter Catastrophe Loss Charges
	(in millions of U.S. dollars, except per share data and ratios)
	(Unaudited)

	Three months ended September 30, 2004									Nine months ended September 30, 2004
	As reported			Q3 Catastrophe loss charge			Adjusted(1)			As reported			Q3 Catastrophe loss charge			Adjusted(1)
Net premiums written(3)	$	2,715		$	11		$	2,726		$	8,690		$	11		$	8,701
Net premiums earned(3)	$	2,799		$	11		$	2,810		$	8,064		$	11		$	8,075
Losses and loss expenses	$	2,221		$	(468	)	$	1,753		$	5,476		$	(468	)	$	5,008
Income tax expense	$	65		$	73		$	138		$	318		$	73		$	391
Net income	$	4		$	406		$	410		$	875		$	406		$	1,281
Income excluding net realized gains (losses)(1)	$	37		$	406		$	443		$	840		$	406		$	1,246
Combined ratio
Loss and loss expense ratio		79.4	%		-17.0	%		62.4	%		67.9	%		-5.9	%		62.0	%
Underwriting and administrative expense ratio		24.7	%		-0.1	%		24.6	%		25.6	%		0.0	%		25.6	%
Combined ratio		104.1	%		-17.1	%		87.0	%		93.5	%		-5.9	%		87.6	%
Annualized ROE*		1.2	%								12.5	%
Annualized ROE, excluding FAS 115*		1.2	%								13.5	%
Effective tax rate on income excluding net realized gains (losses)		63	%		15	%		24	%		25	%		15	%		22	%
Diluted earnings per share (2)
Income excluding net realized gains (losses)(1)	$	0.09		$	1.42		$	1.51		$	2.82		$	1.42		$	4.24
Net income (loss)	$	(0.03	)	$	1.42		$	1.39		$	2.95		$	1.42		$	4.37
Weighted average basic ordinary shares outstanding		281.0						281.0			280.0						280.0
Weighted average diluted ordinary shares outstanding		285.6						285.6			285.3						285.3

(1) See page 26 Non-GAAP Financial Measures.

(2) The denominator for diluted loss per share for the three months ended September 30, 2005 and 2004 does not include the dilutive effect of other dilutive securities. The incremental shares from assumed conversions are not included in computing diluted loss per share amounts as these shares are considered anti-dilutive.

(3) Excludes life as reported on page 8.

* Calculated using income excluding net realized gains (losses).

Financial Highlights (3) Page 3

	ACE Limited
	Consolidated Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

ACE Limited Consolidated

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Property and Casualty(2)
Gross premiums written	$	3,993		$	4,141		$	4,322		$	3,562		$	3,860		$	12,456		$	11,988		$	15,550
Net premiums written		2,620			2,837			3,147			2,559			2,647			8,604			8,401			10,960
Net premiums earned		2,777			2,772			2,729			2,730			2,688			8,278			7,640			10,370
Losses and loss expenses		2,496			1,774			1,706			2,120			2,105			5,976			5,185			7,305
Policy acquisition costs		419			424			382			405			385			1,225			1,115			1,520
Administrative expenses		303			308			330			335			301			941			887			1,222
P& C underwriting income (loss)	$	(441	)	$	266		$	311		$	(130	)	$	(103	)	$	136		$	453		$	323
Financial Services underwriting income (loss)		(58	)		14			1			(3	)		(11	)		(43	)		73			70
Life underwriting income excluding investment income		17			15			17			11			5			49			11			22
Net investment income		320			305			285			282			246			910			731			1,013
Net realized gains (losses)		83			32			(14	)		130			(32	)		101			67			197
Interest expense		43			43			42			43			50			128			140			183
Other (income) expense		(25	)		(6	)		(5	)		1			(14	)		(36	)		2			3
Income tax expense (benefit)		15			128			126			(32	)		65			269			318			286
Net income (loss)	$	(112	)	$	467		$	437		$	278		$	4		$	792		$	875		$	1,153
Net realized gains (losses)		83			32			(14	)		130			(32	)		101			67			197
Tax expense on net realized gains (losses)		8			8			4			12			1			20			32			44
Income excluding net realized gains (losses)(1)	$	(187	)	$	443		$	455		$	160		$	37		$	711		$	840		$	1,000
% Change versus prior year period(2)
Property and Casualty net premiums written		-1	%		2	%		6	%		13	%		23	%		2	%		24	%		21	%
Property and Casualty net premiums earned		3	%		7	%		16	%		17	%		24	%		8	%		25	%		23	%
Property and Casualty net premiums written excluding CATS		1	%														3	%
Property and Casualty net premiums earned excluding CATS		5	%														9	%
Other ratios
Net premiums written/gross premiums written		66	%		69	%		73	%		72	%		69	%		69	%		70	%		70	%
Net premiums written/gross premiums written excluding CATS		68	%
Effective tax rate on income excluding net realized gains (losses)		-4	%		21	%		21	%		-38	%		63	%		26	%		25	%		19	%

(1) See page 26 Non-GAAP Financial Measures.

(2) Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. See page 8 and 9 for a reconciliation to GAAP.

* Calculated using income excluding net realized gains (losses).

Consolidated Results Page 4

	ACE Limited
	Consolidated Results - Consecutive Quarters - 2
	(in millions of U.S. dollars, except share and per share data)
	(Unaudited)

ACE Limited Consolidated

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Combined ratio
Loss and loss expense ratio		92.5	%		64.4	%		63.5	%		78.5	%		79.4	%		73.9	%		67.9	%		70.6	%
Policy acquisition cost ratio		13.9	%		14.8	%		13.6	%		14.4	%		13.8	%		14.1	%		14.1	%		14.2	%
Administrative expense ratio		10.1	%		11.0	%		11.9	%		11.9	%		10.9	%		10.9	%		11.5	%		11.6	%
Combined ratio		116.5	%		90.2	%		89.0	%		104.8	%		104.1	%		98.9	%		93.5	%		96.4	%
Property and Casualty (1)
	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Combined ratio
Loss and loss expense ratio		89.9	%		64.0	%		62.5	%		77.7	%		78.3	%		72.2	%		67.9	%		70.4	%
Policy acquisition cost ratio		15.1	%		15.3	%		14.0	%		14.9	%		14.3	%		14.8	%		14.6	%		14.7	%
Administrative expense ratio		10.9	%		11.1	%		12.1	% (2)		12.2	%		11.2	%		11.4	%		11.6	%		11.8	%
Combined ratio		115.9	%		90.4	%		88.6	%		104.8	%		103.8	%		98.4	%		94.1	%		96.9	%
Large losses and other items
Asbestos, environmental and other run-off losses	$	—		$	—		$	—		$	465		$	—		$	—		$	—		$	465
Catastrophe and other large losses (before tax)	$	756		$	—		$	3		$	31		$	457		$	759		$	457		$	488
Prior period development(3)	$	27		$	27		$	29		$	105		$	—		$	83		$	6		$	111

(1) Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance.

(2) Includes $30M of legal expenses related to the investigations.

(3) See Financial Services schedule for prior period development related to that segment.

Consolidated Results 2 Page 5

	ACE Limited
	Summary Consolidated Balance Sheets
	(in millions of U.S. dollars, except per share data)

	September 30 2005		June 30 2005		March 31 2005		December 31 2004
	(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	22,551	$	21,136	$	20,336	$	22,891
Fixed maturities held to maturity, at amortized cost		3,125		3,151		3,211		—
Equity securities, at fair value		1,436		1,380		1,351		1,265
Short-term investments		2,212		2,476		2,156		2,163
Other investments		651		628		622		606
Total investments		29,975		28,771		27,676		26,925
Cash		409		651		574		498
Securities lending collateral		1,438		958		1,255		1,059
Insurance and reinsurance balances receivable		3,508		3,728		3,695		3,255
Reinsurance recoverable		15,662		14,428		14,268		14,882
Deferred policy acquisition costs		970		990		1,000		944
Prepaid reinsurance premiums		1,441		1,434		1,427		1,355
Goodwill		2,703		2,703		2,695		2,700
Deferred tax assets		1,244		1,134		1,178		1,173
Investments in partially owned insurance companies		862		832		816		796
Other assets		2,333		2,494		2,425		2,596
Total assets	$	60,545	$	58,123	$	57,009	$	56,183
Liabilities
Unpaid losses and loss expenses	$	34,674	$	32,101	$	31,426	$	31,483
Unearned premiums		6,238		6,457		6,527		5,983
Future policy benefits for life and annuity contracts		521		517		507		509
Insurance and reinsurance balances payable		2,428		2,438		2,290		2,337
Deposit liabilities		331		347		302		343
Securities lending payable		1,438		958		1,255		1,059
Payable for investments purchased		710		785		630		507
Accounts payable, accrued expenses and other liabilities		1,554		1,613		1,694		1,710
Short-term debt		446		147		147		146
Long-term debt		1,564		1,849		1,849		1,849
Trust preferred securities		412		412		412		412
Total liabilities		50,316		47,624		47,039		46,338
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		9,788		9,947		9,522		9,111
Accumulated other comprehensive income (AOCI)		441		552		448		734
Total shareholders’ equity		10,229		10,499		9,970		9,845
Total liabilities and shareholders’ equity	$	60,545	$	58,123	$	57,009	$	56,183
Diluted book value per ordinary share (1)	$	33.62	$	34.29	$	32.64	$	32.51
Diluted tangible book value per ordinary share (1)	$	24.70	$	25.39	$	23.56	$	23.37

(1) See page 26 Non-GAAP Financial Measures.

Consol Bal Sheet Page 6

	ACE Limited
	Consolidated Premiums by Line of Business
	(in millions of U.S. dollars)
	(Unaudited)

ACE Limited Consolidated

	3Q-05		% of Total Consolidated		3Q-04		% of Total Consolidated		% Change 3Q-05 vs. 3Q-04		YTD 2005		% of Total Consolidated		YTD 2004		% of Total Consolidated		% Change YTD-05 vs. YTD-04
Net premiums written
Property and all other	$	818	28	%	$	799	29	%	2	%	$	2,729	30	%	$	2,803	32	%	-3	%
Casualty		1,498	52	%		1,585	57	%	-5	%		4,918	54	%		4,754	54	%	3	%
Personal accident		304	11	%		263	9	%	16	%		957	10	%		844	9	%	13	%
Total P&C		2,620	91	%		2,647	95	%	-1	%		8,604	94	%		8,401	95	%	2	%
Global Re - life		57	2	%		59	2	%	-3	%		172	2	%		165	2	%	4	%
Financial Services		212	7	%		68	3	%	212	%		388	4	%		289	3	%	34	%
Total Consolidated	$	2,889	100	%	$	2,774	100	%	4	%	$	9,164	100	%	$	8,855	100	%	3	%
Net premiums earned
Property and all other	$	882	29	%	$	890	31	%	-1	%	$	2,627	30	%	$	2,545	31	%	3	%
Casualty		1,579	51	%		1,508	53	%	5	%		4,723	53	%		4,259	52	%	11	%
Personal accident		316	10	%		290	10	%	9	%		928	10	%		836	10	%	11	%
Total P&C		2,777	90	%		2,688	94	%	3	%		8,278	93	%		7,640	93	%	8	%
Global Re - life		57	2	%		60	2	%	-5	%		172	2	%		165	2	%	4	%
Financial Services		257	8	%		111	4	%	132	%		439	5	%		424	5	%	4	%
Total Consolidated	$	3,091	100	%	$	2,859	100	%	8	%	$	8,889	100	%	$	8,229	100	%	8	%

Line of Business Page 7

	ACE Limited
	Consolidating Statement of Operations
	Three months ended September 30, 2005 and 2004
	(in millions of U.S. dollars)
	(Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Corporate & Other			Consolidated P&C			Financial Services			ACE Consolidated
September 30, 2005
Gross premiums written	$	2,250		$	1,332		$	411		$	—		$	3,993		$	211		$	4,204
Net premiums written		1,307			933			380			—			2,620			212			2,832
Net premiums earned		1,338			1,031			408			—			2,777			257			3,034
Losses and loss expenses		1,173			687			637			(1	)		2,496			310			2,806
Policy acquisition costs		134			207			78			—			419			2			421
Administrative expenses		96			145			16			46			303			3			306
Underwriting income (loss)		(65	)		(8	)		(323	)		(45	)		(441	)		(58	)		(499	)
Life underwriting income (includes investment income)		—			—			27			—			27			—			27
Net investment income - property and casualty		139			82			45			9			275			35			310
Net realized gains (losses)		10			17			12			37			76			7			83
Interest expense		6			—			1			36			43			—			43
Other (income) expense		(1	)		5			1			—			5			(30	)		(25	)
Income tax expense (benefit)		10			22			(12	)		(15	)		5			10			15
Net income (loss)		69			64			(229	)		(20	)		(116	)		4			(112	)
Net realized gains (losses)		10			17			12			37			76			7			83
Tax expense (benefit) on net realized gains (losses)		2			5			1			—			8			—			8
Income (loss) excluding net realized gains (losses) (1)	$	61		$	52		$	(240	)	$	(57	)	$	(184	)	$	(3	)	$	(187	)
September 30, 2004
Gross premiums written	$	2,234		$	1,292		$	334		$	—		$	3,860		$	68		$	3,928
Net premiums written		1,366			980			301			—			2,647			68			2,715
Net premiums earned		1,251			1,086			351			—			2,688			111			2,799
Losses and loss expenses		998			665			436			6			2,105			116			2,221
Policy acquisition costs		121			199			65			—			385			2			387
Administrative expenses		110			139			16			36			301			4			305
Underwriting income (loss)		22			83			(166	)		(42	)		(103	)		(11	)		(114	)
Life underwriting income (includes investment income)		—			—			13			—			13			—			13
Net investment income - property and casualty		123			51			32			3			209			29			238
Net realized gains (losses)		9			2			(35	)		(6	)		(30	)		(2	)		(32	)
Interest expense		6			—			—			42			48			2			50
Other (income) expense		(3	)		3			—			—			—			(14	)		(14	)
Income tax expense (benefit)		48			34			(1	)		(17	)		64			1			65
Net income (loss)		103			99			(155	)		(70	)		(23	)		27			4
Net realized gains (losses)		9			2			(35	)		(6	)		(30	)		(2	)		(32	)
Tax expense (benefit) on net realized gains (losses)		2			1			—			—			3			(2	)		1
Income (loss) excluding net realized gains (losses) (1)	$	96		$	98		$	(120	)	$	(64	)	$	10		$	27		$	37

(1) See page 26 Non-GAAP Financial Measures.

Segment 2005 Qtr Page 8

	ACE Limited
	Consolidating Statement of Operations
	Nine months ended September 30, 2005 and 2004
	(in millions of U.S. dollars)
	(Unaudited)

	Insurance - North American		Insurance - Overseas General		Global Reinsurance			Corporate & Other			Consolidated P&C		Financial Services			ACE Consolidated
September 30, 2005
Gross premiums written	$	6,744	$	4,396	$	1,316		$	—		$	12,456	$	389		$	12,845
Net premiums written		4,144		3,190		1,270			—			8,604		388			8,992
Net premiums earned		3,942		3,200		1,136			—			8,278		439			8,717
Losses and loss expenses		3,013		1,907		1,048			8			5,976		463			6,439
Policy acquisition costs		381		616		228			—			1,225		5			1,230
Administrative expenses		318		435		47			141			941		14			955
Underwriting income (loss)		230		242		(187	)		(149	)		136		(43	)		93
Life underwriting income (includes investment income)		—		—		78			—			78		—			78
Net investment income - property and casualty		412		236		124			12			784		97			881
Net realized gains (losses)		13		69		23			(20	)		85		16			101
Interest expense		16		—		2			110			128		—			128
Other (income) expense		—		16		3			—			19		(55	)		(36	)
Income tax expense (benefit)		171		122		6			(53	)		246		23			269
Net income (loss)		468		409		27			(214	)		690		102			792
Net realized gains (losses)		13		69		23			(20	)		85		16			101
Tax expense (benefit) on net realized gains (losses)		1		17		1			—			19		1			20
Income (loss) excluding net realized gains (losses) (1)	$	456	$	357	$	5		$	(194	)	$	624	$	87		$	711
September 30, 2004
Gross premiums written	$	6,241	$	4,466	$	1,281		$	—		$	11,988	$	291		$	12,279
Net premiums written		3,907		3,256		1,238			—			8,401		289			8,690
Net premiums earned		3,436		3,174		1,030			—			7,640		424			8,064
Losses and loss expenses		2,532		1,878		769			6			5,185		291			5,476
Policy acquisition costs		333		579		203			—			1,115		22			1,137
Administrative expenses		323		416		50			98			887		38			925
Underwriting income (loss)		248		301		8			(104	)		453		73			526
Life underwriting income (includes investment income)		—		—		35			—			35		—			35
Net investment income - property and casualty		337		159		88			5			589		118			707
Net realized gains (losses)		91		29		(33	)		9			96		(29	)		67
Interest expense		16		—		—			119			135		5			140
Other (income) expense		3		10		—			(1	)		12		(10	)		2
Income tax expense (benefit)		182		145		3			(44	)		286		32			318
Net income (loss)		475		334		95			(164	)		740		135			875
Net realized gains (losses)		91		29		(33	)		9			96		(29	)		67
Tax expense (benefit) on net realized gains (losses)		17		9		—			—			26		6			32
Income (loss) excluding net realized gains (losses) (1)	$	401	$	314	$	128		$	(173	)	$	670	$	170		$	840

(1) See page 26 Non-GAAP Financial Measures.

Segment 2005 YTD Page 9

	ACE Limited
	Segment Results - Third Quarter Catastrophe Loss Charges
	(in millions of U.S. dollars)
	(Unaudited)

Third Quarter Catastrophe Loss Charges - 2005

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Consolidated P&C			Financial Services			Total			Total impact after income tax
Catastrophe Loss Charges- By Event
Gross loss																$	2,369
Net loss
Hurricane - Dennis	$	12		$	5		$	25		$	42		$	—		$	42		$	35
Hurricane - Katrina and New Orleans flood		139			70			319			528			240			768			558
Hurricane - Rita		52			46			69			167			—			167			131
Other (1)		—			—			19			19			—			19			18
Total	$	203		$	121		$	432		$	756		$	240		$	996		$	742
Reinstatement premiums (earned) expensed	$	59		$	36		$	(27	)	$	68		$	—		$	68
Premiums earned on multi-year contracts		—			—			—			—			(163	)		(163	)
Net premium (earned) expensed	$	59		$	36		$	(27	)	$	68		$	(163	)	$	(95	)
Total impact before income tax	$	262		$	157		$	405		$	824		$	77		$	901
Income tax benefit		(87	)		(47	)		(25	)		(159	)		—			(159	)
Total impact after income tax	$	175		$	110		$	380		$	665		$	77		$	742
Effective tax rate		33	%		30	%		6	%		19	%		0	%		18	%
(1)    Includes Ophelia, Nabi and European floods.
Third Quarter Catastrophe Loss Charges - 2004
Net loss
Hurricane - Charley	$	31		$	—		$	65		$	96		$	—		$	96
Hurricane - Frances		22			6			48			76			5			81
Hurricane - Ivan		40			20			76			136			5			141
Hurricane - Jeanne		33			18			63			114			1			115
Typhoons		—			9			26			35			—			35
Total	$	126		$	53		$	278		$	457		$	11		$	468
Reinstatement premiums (earned) expensed	$	13		$	13		$	(15	)	$	11		$	—		$	11
Total impact before income tax	$	139		$	66		$	263		$	468		$	11		$	479
Income tax benefit		(41	)		(21	)		(11	)		(73	)		—			(73	)
Total impact after income tax	$	98		$	45		$	252		$	395		$	11		$	406
Effective tax rate		29	%		32	%		4	%		16	%		0	%		15	%

Catastrophe Losses Page 10

	ACE Limited
	Third Quarter Catastrophe Loss Analysis(1)
	Three months ended September 30, 2005 and 2004
	(in millions of U.S. dollars)
	(Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Consolidated P&C			Financial Services			ACE Consolidated
September 30, 2005
Net Premium Written as reported	$	1,307		$	933		$	380		$	2,620		$	212		$	2,832
Q3 Catastrophe Impact		59			36			(27	)		68			(131	)		(63	)
Net Premium Written excluding Q3 Catastrophes		1,366			969			353			2,688			81			2,769
Net Premium Earned as reported	$	1,338		$	1,031		$	408		$	2,777		$	257		$	3,034
Q3 Catastrophe Impact		59			36			(27	)		68			(163	)		(95	)
Net Premium Earned excluding Q3 Catastrophes		1,397			1,067			381			2,845			94			2,939
Loss Ratio as reported		87.7	%		66.7	%		156.2	%		89.9	%		120.7	%		92.5	%
Q3 Catastrophe Impact		18.3	%		13.6	%		102.5	%		28.7	%		46.3	%		30.9	%
Loss Ratio excluding Q3 Catastrophes		69.4	%		53.1	%		53.7	%		61.2	%		74.4	%		61.6	%
Expense Ratio as reported		17.2	%		34.2	%		23.1	%		26.0	%		2.3	%		24.0	%
Q3 Catastrophe Impact		0.7	%		1.2	%		-1.6	%		0.6	%		-4.0	%		-0.8	%
Expense Ratio excluding Q3 Catastrophes		16.5	%		33.0	%		24.7	%		25.4	%		6.3	%		24.8	%
Combined Ratio as reported		104.9	%		100.9	%		179.3	%		115.9	%		123.0	%		116.5	%
Q3 Catastrophe Impact		19.0	%		14.8	%		100.9	%		29.3	%		42.3	%		30.1	%
Combined Ratio excluding Q3 Catastrophes		85.9	%		86.1	%		78.4	%		86.6	%		80.7	%		86.4	%
September 30, 2004
Net Premium Written as reported	$	1,366		$	980		$	301		$	2,647		$	68		$	2,715
Q3 Catastrophe Impact		13			13			(15	)		11			—			11
Net Premium Written excluding Q3 Catastrophes		1,379			993			286			2,658			68			2,726
Net Premium Earned as reported	$	1,251		$	1,086		$	351		$	2,688		$	111		$	2,799
Q3 Catastrophe Impact		13			13			(15	)		11			—			11
Net Premium Earned excluding Q3 Catastrophes		1,264			1,099			336			2,699			111			2,810
Loss Ratio as reported		79.8	%		61.2	%		123.9	%		78.3	%		104.7	%		79.4	%
Q3 Catastrophe Impact		10.7	%		5.6	%		77.1	%		17.2	%		9.9	%		17.0	%
Loss Ratio excluding Q3 Catastrophes		69.1	%		55.6	%		46.8	%		61.1	%		94.8	%		62.4	%
Expense Ratio as reported		18.4	%		31.1	%		23.2	%		25.5	%		5.0	%		24.7	%
Q3 Catastrophe Impact		0.2	%		0.3	%		-1.0	%		0.1	%		0.0	%		0.1	%
Expense Ratio excluding Q3 Catastrophes		18.2	%		30.8	%		24.2	%		25.4	%		5.0	%		24.6	%
Combined Ratio as reported		98.2	%		92.3	%		147.1	%		103.8	%		109.7	%		104.1	%
Q3 Catastrophe Impact		10.9	%		5.9	%		76.1	%		17.3	%		9.9	%		17.1	%
Combined Ratio excluding Q3 Catastrophes		87.3	%		86.4	%		71.0	%		86.5	%		99.8	%		87.0	%

(1) See page 26 Non-GAAP Financial Measures.

Catastrophe Losses (2) Page 11

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Insurance - North American

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Gross premiums written	$	2,250		$	2,344		$	2,150		$	1,885		$	2,234		$	6,744		$	6,241		$	8,126
Net premiums written		1,307			1,412			1,425			1,194			1,366			4,144			3,907			5,101
Net premiums earned		1,338			1,319			1,285			1,243			1,251			3,942			3,436			4,679
Losses and loss expenses		1,173			948			892			1,366			998			3,013			2,532			3,898
Policy acquisition costs		134			130			117			114			121			381			333			447
Administrative expenses		96			111			111			128			110			318			323			451
Underwriting income (loss)		(65	)		130			165			(365	)		22			230			248			(117	)
Net investment income		139			142			131			132			123			412			337			469
Net realized gains (losses)		10			14			(11	)		35			9			13			91			126
Interest expense		6			5			5			5			6			16			16			21
Other (income) expense		(1	)		1			—			2			(3	)		—			3			5
Income tax expense (benefit)		10			81			80			(100	)		48			171			182			82
Net income (loss)		69			199			200			(105	)		103			468			475			370
Net realized gains (losses)		10			14			(11	)		35			9			13			91			126
Tax expense on net realized gains (losses)		2			2			(3	)		5			2			1			17			22
Income excluding net realized gains (losses) (1)	$	61		$	187		$	208		$	(135	)	$	96		$	456		$	401		$	266
Combined ratio
Loss and loss expense ratio		87.7	%		71.9	%		69.4	%		109.9	%		79.8	%		76.4	%		73.7	%		83.3	%
Policy acquisition cost ratio		10.0	%		9.8	%		9.1	%		9.1	%		9.7	%		9.7	%		9.7	%		9.6	%
Administrative expense ratio		7.2	%		8.4	%		8.6	%		10.3	%		8.7	%		8.1	%		9.4	%		9.6	%
Combined ratio		104.9	%		90.1	%		87.1	%		129.3	%		98.2	%		94.2	%		92.8	%		102.5	%
Large losses and other items (before tax)
Asbestos, environmental and other run-off losses	$	—		$	—		$	—		$	459		$	—		$	—		$	—		$	459
Catastrophe and other large losses (before tax)	$	203		$	—		$	—		$	—		$	126		$	203		$	126		$	126
Prior period development	$	22		$	51		$	22		$	96		$	42		$	95		$	99		$	195
% Change versus prior year period
Net premiums written		-4	%		6	%		18	%		12	%		28	%		6	%		31	%		26	%
Net premiums earned		7	%		12	%		28	%		23	%		26	%		15	%		28	%		27	%
Other ratios
Net premiums written/gross premiums written		58	%		60	%		66	%		63	%		61	%		61	%		63	%		63	%

(1) See page 26 Non-GAAP Financial Measures.

Insurance-North American Page 12

	ACE Limited
	Segment Results - Consecutive Quarters - 2
	(in millions of U.S. dollars)
	(Unaudited)

Insurance - Overseas General

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Gross premiums written	$	1,332		$	1,428		$	1,636		$	1,391		$	1,292		$	4,396		$	4,466		$	5,857
Net premiums written		933			1,062			1,195			1,085			980			3,190			3,256			4,341
Net premiums earned		1,031			1,081			1,088			1,128			1,086			3,200			3,174			4,302
Losses and loss expenses		687			610			610			548			665			1,907			1,878			2,426
Policy acquisition costs		207			217			192			223			199			616			579			802
Administrative expenses		145			142			148			135			139			435			416			551
Underwriting income		(8	)		112			138			222			83			242			301			523
Net investment income		82			80			74			65			51			236			159			224
Net realized gains (losses)		17			34			18			18			2			69			29			47
Interest expense		—			—			—			—			—			—			—			—
Other (income) expense		5			5			6			15			3			16			10			25
Income tax expense		22			48			52			85			34			122			145			230
Net income		64			173			172			205			99			409			334			539
Net realized gains (losses)		17			34			18			18			2			69			29			47
Tax expense on net realized gains (losses)		5			7			5			5			1			17			9			14
Income excluding net realized gains (losses) (1)	$	52		$	146		$	159		$	192		$	98		$	357		$	314		$	506
Combined ratio
Loss and loss expense ratio		66.7	%		56.4	%		56.1	%		48.6	%		61.2	%		59.6	%		59.2	%		56.4	%
Policy acquisition cost ratio		20.1	%		20.1	%		17.7	%		19.9	%		18.3	%		19.2	%		18.2	%		18.7	%
Administrative expense ratio		14.1	%		13.2	%		13.6	%		11.9	%		12.8	%		13.6	%		13.1	%		12.8	%
Combined ratio		100.9	%		89.7	%		87.4	%		80.4	%		92.3	%		92.4	%		90.5	%		87.9	%
Large losses and other items
Asbestos, environmental and other run-off losses	$	—		$	—		$	—		$	6		$	—		$	—		$	—		$	6
Catastrophe and other large losses (before tax)	$	121		$	—		$	—		$	—		$	53		$	121		$	53		$	53
Prior period development	$	10		$	(21	)	$	7		$	22		$	(20	)	$	(4	)	$	(45	)	$	(23	)
% Change versus prior year period
Net premiums written		-5	%		-3	%		1	%		10	%		13	%		-2	%		17	%		15	%
Net premiums earned		-5	%		1	%		7	%		11	%		21	%		1	%		20	%		17	%
Other ratios
Net premiums written/gross premiums written		70	%		74	%		73	%		78	%		76	%		73	%		73	%		74	%

(1) See page 26 Non-GAAP Financial Measures.

Insurance-Overseas General Page 13

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Global Reinsurance

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Property and casualty
Gross premiums written	$	411		$	369		$	536		$	286		$	334		$	1,316		$	1,281		$	1,567
Net premiums written		380			363			527			280			301			1,270			1,238			1,518
Net premiums earned		408			372			356			359			351			1,136			1,030			1,389
Losses and loss expenses		637			206			205			204			436			1,048			769			973
Policy acquisition costs		78			77			73			68			65			228			203			271
Administrative expenses		16			16			15			15			16			47			50			65
P&C underwriting income (loss)		(323	)		73			63			72			(166	)		(187	)		8			80
Life
Gross premiums written		57			57			58			55			60			172			169			224
Net premiums written		57			57			58			55			59			172			165			220
Net premiums earned		57			57			58			55			60			172			165			220
Life and annuity benefits		33			37			35			38			48			105			134			172
Policy acquisition costs		5			4			4			5			6			13			17			22
Administrative expenses		2			1			2			1			1			5			3			4
Net investment income		10			10			9			9			8			29			24			33
Life underwriting income		27			25			26			20			13			78			35			55
Total underwriting income (loss)		(296	)		98			89			92			(153	)		(109	)		43			135
Net investment income - property and casualty		45			40			39			38			32			124			88			126
Net realized gains (losses)		12			33			(22	)		67			(35	)		23			(33	)		34
Interest expense		1			—			1			—			—			2			—			—
Other (income) expense		1			1			1			(1	)		—			3			—			(1	)
Income tax expense (benefit)		(12	)		9			9			11			(1	)		6			3			14
Net income (loss)		(229	)		161			95			187			(155	)		27			95			282
Net realized gains (losses)		12			33			(22	)		67			(35	)		23			(33	)		34
Tax expense on net realized gains (losses)		1			—			—			—			—			1			—			—
Income (loss) excluding net realized gains (losses) (1)	$	(240	)	$	128		$	117		$	120		$	(120	)	$	5		$	128		$	248
P&C combined ratio
Loss and loss expense ratio		156.2	%		55.4	%		57.6	%		57.0	%		123.9	%		92.3	%		74.6	%		70.1	%
Policy acquisition cost ratio		19.1	%		20.7	%		20.5	%		19.0	%		18.6	%		20.1	%		19.7	%		19.5	%
Administrative expense ratio		4.0	%		4.1	%		4.3	%		4.0	%		4.6	%		4.1	%		4.9	%		4.6	%
P&C combined ratio		179.3	%		80.2	%		82.4	%		80.0	%		147.1	%		116.5	%		99.2	%		94.2	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	432		$	—		$	3		$	31		$	278		$	435		$	278		$	309
Prior period development	$	(5	)	$	(3	)	$	—		$	(13	)	$	(22	)	$	(8	)	$	(48	)	$	(61	)

(1) See page 26 Non-GAAP Financial Measures.

Global Reinsurance Page 14

	ACE Limited
	Segment Results - Consecutive Quarters - 2
	(in millions of U.S. dollars)
	(Unaudited)

Global Reinsurance - Property & Casualty

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
% Change versus prior year period
Net premiums written		26	%		-1	%		-8	%		27	%		37	%		3	%		23	%		24	%
Net premiums earned		16	%		7	%		7	%		16	%		27	%		10	%		30	%		26	%
Other ratios
Net premiums written/gross premiums written		92	%		98	%		98	%		98	%		90	%		97	%		97	%		97	%
Global Reinsurance - By Division
Gross premiums written
Tempest Europe	$	78		$	49		$	105		$	64		$	76		$	232		$	262		$	326
Tempest USA		234			228			248			204			196			710			677			881
Tempest Bermuda		99			92			183			18			62			374			342			360
Total	$	411		$	369		$	536		$	286		$	334		$	1,316		$	1,281		$	1,567
Net premiums written
Tempest Europe	$	74		$	46		$	102		$	61		$	74		$	222		$	250		$	311
Tempest USA		231			227			247			204			195			705			673			877
Tempest Bermuda		75			90			178			15			32			343			315			330
Total	$	380		$	363		$	527		$	280		$	301		$	1,270		$	1,238		$	1,518
Net premiums earned
Tempest Europe	$	79		$	66		$	76		$	76		$	77		$	221		$	227		$	303
Tempest USA		223			230			212			206			185			665			545			751
Tempest Bermuda		106			76			68			77			89			250			258			335
Total	$	408		$	372		$	356		$	359		$	351		$	1,136		$	1,030		$	1,389
Net premiums written/gross premiums written
Tempest Europe		95	%		94	%		97	%		95	%		97	%		96	%		95	%		95	%
Tempest USA		99	%		100	%		100	%		100	%		99	%		99	%		99	%		100	%
Tempest Bermuda		76	%		98	%		97	%		83	%		52	%		92	%		92	%		92	%
Total NPW/GPW		92	%		98	%		98	%		98	%		90	%		97	%		97	%		97	%

Global Reinsurance 2 Page 15

	ACE Limited
	Segment Results - Consecutive Quarters
	(in millions of U.S. dollars)
	(Unaudited)

Financial Services

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Gross premiums written	$	211		$	15		$	163		$	29		$	68		$	389		$	291		$	320
Net premiums written		212			15			161			27			68			388			289			316
Net premiums earned		257			92			90			96			111			439			424			520
Losses and loss expenses		310			70			83			97			116			463			291			388
Policy acquisition costs		2			1			2			1			2			5			22			23
Administrative expenses		3			7			4			1			4			14			38			39
Underwriting income (loss)		(58	)		14			1			(3	)		(11	)		(43	)		73			70
Net investment income		35			30			32			29			29			97			118			147
Net realized gains (losses)		7			3			6			12			(2	)		16			(29	)		(17	)
Interest expense		—			—			—			—			2			—			5			5
Other (income) expense		(30	)		(13	)		(12	)		(15	)		(14	)		(55	)		(10	)		(25	)
Income tax expense		10			7			6			3			1			23			32			35
Net income		4			53			45			50			27			102			135			185
Net realized gains (losses)		7			3			6			12			(2	)		16			(29	)		(17	)
Tax expense (benefit) on net realized gains (losses)		—			(1	)		2			2			(2	)		1			6			8
Income (loss) excluding net realized gains (losses) (1)	$	(3	)	$	49		$	41		$	40		$	27		$	87		$	170		$	210
Combined ratio
Loss and loss expense ratio		120.7	%		76.0	%		92.2	%		101.3	%		104.7	%		105.4	%		68.6	%		74.6	%
Policy acquisition cost ratio		0.9	%		1.4	%		2.2	%		-0.1	%		2.3	%		1.3	%		5.3	%		4.3	%
Administrative expense ratio		1.4	%		6.7	%		4.6	%		1.8	%		2.7	%		3.2	%		8.8	%		7.5	%
Combined ratio		123.0	%		84.1	%		99.0	%		103.0	%		109.7	%		109.9	%		82.7	%		86.4	%
Large losses and other items
Catastrophe and other large losses (before tax)	$	240		$	—		$	—		$	—		$	11		$	240		$	—		$	11
Prior period development	$	2		$	(8	)	$	1		$	(8	)	$	(14	)	$	(5	)	$	(21	)	$	(29	)
% Change versus prior year period
Net premiums written		212	%		15	%		-23	%		-90	%		-35	%		34	%		-62	%		-69	%
Net premiums earned		132	%		-31	%		-50	%		-80	%		-46	%		4	%		-31	%		-52	%
Other ratios
Net premiums written/gross premiums written		100	%		100	%		99	%		93	%		100	%		100	%		99	%		99	%

(1) See page 26 Non-GAAP Financial Measures.

(2) Total premiums typically included in gross premiums written, net premiums written, and net premiums earned in the quarter it is written; usually accrued at 100% loss ratio.

Financial Services Page 16

	ACE Limited
	Loss Reserve Rollforward
	(in millions of U.S. dollars)
	(Unaudited)

	Total									Ongoing									Run-off (1)
	Unpaid Losses									Unpaid Losses									Unpaid Losses
	Gross			Ceded			Net			Gross			Ceded			Net			Gross			Ceded			Net
Balance at December 31, 2003	$	27,083		$	12,409		$	14,674		$	19,763		$	7,259		$	12,504		$	7,320		$	5,150		$	2,170
Losses and loss expenses incurred		2,285			756			1,529			2,243			724			1,519			42			32			10
Losses and loss expenses paid		(1,860	)		(781	)		(1,079	)		(1,639	)		(545	)		(1,094	)		(221	)		(236	)		15
Other (incl. foreign exch. revaluation)		117			110			7			117			110			7			—			—			—
Balance at March 31, 2004		27,625			12,494			15,131			20,484			7,548			12,936			7,141			4,946			2,195
Losses and loss expenses incurred		2,453			727			1,726			2,483			761			1,722			(30	)		(34	)		4
Losses and loss expenses paid		(1,693	)		(593	)		(1,100	)		(1,402	)		(399	)		(1,003	)		(291	)		(194	)		(97	)
Other (incl. foreign exch. revaluation)		(233	)		166			(399	)		(233	)		166			(399	)		—			—			—
Balance at June 30, 2004		28,152			12,794			15,358			21,332			8,076			13,256			6,820			4,718			2,102
Losses and loss expenses incurred		3,309			1,076			2,233			3,280			1,058			2,222			29			18			11
Losses and loss expenses paid		(1,957	)		(697	)		(1,260	)		(1,749	)		(372	)		(1,377	)		(208	)		(325	)		117
Other (incl. foreign exch. revaluation)		27			48			(21	)		(396	)		(375	)		(21	)		423			423			—
Balance at September 30, 2004		29,531			13,221			16,310			22,467			8,387			14,080			7,064			4,834			2,230
Losses and loss expenses incurred		3,712			1,507			2,205			2,672			1,083			1,589			1,040			424			616
Losses and loss expenses paid		(2,328	)		(1,007	)		(1,321	)		(2,219	)		(959	)		(1,260	)		(109	)		(48	)		(61	)
Other (incl. foreign exch. revaluation)		568			245			323			281			(84	)		365			287			329			(42	)
Balance at December 31, 2004		31,483			13,966			17,517			23,201			8,427			14,774			8,282			5,539			2,743
Losses and loss expenses incurred		2,536			747			1,789			2,492			725			1,767			44			22			22
Losses and loss expenses paid		(1,998	)		(763	)		(1,235	)		(1,817	)		(661	)		(1,156	)		(181	)		(102	)		(79	)
Other (incl. foreign exch. revaluation) (2)		(595	)		(595	)		—			(669	)		(670	)		1			74			75			(1	)
Balance at March 31, 2005		31,426			13,355			18,071			23,207			7,821			15,386			8,219			5,534			2,685
Losses and loss expenses incurred		2,812			968			1,844			2,792			957			1,835			20			11			9
Losses and loss expenses paid		(1,919	)		(752	)		(1,167	)		(1,711	)		(567	)		(1,144	)		(208	)		(185	)		(23	)
Other (incl. foreign exch. revaluation)		(218	)		(71	)		(147	)		(191	)		(71	)		(120	)		(27	)		—			(27	)
Balance at June 30, 2005		32,101			13,500			18,601			24,097			8,140			15,957			8,004			5,360			2,644
Losses and loss expenses incurred		5,018			2,212			2,806			4,944			2,194			2,750			74			18			56
Losses and loss expenses paid		(2,342	)		(892	)		(1,450	)		(2,187	)		(799	)		(1,388	)		(155	)		(93	)		(62	)
Other (incl. foreign exch. revaluation)		(103	)		(55	)		(48	)		(103	)		(54	)		(49	)		—			(1	)		1
Balance at September 30, 2005	$	34,674		$	14,765		$	19,909		$	26,751		$	9,481		$	17,270		$	7,923		$	5,284		$	2,639

(1) The run-off reserves primarily include the Brandywine group, the Commercial Insurance Service - Middle Market Worker’s Comp. reserves and the pre-1997 Westchester Specialty reserves.

(2) Novation of a contract for $597M.

Loss Reserve Rollforward Page 17

	ACE Limited
	Reinsurance Recoverable Analysis
	(in millions of U.S. dollars)
	(Unaudited)

Net Reinsurance Recoverable by Division

	September 30 2005			June 30 2005			March 31 2005			December 31 2004
Reinsurance recoverable on paid losses & loss expenses
Active operations	$	744		$	768		$	795		$	788
Brandywine		403			415			385			398
Westchester		27			32			24			24
Total	$	1,174		$	1,215		$	1,204		$	1,210
Reinsurance recoverable on unpaid losses & loss expenses
Active operations	$	10,277		$	8,907		$	8,607		$	9,291
Brandywine		4,436			4,654			4,796			4,720
Westchester		554			571			578			589
Total	$	15,267		$	14,132		$	13,981		$	14,600
Gross reinsurance recoverable
Active operations	$	11,021		$	9,675		$	9,402		$	10,079
Brandywine		4,839			5,069			5,181			5,118
Westchester		581			603			602			613
Total	$	16,441		$	15,347		$	15,185		$	15,810
Bad debt reserve
Active operations	$	(558	)	$	(579	)	$	(577	)	$	(547	)
Brandywine		(180	)		(302	)		(302	)		(341	)
Westchester		(41	)		(38	)		(38	)		(40	)
Total	$	(779	)	$	(919	)	$	(917	)	$	(928	)
Net reinsurance recoverable
Active operations	$	10,463		$	9,096		$	8,825		$	9,532
Brandywine		4,659			4,767			4,879			4,777
Westchester		540			565			564			573
Total	$	15,662		$	14,428		$	14,268		$	14,882

Reinsurance Recoverable Page 18

	ACE Limited
	Reinsurance Recoverable Analysis
	(in millions of U.S. dollars)
	(Unaudited)

Reinsurance Recoverable for Active Operations

	June 30, 2005
	Recoverable		Bad Debt		% of Gross
Categories
Top 10 reinsurers	$	4,451	$	71	1.6	%
Other reinsurers balances >$20 million		2,172		82	3.8	%
Other reinsurers balances <$20 million		558		66	11.8	%
Mandatory pools and government agencies		659		3	0.5	%
Structured settlements		207		1	0.5	%
Captives		1,151		1	0.1	%
Other(1)		477		355	74.4	%
Total	$	9,675	$	579	6.0	%

At June 30, 2005, $6.6 billion of the active operations’ recoverables were from rated reinsurers, of which 94.4% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $2.8 billion, of which $1.5 billion was matched and usable against existing recoverables.

Top 10 Reinsurers (net of collateral) (2)	Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)
American International Group	AIOI Insurance	IRB - Brasil Resseguros S.A. Group
AXA	Allianz	Liberty Mutual Insurance Companies
Berkshire Hathaway Insurance Group	Allied World Assurance	Mitsui Sumitomo Insurance Company Ltd
Electric Insurance Company	Arch Capital	Overseas Partners Reinsurance Ltd
GE Insurance Solutions	Aspen Insurance Holdings Ltd	Partner Re
HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)	AVIVA	Platinum Underwriters
Lloyd’s of London	Chubb Insurance Group	Renaissance Re Holdings Ltd
Munich Re Group	CIGNA	Royal & Sun Alliance Insurance Group
Swiss Re Group	CNA Insurance Companies	SCOR Group
XL Capital Group	Converium Group	Sompo Japan
	Endurance Specialty Holdings Ltd	St Paul Travelers Companies
	Everest Re Group	Sun Life Financial Inc
	Fairfax Financial	Toa Reinsurance Company
	Federal Crop Insurance Corp	White Mountains Insurance Group
	Gerling Global Group	WR Berkley Corp
	Independence Blue Cross Group	Zurich Financial Services Group
	ING - Internationale Nederlanden Group

⁽¹⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of bad debt reserve associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽²⁾ Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Active Page 19

	ACE Limited
	Reinsurance Recoverable Analysis
	(in millions of U.S. dollars)
	(Unaudited)

Consolidated Reinsurance Recoverable

	June 30, 2005
	Recoverable		Bad Debt		% of Gross
Categories
Top 10 reinsurers	$	7,622	$	93	1.2	%
Other reinsurers balances >$20 million		3,412		174	5.1	%
Other reinsurers balances <$20 million		951		135	14.2	%
Mandatory pools and government agencies		668		3	0.4	%
Structured settlements		489		2	0.4	%
Captives		1,244		2	0.2	%
Other(1)		961		510	53.1	%
Total	$	15,347	$	919	6.0	%

At June 30, 2005, $11 billion of consolidated recoverables were from rated reinsurers, of which 94.1% were rated the equivalent of A- or better by internationally recognized rating agencies.

Top 10 Reinsurers (net of collateral) (2)	Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)
American International Group	AIOI Insurance	Independence Blue Cross Group
Berkshire Hathaway Insurance Group	Allianz	ING - Internationale Nederlanden Group
Equitas	Allied World Assurance	IRB - Brasil Resseguros S.A. Group
Everest Re Group	Allstate Group	Liberty Mutual Insurance Companies
GE Insurance Solutions	Arch Capital	Millea Holdings
HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)	Aspen Insurance Holdings Ltd	Mitsui Sumitomo Insurance Company Ltd
Lloyd’s of London	AVIVA	Overseas Partners Reinsurance Ltd
Munich Re Group	AXA	Partner Re
Swiss Re Group	Chubb Insurance Group	Platinum Underwriters
XL Capital Group	CIGNA	Renaissance Re Holdings Ltd
	CNA Insurance Companies	Royal & Sun Alliance Insurance Group
	Converium Group	SCOR Group
	Dukes Place Holdings	Sompo Japan
	Electric Insurance Company	St Paul Travelers Companies
	Endurance Specialty Holdings Ltd	Sun Life Financial Inc
	Fairfax Financial	Toa Reinsurance Company
	Federal Crop Insurance Corp	Trenwick Group
	FM Global Group	White Mountains Insurance Group
	Gerling Global Group	WR Berkley Corp
	Hartford Insurance Group	Zurich Financial Services Group

⁽¹⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of bad debt reserve associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽²⁾ Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

Reinsurance Rec-Consolidated Page 20

	ACE Limited
	Reinsurance Recoverable Analysis
	(in millions of U.S. dollars)
	(Unaudited)

Detail on Reinsurance Recoverable on Paid Losses and Loss Expenses

	General Collections (1)			Other (2)			Total
Gross balance at December 31, 2004	$	716		$	494		$	1,210
Bad debt reserve at 12/31/04		37			272			309
% of gross		5.2	%		55.1	%		25.5	%
Net balance at December 31, 2004	$	679		$	222		$	901
Gross balance at March 31, 2005	$	712		$	492		$	1,204
Bad debt reserve at 3/31/05		37			268			305
% of gross		5.2	%		54.5	%		25.3	%
Net balance at March 31, 2005	$	675		$	224		$	899
Gross balance at June 30, 2005	$	719		$	496		$	1,215
Bad debt reserve at 6/30/05		29			271			300
% of gross		4.0	%		54.6	%		24.7	%
Net balance at June 30, 2005	$	690		$	225		$	915
Gross balance at September 30, 2005	$	695		$	479		$	1,174
Bad debt reserve at 9/30/05		31			259			290
% of gross		4.5	%		54.1	%		24.7	%
Net balance at September 30, 2005	$	664		$	220		$	884

⁽¹⁾ General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or credit issues.

⁽²⁾ Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

Reinsurance Recoverable 4 Page 21

	ACE Limited
	Investment Portfolio
	(in millions of U.S. dollars)
	(Unaudited)

	September 30 2005			June 30 2005			March 31 2005			December 31 2004
Market Value
Fixed maturities available for sale	$	22,551		$	21,136		$	20,336		$	22,891
Fixed maturities held to maturity		3,126			3,207			3,207			—
Short-term investments		2,212			2,476			2,156			2,163
Total	$	27,889		$	26,819		$	25,699		$	25,054
Asset Allocation by Market Value
Treasury	$	2,274		$	1,704		$	1,728		$	1,551
Agency		1,492			1,553			1,517			1,547
Corporate		7,718			7,555			7,615			7,614
Mortgage-backed securities		6,780			6,169			5,504			5,034
Asset-backed securities		1,420			1,444			1,215			1,225
Municipal		565			548			559			566
Non-US		5,428			5,370			5,405			5,376
Cash & cash equivalent		2,212			2,476			2,156			2,141
Total		27,889			26,819			25,699		$	25,054
Credit Quality by Market Value
AAA	$	16,994		$	16,205		$	14,743		$	13,890
AA		2,369			2,198			2,475			2,634
A		4,325			4,295			4,451			4,397
BBB		2,054			1,974			2,182			2,275
BB		1,013			1,041			817			774
B		1,093			1,060			982			1,041
Other		41			46			49			43
Total		27,889			26,819			25,699		$	25,054
Cost/Amortized Cost
Fixed maturities available for sale	$	22,434		$	20,825		$	20,217		$	22,422
Fixed maturities held to maturity		3,125			3,151			3,211			—
Short term investments		2,212			2,476			2,156			2,163
Subtotal		27,771			26,452			25,584			24,585
Equity securities		1,210			1,213			1,170			1,061
Other investments		575			562			564			551
Total	$	29,556		$	28,227		$	27,318		$	26,197
Avg. duration of fixed maturities, adjusted for int. rate swaps		3.2 years			3.0 years			3.1 years			3.4 years
Avg. market yield of fixed maturities		4.6	%		4.3	%		4.5	%		4.1	%
Avg. credit quality		AA			AA			AA			AA

Investments Page 22

	ACE Limited
	Realized and Unrealized Gains (Losses)
	(in millions of U.S. dollars)
	(Unaudited)

	Three months ended September 30, 2005									Nine months ended September 30, 2005
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	11		$	(197	)	$	(186	)	$	32		$	(340	)	$	(308	)
Equity securities		23			60			83			58			22			80
Equity and fixed income derivatives		41			—			41			(2	)		—			(2	)
Foreign exchange gains (losses)		(1	)		—			(1	)		(2	)		—			(2	)
Other		1			10			11			5			31			36
Total inv. portfolio gains (losses)		75			(127	)		(52	)		91			(287	)		(196	)
Other FAS 133 adjustments		8			—			8			10			—			10
Total gains (losses)		83			(127	)		(44	)		101			(287	)		(186	)
Income tax expense (benefit)		8			(29	)		(21	)		20			(54	)		(34	)
Net gains (losses)	$	75		$	(98	)	$	(23	)	$	81		$	(233	)	$	(152	)

(1) The quarter includes impairments of $4M for fixed maturities, $4M for equities and $2M for other investments. Year to date includes impairments of $28M for fixed maturities $6M for equities and $2M for other investments.

	Three months ended September 30, 2004									Nine months ended September 30, 2004
	Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact			Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	20		$	373		$	393		$	67		$	(162	)	$	(95	)
Equity securities		7			5			12			75			(26	)		49
Equity and fixed income derivatives		(6	)		—			(6	)		23			—			23
Foreign exchange gains (losses)		1			—			1			(2	)		—			(2	)
Other		(10	)		(4	)		(14	)		(21	)		26			5
Total inv. portfolio gains (losses)		12			374			386			142			(162	)		(20	)
Other FAS 133 adjustments		(44	)		—			(44	)		(75	)		—			(75	)
Total gains (losses)		(32	)		374			342			67			(162	)		(95	)
Income tax expense (benefit)		1			77			78			32			(46	)		(14	)
Net gains (losses)	$	(33	)	$	297		$	264		$	35		$	(116	)	$	(81	)

(2) The quarter includes impairments of $11M for fixed maturities, $3M for equities and $10M for other investments. Year to date includes impairments for $15M for fixed maturities, $5M for equities and $10M for other investments.

Investment Gains (Losses) Page 23

	ACE Limited
	Capital Structure
	(in millions of U.S. dollars)
	(Unaudited)

	September 30 2005			June 30 2005			March 31 2005			December 31 2004			December 31 2003
Total short-term debt	$	446		$	147		$	147		$	146		$	546
Total long-term debt		1,564			1,849			1,849			1,849			1,349
Total debt		2,010			1,996			1,996			1,995			1,895
Total trust preferreds		412			412			412			412			475
Perpetual preferred		557			557			557			557			557
Ordinary shareholders’ equity		9,672			9,942			9,413			9,288			8,266
Total shareholders’ equity	$	10,229		$	10,499		$	9,970		$	9,845		$	8,823
Total capitalization	$	12,651		$	12,907		$	12,378		$	12,252		$	11,193
Tangible shareholders’ equity (1)	$	7,526		$	7,796		$	7,275		$	7,145		$	6,025
Leverage ratios
Debt/ total capitalization		15.9	%		15.5	%		16.1	%		16.3	%		16.9	%
Debt plus trust preferreds/ total capitalization		19.1	%		18.7	%		19.5	%		19.6	%		21.2	%
Debt/ tangible equity		26.7	%		25.6	%		27.4	%		27.9	%		31.5	%
Debt plus trust preferreds/ tangible equity		32.2	%		30.9	%		33.1	%		33.7	%		39.3	%
Debt plus total preferred stock/ total capitalization		23.5	%		23.0	%		24.0	%		24.2	%		26.2	%

(1) Tangible equity is equal to shareholders’ equity less goodwill.

Capital Structure Page 24

	ACE Limited
	Computation of Basic and Diluted Earnings Per Share
	(in millions of U.S. dollars, except share and per share data)
	(Unaudited)

	Three months ended September 30						Nine months ended September 30
	2005			2004			2005			2004
Numerator
Income excluding net realized gains (losses)(1)	$	(187	)	$	37		$	711		$	840
Perpetual preferred dividend		(11	)		(11	)		(33	)		(33	)
Income to ordinary shares, excl. net realized gains (losses)		(198	)		26			678			807
Net realized gains (losses), net of income tax		75			(33	)		81			35
Net income (loss) available to the holders of ordinary shares	$	(123	)	$	(7	)	$	759		$	842
Rollforward of ordinary shares
Ordinary shares - beginning of period		288,073,439			283,604,445			284,478,525			279,897,193
Issued under employee stock purchase plan		106,858			114,102			216,269			239,731
Stock (cancelled) granted		(311,587	)		(68,327	)		1,029,125			843,359
Issued for option exercises		803,740			462,646			2,948,531			3,132,583
Ordinary shares - end of period		288,672,450			284,112,866			288,672,450			284,112,866
Denominator
Weighted average shares outstanding		284,777,017			280,993,760			284,016,708			279,988,076
Effect of other dilutive securities		5,060,953			4,623,319			4,704,056			5,298,054
Adj. wtd. avg. shares outstanding and assumed conversions		289,837,970			285,617,079			288,720,764			285,286,130
Basic earnings per share
Income excluding net realized gains (losses)(1)	$	(0.70	)	$	0.09		$	2.38		$	2.88
Net realized gains (losses), net of income tax		0.27			(0.12	)		0.29			0.12
Net income (loss)	$	(0.43	)	$	(0.03	)	$	2.67		$	3.00
Diluted earnings per share(2)
Income excluding net realized gains (losses)(1)	$	(0.70	)	$	0.09		$	2.34		$	2.82
Net realized gains (losses), net of income tax		0.27			(0.12	)		0.29			0.13
Net income (loss)	$	(0.43	)	$	(0.03	)	$	2.63		$	2.95

(1) See page 26 Non-GAAP Financial Measures.

(2) The denominator for diluted loss per share for the three months ended September 30, 2005 and 2004 does not include the dilutive effect of other dilutive securities. The incremental shares from assumed conversions are not included in computing diluted loss per share amounts as these shares are considered anti-dilutive.

Earnings per share Page 25

	ACE Limited
	Non-GAAP Financial Measures
	(in millions of U.S. dollars)
	(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting our results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations; however, they should not be viewed as a substitute for measures determined in accordance with GAAP. A reconciliation of book value per share to diluted book value per ordinary share is provided on page 27.

In presenting our segment operating results we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses).

The following non-GAAP measure is a common performance measurement and is defined as income (loss) excluding net realized gains (losses) and the tax expense on net realized gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. We believe these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

	3Q-05			2Q-05		1Q-05			4Q-04		3Q-04			YTD 2005		YTD 2004		Full Year 2004
Net income (loss), as reported	$	(112	)	$	467	$	437		$	278	$	4		$	792	$	875	$	1,153
Net realized gains (losses)		83			32		(14	)		130		(32	)		101		67		197
Income tax expense on net realized gains (losses)		8			8		4			12		1			20		32		44
Income excluding net realized gains (losses)	$	(187	)	$	443	$	455		$	160	$	37		$	711	$	840	$	1,000

We also present income excluding net realized gains (losses) and catastrophe losses, net of tax because those losses are deemed to be significant for the third quarter and nine months of 2005. Catastrophes are not predictable and cause significant variability in periodic earnings. On page 11 we have presented net premium written, net premium earned, loss ratios, expense ratios and combined ratios excluding catastrophes as we believe this separate presentation is meaningful and useful for users of our financial information.

Reconciliation Non-GAAP Page 26

	ACE Limited
	Diluted Book Value per Ordinary Share
	(in millions of U.S. dollars, except share and per share data)
	(Unaudited)

Reconciliation of Book Value per Ordinary Share to Diluted Book Value per Ordinary Share

	September 30 2005			June 30 2005			March 31 2005			December 31 2004
Shareholders’ equity	$	10,229		$	10,499		$	9,970		$	9,845
Net proceeds from assumed conversions of options		520			468			271			312
Proceeds from issuance of preferred shares		(557	)		(557	)		(557	)		(557	)
Numerator for diluted book value per share calculation		10,192			10,410			9,684			9,600
Less: goodwill		2,703			2,703			2,695			2,700
Numerator for diluted tangible book value per share	$	7,489		$	7,707		$	6,989		$	6,900
Ordinary shares outstanding - end of period		288,672,450			288,073,439			287,353,327			284,478,525
Shares issued from assumed conversions of options		14,467,877			15,478,846			9,346,765			10,830,932
Denominator for diluted and diluted tangible book value		303,140,327			303,552,285			296,700,092			295,309,457
Book value per ordinary share	$	33.51		$	34.51		$	32.76		$	32.65
Diluted book value per ordinary share	$	33.62		$	34.29		$	32.64		$	32.51
Diluted tangible book value per ordinary share	$	24.70		$	25.39		$	23.56		$	23.37

Reconcilition Book Value Page 27

	ACE Limited
	Comprehensive Income
	(in millions of U.S. dollars)
	(Unaudited)

Consolidated Statement of Comprehensive Income

	3Q-05			2Q-05			1Q-05			4Q-04			3Q-04			YTD 2005			YTD 2004			Full Year 2004
Net income (loss)	$	(112	)	$	467		$	437		$	278		$	4		$	792		$	875		$	1,153
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments		(78	)		247			(301	)		169			406			(132	)		14			183
Reclassification adjustment for net realized gains (losses) included in net income		(47	)		(56	)		(48	)		(96	)		(32	)		(151	)		(176	)		(272	)
Amortization of net unrealized appreciation related to held to maturity securities		(2	)		(2	)		—			—			—			(4	)		—			—
Cumulative translation adjustment		(25	)		(68	)		(11	)		126			27			(104	)		5			131
Minimum pension liability adjustment		1			4			2			(45	)		2			7			2			(43	)
Income tax (expense) benefit related to other comprehensive income items		40			(21	)		72			(35	)		(82	)		91			56			21
Other comprehensive income (loss)		(111	)		104			(286	)		119			321			(293	)		(99	)		20
Comprehensive income (loss)	$	(223	)	$	571		$	151		$	397		$	325		$	499		$	776		$	1,173

Comprehensive Income Page 28

	ACE Limited
	Glossary

Annualized return on ordinary shareholders’ equity (ROE): Income (loss) excluding net realized gains (losses) less perpetual preferred securities divided by average ordinary shareholders’ equity for the period. To annualize a quarterly rate multiply by four.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio for the property and casualty and financial services operations. Calculated on a GAAP basis.

Diluted book value per ordinary share: Ordinary shareholders’ equity and net proceeds from assumed conversions of outstanding in-the-money options divided by the sum of shares outstanding and the number of options assumed issued.

Diluted tangible book value per ordinary share: Ordinary shareholders’ equity and net proceeds from assumed conversions of outstanding in-the-money options less goodwill divided by the sum of shares outstanding and the number of options assumed issued.

Effective tax rate: Income tax expense divided by the sum of income tax expense and income (loss) excluding net realized gains (losses).

FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity.

Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administrative expenses.

NM: Not meaningful.

Ordinary shareholders’ equity: Shareholders’ equity less perpetual preferred shares.

P & C: Property and casualty.

Property and casualty combined ratios: Loss and loss expense ratios, policy acquisition cost ratios and administrative expense ratios excluding life reinsurance business and financial services segment. Calculated on a GAAP basis.

Return on ordinary shareholders’ equity (ROE): Income (loss) excluding net realized gains (losses) less perpetual preferred securities divided by average ordinary shareholders’ equity.

Tangible equity: Shareholders’ equity less goodwill.

Total capitalization: Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders’ equity.

YTD: Year to date.

Glossary Page 29