Exhibit 99.2

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 and Quarterly Reports on Form 10-Q.
email: investorrelations@acegroup.com	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 and actual settlement terms, 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, 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
II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	2 - 3
	- Summary Consolidated Balance Sheets	4
	- Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business	5 - 6
	- Consolidating Statement of Operations	7
	- Catastrophe Loss Charges	8
III.	Segment Results
	- Insurance - North American	9
	- Insurance - Overseas General	10
	- Global Reinsurance	11
	- Life	12 -13
IV.	Balance Sheet Details
	- Loss Reserve Rollforward	14
	- Reinsurance Recoverable Analysis	15
	- Investment Portfolio	16 - 23
	- Net Realized and Unrealized Gains (Losses)	24
	- Capital Structure	25 - 26
	- Computation of Basic and Diluted Earnings Per Share	27
V.	Other Disclosures
	- Non-GAAP Financial Measures	28
	- Book Value and Book Value per Common Share	29
	- Comprehensive Income	30
	- Glossary	31

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

	Three months  ended March 31						% Change 1Q-10 vs. 1Q-09		Constant $ 2009 (2)		% Change 1Q-10 vs. 1Q-09 (2)
	2010			2009
Gross premiums written	$	4,790		$	4,535		6	%	$	4,686	2	%
Net premiums written	$	3,571		$	3,424		4	%	$	3,551	1	%
Net premiums earned	$	3,277		$	3,194		3	%	$	3,320	-1	%
Net investment income	$	504		$	502		0	%	$	511	-1	%
Net income	$	755		$	567		33	%
Income excluding net realized gains (losses) (1)	$	579		$	669		-13	%	$	683	-15	%
Comprehensive income	$	1,058		$	337		NM
Operating cash flow	$	823		$	562		46	%
Combined ratio
Loss and loss expense ratio		61.9	%		59.7	%
Underwriting and administrative expense ratio		30.9	%		27.8	%
Combined ratio		92.8	%		87.5	%
Annualized ROE*		12.0	%		16.3	%
Annualized ROE on net income		15.0	%		15.6	%
Effective tax rate on income excluding net realized gains (losses)		17.4	%		17.4	%
Diluted earnings per share
Income excluding net realized gains (losses)(1)	$	1.70		$	1.99		-15	%
Net income	$	2.22		$	1.69		31	%
Book value per common share	$	60.94		$	43.82		39	%
Tangible book value per common share	$	49.48		$	32.70		51	%
Weighted average basic common shares outstanding		338.5			335.5
Weighted average diluted common shares outstanding		339.9			336.1
Debt/total capitalization		13.6	%		17.9	%

(1) See Non-GAAP Financial Measures.

(2) Prior year on a constant dollar basis.

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

Financial Highlights Page 1

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

ACE Limited Consolidated

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Consolidated Results Excluding Life Segment
Gross premiums written	$	4,400		$	4,110		$	4,622		$	4,733		$	4,150		$	17,615
Net premiums written		3,186			2,915			2,783			3,048			3,078			11,824
Net premiums earned		2,897			3,018			3,031			2,902			2,859			11,810
Losses and loss expenses		1,790			1,784			1,764			1,688			1,704			6,940
Policy benefits		3			1			—			1			2			4
Policy acquisition costs		493			504			508			468			434			1,914
Administrative expenses		402			416			400			390			362			1,568
Underwriting income excluding Life segment		209			313			359			355			357			1,384
Life underwriting income excluding investment income		46			60			52			35			21			168
Net investment income		504			512			511			506			502			2,031
Net realized gains (losses)		168			373			(223	)		(225	)		(121	)		(196	)
Interest expense		52			56			60			56			53			225
Other income (expense) (1)		4			(41	)		(51	)		21			(14	)		(85	)
Income tax expense		124			208			94			101			125			528
Net income		755			953			494			535			567			2,549
Net realized gains (losses)		168			373			(223	)		(225	)		(121	)		(196	)
Net realized gains (losses) in other income (expense) (1)		10			(31	)		(43	)		8			3			(63	)
Tax expense (benefit) on net realized gains (losses)		2			72			(59	)		(46	)		(16	)		(49	)
Income excluding net realized gains (losses) (2)	$	579		$	683		$	701		$	706		$	669		$	2,759
% Change versus prior year period(3)
Net premiums written		4	%		9	%		-5	%		-5	%		1	%		0	%
Net premiums earned		1	%		5	%		-7	%		-5	%		1	%		-2	%
Net premiums written constant $		0	%		4	%		-1	%		1	%		7	%		3	%
Net premiums earned constant $		-3	%		1	%		-4	%		2	%		7	%		2	%
Other ratios
Net premiums written/gross premiums written		72	%		71	%		60	%		64	%		74	%		67	%
Effective tax rate on income excluding net realized gains (losses)		17.4	%		16.6	%		17.9	%		17.2	%		17.4	%		17.3	%
Combined ratio (3)
Loss and loss expense ratio		61.9	%		59.1	%		58.2	%		58.2	%		59.7	%		58.8	%
Policy acquisition cost ratio		17.0	%		16.7	%		16.7	%		16.1	%		15.2	%		16.2	%
Administrative expense ratio		13.9	%		13.8	%		13.2	%		13.4	%		12.6	%		13.3	%
Combined ratio		92.8	%		89.6	%		88.1	%		87.7	%		87.5	%		88.3	%
Expense ratio		30.9	%		30.5	%		29.9	%		29.5	%		27.8	%		29.5	%
Expense ratio excluding A&H		26.9	%		26.0	%		25.3	%		25.0	%		23.9	%		25.0	%
Large losses and other items (before tax) (3)
Reinstatement premiums (expensed) collected	$	(25	)	$	—		$	—		$	—		$	1		$	1
Catastrophe losses	$	148		$	23		$	45		$	31		$	38		$	137
Prior period development excluding Life - unfavorable (favorable) (4)	$	(96	)	$	(147	)	$	(203	)	$	(158	)	$	(68	)	$	(576	)
Loss and loss expense ratio excluding catastophe losses and prior period development		61.1	%		63.3	%		63.4	%		62.6	%		60.7	%		62.5	%

(1) Net realized investment and derivative losses related to unconsolidated entities.

(2) See Non-GAAP Financial Measures.

(3) Presented excluding the Life segment to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure.

(4) For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Consolidated Results Page 2

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

ACE Limited Expense Ratio Adjusted to Exclude the Impact of Reinstatement Premiums (RIPS), Crop Insurance Profit-Sharing Commission and Foreign Exchange

	1Q-10			RIPS & CROP			Adjusted 1Q-10			1Q-09			FX			Adjusted 1Q-09
Net premiums earned	$	2,897		$	25		$	2,922		$	2,859		$	116		$	2,975
Losses and loss expenses		1,790			—			1,790			1,704			—			1,704
Policy benefits		3			—			3			2			—			2
Policy acquisition costs		493			(45	)(1)		448			434			31			465
Administrative expenses		402			—			402			362			18			380
Underwriting income excluding Life segment		209			70			279			357			67			424
Policy acquisition cost ratio		17.0	%		-1.7	%		15.3	%		15.2	%		0.4	%		15.6	%
Administrative expense ratio		13.9	%		-0.1	%		13.8	%		12.6	%		0.2	%		12.8	%
Expense ratio		30.9	%		-1.8	%		29.1	%		27.8	%		0.6	%		28.4	%

(1) For Q1 2010, prior period favorable development of $96 million is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Consolidated Results 2 Page 3

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

	March 31 2010		December 31 2009
	(Unaudited)		(Unaudited)
Assets
Fixed maturities available for sale, at fair value	$	40,564	$	39,525
Fixed maturities held to maturity, at amortized cost		3,335		3,481
Equity securities, at fair value		316		467
Short-term investments, at fair value		2,052		1,667
Other investments		1,472		1,375
Total investments		47,739		46,515
Cash		726		669
Securities lending collateral		1,611		1,544
Insurance and reinsurance balances receivable		3,685		3,671
Reinsurance recoverable on losses and loss expenses		13,335		13,595
Deferred policy acquisition costs		1,517		1,445
Value of business acquired		712		748
Prepaid reinsurance premiums		1,646		1,521
Goodwill and other intangible assets		3,883		3,931
Deferred tax assets		1,174		1,154
Investments in partially owned insurance companies		454		433
Other assets		2,847		2,754
Total assets	$	79,329	$	77,980
Liabilities
Unpaid losses and loss expenses	$	37,551	$	37,783
Unearned premiums		6,437		6,067
Future policy benefits		3,057		3,008
Insurance and reinsurance balances payable		3,147		3,295
Securities lending payable		1,639		1,586
Payable for securities purchased		534		154
Accounts payable, accrued expenses, and other liabilities		2,711		2,792
Short-term debt		150		161
Long-term debt		3,158		3,158
Trust preferred securities		309		309
Total liabilities		58,693		58,313
Shareholders’ equity
Total shareholders’ equity, excl. AOCI		19,510		18,844
Accumulated other comprehensive income (AOCI)		1,126		823
Total shareholders’ equity		20,636		19,667
Total liabilities and shareholders’ equity	$	79,329	$	77,980
Book value per common share (1)	$	60.94	$	58.44
Tangible book value per common share (1)	$	49.48	$	46.76

(1) See Non-GAAP Financial Measures.

Consol Bal Sheet Page 4

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated

	1Q-10		% of Total Consolidated		1Q-09		% of Total Consolidated		% Change 1Q-10 vs. 1Q-09
Net premiums written
Property and all other	$	1,082	30	%	$	1,151	34	%	-6	%
Casualty		1,516	42	%		1,381	40	%	10	%
Subtotal		2,598	72	%		2,532	74	%	3	%
Personal accident (A&H) (1)		845	24	%		783	23	%	8	%
Life (2)		128	4	%		109	3	%	17	%
Total consolidated	$	3,571	100	%	$	3,424	100	%	4	%
Add: Life deposits on investment contracts		55				95			-42	%
Non-GAAP total net premium written	$	3,626			$	3,519			3	%
Net premiums earned
Property and all other	$	916	28	%	$	983	31	%	-7	%
Casualty		1,427	44	%		1,367	43	%	4	%
Subtotal		2,343	72	%		2,350	74	%	0	%
Personal accident (A&H) (1)		810	25	%		743	23	%	9	%
Life (2)		124	3	%		101	3	%	23	%
Total consolidated	$	3,277	100	%	$	3,194	100	%	3	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	443	77	%	$	553	83	%	-20	%
Personal accident (A&H) (1)		101	17	%		96	14	%	5	%
Life (2)		35	6	%		20	3	%	75	%
Total consolidated	$	579	100	%	$	669	100	%	-13	%

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

Line of Business Page 5

ACE Limited Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business, Adjusted for Foreign Exchange (in millions of U.S. dollars) (Unaudited)

ACE Limited Consolidated Constant Dollar

	1Q-10		Constant $ 1Q-09 (3)		Constant $ % Change 1Q-10 vs. 1Q-09 (3)
Net premiums written
Property, casualty, and all other	$	2,598	$	2,593	0	%
Personal accident (A&H) (1)		845		848	0	%
Life (2)		128		110	16	%
Total consolidated	$	3,571	$	3,551	1	%
Net premiums earned
Property, casualty, and all other	$	2,343	$	2,410	-3	%
Personal accident (A&H) (1)		810		808	0	%
Life (2)		124		102	22	%
Total consolidated	$	3,277	$	3,320	-1	%
Income excluding net realized gains (losses)
Property, casualty, and all other	$	443	$	559	-21	%
Personal accident (A&H) (1)		101		104	-3	%
Life (2)		35		20	75	%
Total consolidated	$	579	$	683	-15	%

(1) Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments.

(2) Excludes the North America A&H business from Combined Insurance which is included in the Life segment.

(3) Prior year on a constant dollar basis.

Line of Business 2 Page 6

ACE Limited Consolidating Statement of Operations Three months ended March 31, 2010 and 2009 (in millions of U.S. dollars) (Unaudited)

	Insurance - North American			Insurance - Overseas General			Global Reinsurance		Corporate & Other			Consolidated Excluding Life Segment			Life			ACE Consolidated
March 31, 2010
Gross premiums written	$	2,130		$	1,871		$	399	$	—		$	4,400		$	390		$	4,790
Net premiums written		1,395			1,420			371		—			3,186			385			3,571
Net premiums earned		1,370			1,251			276		—			2,897			380			3,277
Losses and loss expenses		938			701			151		—			1,790			131			1,921
Policy benefits		—			3			—		—			3			84			87
Policy acquisition costs		156			283			54		—			493			61			554
Administrative expenses		148			202			12		40			402			58			460
Underwriting income (loss)		128			62			59		(40	)		209			46			255
Net investment income		278			114			69		—			461			43			504
Net realized gains (losses)		80			22			31		(8	)		125			43			168
Interest expense		—			—			—		52			52			—			52
Other income (expense)		5			(2	)		4		—			7			(3	)		4
Income tax expense (benefit)		104			14			10		(18	)		110			14			124
Net income (loss)		387			182			153		(82	)		640			115			755
Net realized gains (losses)		80			22			31		(8	)		125			43			168
Net realized gains (losses) in other income (expense)		—			5			4		—			9			1			10
Tax expense (benefit) on net realized gains (losses)		2			1			—		(2	)		1			1			2
Income (loss) excluding net realized gains (losses) (1)	$	309		$	156		$	118	$	(76	)	$	507		$	72		$	579
March 31, 2009
Gross premiums written	$	2,078		$	1,693		$	379	$	—		$	4,150		$	385		$	4,535
Net premiums written		1,392			1,327			359		—			3,078			346			3,424
Net premiums earned		1,437			1,184			238		—			2,859			335			3,194
Losses and loss expenses		1,004			613			87		—			1,704			112			1,816
Policy benefits		—			2			—		—			2			97			99
Policy acquisition costs		123			260			51		—			434			47			481
Administrative expenses		140			175			12		35			362			58			420
Underwriting income (loss)		170			134			88		(35	)		357			21			378
Net investment income		263			120			72		1			456			46			502
Net realized gains (losses)		(120	)		7			11		(28	)		(130	)		9			(121	)
Interest expense		—			—			—		53			53			—			53
Other income (expense)		(4	)		(4	)		—		(4	)		(12	)		(2	)		(14	)
Income tax expense (benefit)		96			46			16		(39	)		119			6			125
Net income (loss)		213			211			155		(80	)		499			68			567
Net realized gains (losses)		(120	)		7			11		(28	)		(130	)		9			(121	)
Net realized gains (losses) in other income (expense)		—			3			—		(3	)		—			3			3
Tax expense (benefit) on net realized gains (losses)		(12	)		8			—		(9	)		(13	)		(3	)		(16	)
Income (loss) excluding net realized gains (losses) (1)	$	321		$	209		$	144	$	(58	)	$	616		$	53		$	669
Income (loss) excluding net realized gains (losses), constant $ (2)	$	323		$	219		$	144	$	(58	)	$	628		$	55		$	683

(1) See Non-GAAP Financial Measures.

(2) Prior year on a constant dollar basis.

Segment 2010 Qtr Page 7

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

First Quarter Catastrophe Loss Charges - 2010

Catastrophe Loss Charges- By Event	Insurance - North American			Insurance - Overseas General			Global Reinsurance			Total
Gross loss										$	425
Net loss
Haiti earthquake	$	4		$	2		$	—		$	6
Chile earthquake		5			22			7			34
France windstorm		—			5			5			10
Australia storms		—			15			17			32
U.S. catastrophes		43			5			2			50
Other (1)		—			15			1			16
Total		52			64			32			148
Reinstatement premiums (expensed) collected		(3	)		(24	)		2			(25	)
Net premium earned (expensed)		(3	)		(24	)		2			(25	)
Total impact before income tax		55			88			30			173
Income tax benefit		(16	)		(7	)		(1	)		(24	)
Total impact after income tax	$	39		$	81		$	29		$	149
Effective tax rate		29	%		8	%		3	%		14	%

(1) Primarily includes catastrophes in Madeira and French Polynesia.

Catastrophe Losses Page 8

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

Insurance - North American

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Gross premiums written	$	2,130		$	2,196		$	2,730		$	2,664		$	2,078		$	9,668
Net premiums written		1,395			1,421			1,374			1,454			1,392			5,641
Net premiums earned		1,370			1,365			1,467			1,415			1,437			5,684
Losses and loss expenses		938			959			1,053			997			1,004			4,013
Policy acquisition costs		156			123			142			129			123			517
Administrative expenses		148			139			146			147			140			572
Underwriting income		128			144			126			142			170			582
Net investment income		278			278			278			275			263			1,094
Net realized gains (losses)		80			252			(25	)		(97	)		(120	)		10
Interest expense		—			1			—			—			—			1
Other income (expense)		5			(27	)		(4	)		(1	)		(4	)		(36	)
Income tax expense		104			165			47			76			96			384
Net income		387			481			328			243			213			1,265
Net realized gains (losses)		80			252			(25	)		(97	)		(120	)		10
Net realized gains (losses) in other income (expense)		—			(26	)		(5	)		—			—			(31	)
Tax expense (benefit) on net realized gains (losses)		2			63			(59	)		(33	)		(12	)		(41	)
Income excluding net realized gains (losses) (1)	$	309		$	318		$	299		$	307		$	321		$	1,245
Combined ratio
Loss and loss expense ratio		68.5	%		70.3	%		71.7	%		70.5	%		69.9	%		70.6	%
Policy acquisition cost ratio		11.4	%		9.0	%		9.7	%		9.1	%		8.6	%		9.1	%
Administrative expense ratio		10.8	%		10.2	%		9.9	%		10.4	%		9.7	%		10.1	%
Combined ratio		90.7	%		89.5	%		91.3	%		90.0	%		88.2	%		89.8	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(3	)	$	—		$	—		$	—		$	—		$	—
Catastrophe losses	$	52		$	10		$	24		$	20		$	4		$	58
Prior period development - unfavorable (favorable) (2)	$	(45	)	$	(50	)	$	(45	)	$	(74	)	$	(10	)	$	(179	)
Loss and loss expense ratio excluding catastophe losses and prior period development		71.1	%		73.3	%		73.1	%		74.3	%		70.3	%		72.7	%
% Change versus prior year period
Net premiums written		0	%		9	%		-6	%		-4	%		2	%		0	%
Net premiums earned		-5	%		-1	%		-7	%		4	%		6	%		0	%
Other ratios
Net premiums written/gross premiums written		65	%		65	%		50	%		55	%		67	%		58	%

(1) See Non-GAAP Financial Measures.

(2) For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is included in the expense ratio.

Insurance-North American Page 9

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

Insurance - Overseas General

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Gross premiums written	$	1,871		$	1,752		$	1,677		$	1,710		$	1,693		$	6,832
Net premiums written		1,420			1,350			1,203			1,265			1,327			5,145
Net premiums earned		1,251			1,400			1,317			1,246			1,184			5,147
Losses and loss expenses		701			718			631			635			613			2,597
Policy benefits		3			1			—			1			2			4
Policy acquisition costs		283			333			316			293			260			1,202
Administrative expenses		202			214			204			190			175			783
Underwriting income		62			134			166			127			134			561
Net investment income		114			124			121			114			120			479
Net realized gains (losses)		22			20			40			(87	)		7			(20	)
Other income (expense)		(2	)		(8	)		(3	)		(5	)		(4	)		(20	)
Income tax expense		14			55			56			29			46			186
Net income		182			215			268			120			211			814
Net realized gains (losses)		22			20			40			(87	)		7			(20	)
Net realized gains (losses) in other income (expense)		5			(2	)		1			2			3			4
Tax expense (benefit) on net realized gains (losses)		1			10			6			(15	)		8			9
Income excluding net realized gains (losses) (1)	$	156		$	207		$	233		$	190		$	209		$	839
Combined ratio
Loss and loss expense ratio		56.3	%		51.3	%		48.0	%		51.0	%		52.0	%		50.5	%
Policy acquisition cost ratio		22.6	%		23.7	%		24.0	%		23.6	%		21.9	%		23.3	%
Administrative expense ratio		16.1	%		15.3	%		15.4	%		15.2	%		14.8	%		15.2	%
Combined ratio		95.0	%		90.3	%		87.4	%		89.8	%		88.7	%		89.0	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	(24	)	$	—		$	(1	)	$	—		$	—		$	(1	)
Catastrophe losses	$	64		$	10		$	16		$	10		$	15		$	51
Prior period development - unfavorable (favorable)	$	(37	)	$	(86	)	$	(119	)	$	(26	)	$	(24	)	$	(255	)
Loss and loss expense ratio excluding catastophe losses and prior period development		53.1	%		56.7	%		55.7	%		52.3	%		52.7	%		54.5	%
% Change versus prior year period
Net premiums written as reported		7	%		8	%		-7	%		-12	%		-1	%		-4	%
Net premiums earned as reported		6	%		12	%		-8	%		-13	%		-3	%		-4	%
Net premiums written constant $		0	%		0	%		2	%		2	%		10	%		3	%
Net premiums earned constant $		-3	%		3	%		0	%		1	%		10	%		3	%
Underwriting income constant $													$	139
Income excluding net realized gains (losses), constant $													$	219
Other ratios
Net premiums written/gross premiums written		76	%		77	%		72	%		74	%		78	%		75	%

(1) See Non-GAAP Financial Measures.

Insurance-Overseas General Page 10

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

Global Reinsurance

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Gross premiums written	$	399		$	162		$	215		$	359		$	379		$	1,115
Net premiums written		371			144			206			329			359			1,038
Net premiums earned		276			253			247			241			238			979
Losses and loss expenses		151			107			80			56			87			330
Policy acquisition costs		54			48			50			46			51			195
Administrative expenses		12			14			15			14			12			55
Underwriting income		59			84			102			125			88			399
Net investment income		69			68			65			73			72			278
Net realized gains (losses)		31			30			(11	)		(47	)		11			(17	)
Other income (expense)		4			(2	)		1			(1	)		—			(2	)
Income tax expense		10			8			9			13			16			46
Net income		153			172			148			137			155			612
Net realized gains (losses)		31			30			(11	)		(47	)		11			(17	)
Net realized gains (losses) in other income (expense)		4			(4	)		—			—			—			(4	)
Tax expense (benefit) on net realized gains (losses)		—			—			(1	)		1			—			—
Income excluding net realized gains (losses) (1)	$	118		$	146		$	158		$	185		$	144		$	633
Combined ratio
Loss and loss expense ratio		54.7	%		42.4	%		32.5	%		23.4	%		36.3	%		33.7	%
Policy acquisition cost ratio		19.6	%		19.1	%		20.1	%		19.0	%		21.5	%		19.9	%
Administrative expense ratio		4.5	%		5.6	%		5.9	%		5.8	%		5.2	%		5.6	%
Combined ratio		78.8	%		67.1	%		58.5	%		48.2	%		63.0	%		59.2	%
Large losses and other items (before tax)
Reinstatement premiums (expensed) collected	$	2		$	—		$	1		$	—		$	1		$	2
Catastrophe losses	$	32		$	3		$	5		$	1		$	19		$	28
Prior period development - unfavorable (favorable)	$	(14	)	$	(11	)	$	(39	)	$	(58	)	$	(34	)	$	(142	)
Loss and loss expense ratio excluding catastophe losses and prior period development		48.4	%		45.5	%		46.4	%		46.9	%		42.8	%		45.4	%
% Change versus prior year period
Net premiums written		3	%		14	%		18	%		22	%		4	%		14	%
Net premiums earned		16	%		5	%		-4	%		-6	%		-10	%		-4	%
Other ratios
Net premiums written/gross premiums written		93	%		89	%		96	%		92	%		95	%		93	%

(1) See Non-GAAP Financial Measures.

Global Reinsurance Page 11

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

Life

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Gross premiums written (1)	$	390		$	397		$	383		$	384		$	385		$	1,549
Net premiums written		385			390			372			367			346			1,475
Net premiums earned		380			369			362			364			335			1,430
Losses and loss expenses		131			116			121			133			112			482
Policy benefits		84			68			79			77			97			321
Policy acquisition costs		61			55			59			55			47			216
Administrative expenses		58			70			51			64			58			243
Net investment income		43			44			43			43			46			176
Life underwriting income (2)		89			104			95			78			67			344
Net realized gains (losses)		43			80			(212	)		108			9			(15	)
Other income (expense)		(3	)		(1	)		—			1			(2	)		(2	)
Income tax expense		14			11			17			14			6			48
Net income (loss)		115			172			(134	)		173			68			279
Net realized gains (losses)		43			80			(212	)		108			9			(15	)
Net realized gains (losses) in other income (expense)		1			2			3			1			3			9
Tax expense (benefit) on net realized gains (losses)		1			—			(1	)		2			(3	)		(2	)
Income excluding net realized gains (losses) (3)	$	72		$	90		$	74		$	66		$	53		$	283
Prior period development - unfavorable (favorable)	$	—		$	(4	)	$	—		$	—		$	1			(3	)
Deposits collected on universal life and investment contracts (1)	$	55		$	100		$	109		$	100		$	95		$	404
Fees on universal life and investment contracts (1)	$	7		$	11		$	8		$	8		$	7		$	34
% Change versus prior year period
Net premiums written		11	%		5	%		7	%		-2	%		230	%(4)		23	%
Net premiums earned		13	%		3	%		5	%		-1	%		235	%(4)		22	%

(1) Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. Fees on universal life and investment contracts are revenue for GAAP and have been classified as gross premiums written.

(2) We assess the performance of our Life business based on life underwriting income which includes net investment income.

(3) See Non-GAAP Financial Measures.

(4) % Change is primarily due to the Combined Insurance acquisition on April 1, 2008.

Life Page 12

ACE Limited Segment Results - Life Reinsurance (in millions of U.S. dollars) (Unaudited)

Variable Annuity (VA) Lines

Historical Cash Flow Summary by Quarter

Death Benefits (GMDB)

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Premium	$	28		$	28		$	28		$	27		$	25		$	108
Less paid claims		32			32			33			38			46			149
Net	$	(4	)	$	(4	)	$	(5	)	$	(11	)	$	(21	)	$	(41	)
Living Benefits (Includes GMIB and GMAB)
	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Premium	$	41		$	41		$	41		$	41		$	39		$	162
Less paid claims		—			—			1			1			2			4
Net	$	41		$	41		$	40		$	40		$	37		$	158
Total VA Guaranteed Benefits
	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Premium	$	69		$	69		$	69		$	68		$	64		$	270
Less paid claims		32			32			34			39			48			153
Net	$	37		$	37		$	35		$	29		$	16		$	117

Amounts represent accrued past premium received and claims paid by quarter, split by benefit type.

Death Benefits (GMDB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Death Benefits (GMDB).

At current market levels we expect approximately $118 million of claims and $101 million of premium on death benefits over the next 12 months.

Living Benefits (Includes GMIB and GMAB)

Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation Benefits (GMAB), collectively known as Living Benefits.

At current market levels we expect approximately $1 million of claims and $151 million of premium on living benefits over the next 12 months.

Variable Annuity Page 13

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

	Unpaid Losses									Net Paid to Incurred Ratio
	Gross			Ceded			Net
Balance at December 31, 2008	$	37,176		$	12,935		$	24,241
Losses and loss expenses incurred		2,454			638			1,816
Losses and loss expenses paid		(2,504	)		(762	)		(1,742	)	96%
Other (incl. foreign exch. revaluation)		(195	)		(57	)		(138	)
Balance at March 31, 2009	$	36,931		$	12,754		$	24,177
Losses and loss expenses incurred		2,633			812			1,821
Losses and loss expenses paid		(2,868	)		(1,154	)		(1,714	)	94%
Other (incl. foreign exch. revaluation)		572			144			428
Balance at June 30, 2009	$	37,268		$	12,556		$	24,712
Losses and loss expenses incurred		3,268			1,383			1,885
Losses and loss expenses paid		(2,972	)		(1,235	)		(1,737	)	92%
Other (incl. foreign exch. revaluation)		307			96			211
Balance at September 30, 2009	$	37,871		$	12,800		$	25,071
Losses and loss expenses incurred		2,786			886			1,900
Losses and loss expenses paid		(2,749	)		(994	)		(1,755	)	92%
Other (incl. foreign exch. revaluation)		(125	)		53			(178	)
Balance at December 31, 2009	$	37,783		$	12,745		$	25,038
Losses and loss expenses incurred		2,544			623			1,921
Losses and loss expenses paid		(2,491	)		(729	)		(1,762	)	92%
Other (incl. foreign exch. revaluation)		(285	)		(79	)		(206	)
Balance at March 31, 2010	$	37,551		$	12,560		$	24,991
Add net recoverable on paid losses		—			775			(775	)
Balance including net recoverable on paid losses	$	37,551		$	13,335		$	24,216

Loss Reserve Rollforward Page 14

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

Net Reinsurance Recoverable by Division

	March 31 2010			December 31 2009
Reinsurance recoverable on paid losses and loss expenses
Active operations	$	605		$	703
Brandywine		284			289
Westchester Run-off		36			36
Other Run-off		13			13
Total	$	938		$	1,041
Reinsurance recoverable on unpaid losses and loss expenses
Active operations	$	10,250		$	10,316
Brandywine		2,197			2,268
Westchester Run-off		474			482
Other Run-off		30			70
Total	$	12,951		$	13,136
Gross reinsurance recoverable
Active operations	$	10,855		$	11,019
Brandywine		2,481			2,557
Westchester Run-off		510			518
Other Run-off		43			83
Total	$	13,889		$	14,177
Provision for uncollectible reinsurance
Active operations	$	(360	)	$	(399	)
Brandywine		(165	)		(147	)
Westchester Run-off		(25	)		(25	)
Other Run-off		(4	)		(11	)
Total	$	(554	)	$	(582	)
Net reinsurance recoverable
Active operations	$	10,495		$	10,620
Brandywine		2,316			2,410
Westchester Run-off		485			493
Other Run-off		39			72
Total	$	13,335		$	13,595

Reinsurance Recoverable Page 15

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

	March 31 2010					December 31 2009
Market Value
Fixed maturities available for sale	$	40,564				$	39,525
Fixed maturities held to maturity		3,433					3,561
Short-term investments		2,052					1,667
Total	$	46,049				$	44,753
Asset Allocation by Market Value
Treasury	$	2,268		5	%	$	2,068		5	%
Agency		2,449		5	%		2,698		6	%
Corporate		14,149		31	%		13,166		29	%
Mortgage-backed securities		11,406		25	%		11,311		25	%
Asset-backed securities		343		1	%		371		1	%
Municipal		2,091		4	%		2,300		5	%
Non-U.S.		11,291		25	%		11,172		25	%
Short-term investments		2,052		4	%		1,667		4	%
Total	$	46,049		100	%	$	44,753		100	%
Note: Insured municipal bonds represent $773 million, or 37% of our municipal bond holdings.
Credit Quality by Market Value
AAA	$	23,472		51	%	$	22,884		51	%
AA		4,003		9	%		4,021		9	%
A		7,635		17	%		7,461		17	%
BBB		5,024		11	%		4,910		11	%
BB		3,009		6	%		2,866		6	%
B		2,187		5	%		2,029		5	%
Other		719		1	%		582		1	%
Total	$	46,049		100	%	$	44,753		100	%
Cost/Amortized Cost
Fixed maturities available for sale	$	39,603				$	38,985
Fixed maturities held to maturity		3,335					3,481
Short-term investments		2,052					1,667
Subtotal		44,990					44,133
Equity securities		271					398
Other investments		1,332					1,258
Total	$	46,593				$	45,789
Avg. duration of fixed maturities		3.7 years					3.7 years
Avg. market yield of fixed maturities (1)		4.0	%				4.3	%
Avg. credit quality		AA					AA
Avg. yield on invested assets (2)		4.4	%				4.5	%

(1) Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

(2) Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Investments Page 16

ACE Limited Investment Portfolio - 2 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed and Asset-backed Fixed Income Portfolio

Market Value at March 31, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	495	$	—	$	—	$	—	$	—	$	495
FNMA		5,575		—		—		—		—		5,575
Freddie Mac		2,291		—		—		—		—		2,291
Total agency RMBS		8,361		—		—		—		—		8,361
Non-agency RMBS		430		27		39		63		887		1,446
Total residential mortgage-backed		8,791		27		39		63		887		9,807
Commercial mortgage-backed		1,562		19		13		5		—		1,599
Total mortgage-backed securities	$	10,353	$	46	$	52	$	68	$	887	$	11,406
Asset-backed securities
Sub-prime	$	20	$	2	$	1	$	5	$	33	$	61
Credit cards		18		5		—		—		1		24
Autos		98		—		14		—		1		113
Other		141		—		—		—		4		145
Total asset-backed securities	$	277	$	7	$	15	$	5	$	39	$	343

Insured asset-backed securities represent $27 million, or 8% of our asset-backed security holdings.

Investments 2 Page 17

ACE Limited Investment Portfolio - 3 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed Fixed Income Portfolio

Market Value at March 31, 2010

Mortgage-backed securities total $11.4 billion, are rated predominantly AAA and comprise 25% of the fixed income portfolio. This compares to a 40% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage and asset backed securities is AAA.

Securities issued by Federal agencies with implied or explicit government guarantees total $8.4 billion and represent 85% of the residential mortgage-backed portfolio.

Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 260,000 loans. The portfolio’s loan-to-value ratio is approximately 70% with an average FICO score of 730. With this conservative loan-to-value ratio and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have to rise to 21% and real estate values would have to fall 20% from their current levels before principal is impaired. The current foreclosure rate of ACE's non-agency RMBS portfolio is 9%.

Commercial mortgage-backed securities of $1.6 billion are rated predominantly AAA, broadly diversified with over 19,000 loans and seasoned with 86% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 66% with a debt service coverage ratio in excess of 1.6 and weighted average subordinated collateral of 33%. The cumulative foreclosure rate would have to rise to 41% and commercial real estate values would have to fall more than 10% from their current levels before principal is impaired. The current foreclosure rate of the portfolio is about 2%.

Investments 3 Page 18

ACE Limited Investment Portfolio - 4 (in millions of U.S. dollars) (Unaudited)

Mortgage-backed and Asset-backed Fixed Income Portfolio

Amortized Cost at March 31, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Mortgage-backed securities
Residential mortgage-backed (RMBS)
GNMA	$	478	$	—	$	—	$	—	$	—	$	478
FNMA		5,410		—		—		—		—		5,410
Freddie Mac		2,203		—		—		—		—		2,203
Total agency RMBS		8,091		—		—		—		—		8,091
Non-agency RMBS		490		32		43		77		1,103		1,745
Total residential mortgage-backed		8,581		32		43		77		1,103		9,836
Commercial mortgage-backed		1,503		18		14		5		—		1,540
Total mortgage-backed securities	$	10,084	$	50	$	57	$	82	$	1,103	$	11,376
Asset-backed securities
Sub-prime	$	22	$	2	$	1	$	6	$	56	$	87
Credit cards		18		5		—		—		1		24
Autos		96		1		13		—		1		111
Other		139		—		—		1		7		147
Total asset-backed securities	$	275	$	8	$	14	$	7	$	65	$	369

Insured asset-backed securities represent $34 million, or 9% of our asset-backed security holdings.

Investments 4 Page 19

ACE Limited Investment Portfolio - 5 (in millions of U.S. dollars) (Unaudited)

Market Value at March 31, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		Total
U.S. Investment Grade Corporate Fixed Income Portfolio
Banks	$	773	$	259	$	1,954	$	233	$	3,219
Basic Materials		—		—		57		92		149
Communications		—		—		611		596		1,207
Consumer, Cyclical		—		56		145		168		369
Consumer, Non-Cyclical		47		447		417		422		1,333
Diversified Financial Services		48		57		72		190		367
Energy		—		13		176		591		780
Industrial		131		371		224		104		830
Utilities		—		1		326		438		765
All Others		96		70		391		258		815
Total	$	1,095	$	1,274	$	4,373	$	3,092	$	9,834

U.S. Investment Grade Corporate Fixed Income Portfolio

The average credit quality of ACE's US investment grade bond portfolio is very high at AA. 62% of investment grade securities holdings are rated AAA or guaranteed by governments or quasi-government agencies.

ACE prohibits investments in complex structured securities (e.g. CDOs, CLOs) and over-the-counter derivatives and does not permit the use of portfolio leverage.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 5 Page 20

ACE Limited Investment Portfolio - 6 (in millions of U.S. dollars) (Unaudited)

Market Value at March 31, 2010

	S&P Credit Rating
	BB		B		CCC		Other		Total
Below Investment Grade Corporate Fixed Income Portfolio
Basic Materials	$	244	$	105	$	29	$	—	$	378
Communications		411		323		11		—		745
Consumer, Cyclical		213		254		15		2		484
Consumer, Non-Cyclical		366		449		8		—		823
Diversified Financial Services		55		26		3		23		107
Energy		635		143		5		—		783
Industrial		276		153		19		1		449
Utilities		284		103		—		—		387
All Others		111		43		5		—		159
Total	$	2,595	$	1,599	$	95	$	26	$	4,315

Below Investment Grade Corporate Fixed Income Portfolio

ACE manages high yield bonds as a distinct and separate asset class from investment grade bonds. ACE’s allocation to high yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B.

Five external investment managers are responsible for high yield security selection and portfolio construction.

ACE’s high yield managers have a conservative approach to credit selection and very low historical default experience.

Securities holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation. The portfolio comprises over 500 issuers with our largest current issuer exposure at $81 million. ACE monitors position limits on a daily basis through an internal compliance system.

Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios.

Investments 6 Page 21

ACE Limited Investment Portfolio - 7 (in millions of U.S. dollars) (Unaudited)

Market Value at March 31, 2010

	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total
Non-U.S. Fixed Income Portfolio
Foreign Government Securities
United Kingdom	$	1,084	$	—	$	—	$	—	$	—	$	1,084
Canada		823		—		—		—		—		823
Germany		584		—		—		—		—		584
Japan		—		326		—		—		—		326
Province of Ontario		37		175		—		—		—		212
Brazil		—		—		—		200		—		200
France		122		—		—		—		—		122
Province of Quebec		—		—		121		—		—		121
Switzerland		101		—		—		—		—		101
State of Queensland		96		5		—		—		—		101
Mexico		6		—		18		70		—		94
Republic of Korea		—		—		86		—		—		86
Thailand		3		—		62		3		—		68
Netherlands		64		—		—		—		—		64
Italy		—		—		57		—		—		57
Taiwan		—		53		—		—		—		53
State of Victoria		53		—		—		—		—		53
Spain		—		51				—		—		51
State of New South Wales		49		—		—		—		—		49
Australia		47		—		—		—		—		47
Austria		46		—		—		—		—		46
New Zealand		45		—		—		—		—		45
Greece		—		—		—		42		—		42
Qatar		—		34		—		—		—		34
State of Western Australia		31		—		—		—		—		31
Other Foreign Government		128		132		86		28		30		404
Foreign Government Securities		3,319		776		430		343		30		4,898
Non-U.S. Corporate		1,310		893		2,136		1,419		635		6,393
	$	4,629	$	1,669	$	2,566	$	1,762	$	665	$	11,291

Non-U.S. Fixed Income Portfolio

ACE’s non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of ACE’s non-U.S. operations.

87% of ACE’s non-U.S. fixed income is denominated in G7 currencies.

Average credit quality of non-U.S. fixed income securities is very high at AA and 55% of holdings are rated AAA or guaranteed by governments or quasi-government agencies.

Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system.

Investments 7 Page 22

ACE Limited Investment Portfolio - 8 (in millions of U.S. dollars) (Unaudited)

Investment portfolio

Top 25 Exposures - Fixed Maturity Investments

March 31, 2010			Rating
General Electric Co	$	449	AA+
JP Morgan Chase & Co		427	A+
Bank of America Corp		384	A
Wells Fargo & Co		306	AA-
Verizon Communications Inc		302	A
Citigroup Inc		285	A
Morgan Stanley		278	A
Goldman Sachs Group Inc/The		261	A
AT&T INC		232	A
HSBC Holdings Plc		192	AA-
Credit Suisse Group		190	A
Barclays PLC		165	A+
Comcast Corp		162	BBB+
Lloyds Banking Group Plc		135	A
ConocoPhillips		134	A
Kraft Foods Inc		128	BBB
Time Warner Cable Inc		122	BBB
XTO Energy Inc		122	BBB
American Express Co		121	BBB+
UBS AG		118	A+
Telecom Italia SpA		112	BBB
Pfizer Inc		105	AA
Deutsche Telekom AG		91	BBB+
Anheuser-Busch InBev NV		89	BBB+
Rabobank Nederland		87	AAA

Investments 8 Page 23

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

	Three months ended March 31, 2010
	Net Realized Gains (Losses) (1)			Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	81		$	423		$	504
Equity securities		45			(24	)		21
Equity and fixed income derivatives		19			—			19
Foreign exchange gains (losses)		(9	)		—			(9	)
Other		4			35			39
Sub-total		140			434			574
Mark-to-market gains (losses) from derivative transactions (2)		28			—			28
Total gains (losses)		168			434			602
Partially-owned entities (3)		10			20			30
Income tax expense (benefit)		2			105			107
Net gains (losses)	$	176		$	349		$	525

(1) Other-than-temporary impairments for the quarter include $18 million for fixed maturities.

(2) Includes $37 million of realized gains on the life reinsurance operations which is comprised of a $96 million gain on guaranteed minimum income benefit derivatives and $59 million of losses on other derivatives, including S&P put options and futures.

(3) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

	Three months ended March 31, 2009
	Net Realized Gains (Losses) (4)			Net  Unrealized Gains (Losses)			Net Impact
Fixed maturities	$	(48	)	$	(214	)	$	(262	)
Equity securities		(100	)		(28	)		(128	)
Equity and fixed income derivatives		55			—			55
Foreign exchange gains (losses)		32			—			32
Other		(57	)		(39	)		(96	)
Sub-total		(118	)		(281	)		(399	)
Mark-to-market gains (losses) from derivative transactions (5)		(3	)		—			(3	)
Total gains (losses)		(121	)		(281	)		(402	)
Partially-owned entities (6)		3			14			17
Income tax expense (benefit)		(16	)		(78	)		(94	)
Net gains (losses)	$	(102	)	$	(189	)	$	(291	)

(4) Other-than-temporary impairments for the quarter of $192M include $88M for fixed maturities, $25M for equities, and $79M for other investments.

(5) Includes $24M of realized gains on the life reinsurance operations which is comprised of a $1M loss on guaranteed minimum income benefit derivatives offset by $25M of gains on the S&P put option and futures. Also included is a $25 million loss related to derivatives on our short-term and long-term debt.

(6) Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Investment Gains (Losses) Page 24

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

	March 31 2010			December 31 2009			December 31 2008
Total short-term debt	$	150		$	161		$	471
Total long-term debt		3,158			3,158			2,806
Total debt	$	3,308		$	3,319		$	3,277
Total trust preferred securities	$	309		$	309		$	309
Total shareholders’ equity	$	20,636		$	19,667		$	14,446
Total capitalization	$	24,253		$	23,295		$	18,032
Tangible capital (1)	$	20,370		$	19,364		$	14,285
Leverage ratios
Debt/ total capitalization		13.6	%		14.2	%		18.2	%
Debt plus trust preferred securities/ total capitalization		14.9	%		15.6	%		19.9	%
Debt/ tangible capital		16.2	%		17.1	%		22.9	%
Debt plus trust preferred securities/ tangible capital		17.8	%		18.7	%		25.1	%

(1) Tangible capital is equal to total capitalization less goodwill and other intangible assets.

Capital Structure Page 25

	ACE Limited
	Debt, Trust Preferred, and Credit Facilities
	(in millions of U.S. dollars)
	(Unaudited)

	Par Amount Outstanding		Carrying value		Coupon		Maturity Date
Debt and Trust Preferred
ACE European Holdings No2 Limited Term Loan	$	150	$	150	5.25	%	December 13, 2010
ACE INA Holdings Inc. Term Loan	$	50	$	50	3.75	%	December 19, 2011
ACE INA Holdings Inc. Term Loan	$	450	$	450	0.94	%(1)	April 1, 2013
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.88	%	June 15, 2014
ACE INA Holdings Inc. Senior Notes	$	450	$	446	5.60	%	May 15, 2015
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.70	%	February 15, 2017
ACE INA Holdings Inc. Senior Notes	$	300	$	300	5.80	%	March 15, 2018
ACE INA Holdings Inc. Senior Notes	$	500	$	500	5.90	%	June 15, 2019
ACE INA Holdings Inc. Debentures	$	100	$	100	8.88	%	August 15, 2029
ACE Capital Trust II Capital Securities	$	309	$	309	9.70	%	April 1, 2030
ACE INA Holdings Inc. Senior Notes	$	300	$	298	6.70	%	May 15, 2036
Other	$	14	$	14
	$	3,623	$	3,617
	Commitment		LOC Usage				Maturity Date
Credit Facilities
Syndicated Letter of Credit Facility	$	1,000	$	598			November 8, 2012
Revolving Credit / LOC Facility	$	500	$	73			November 8, 2012
Funds at Lloyds Capital Facility	$	451	$	384			December 31, 2013
Bilateral Letter of Credit Facility	$	500	$	486			September 20, 2014
	$	2,451	$	1,541

(1) This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 0.65 percent. In order to economically fix the interest rate, the Company entered into a swap transaction that fixes the rate at 4.15.

Capital Structure 2 Page 26

	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 March 31
	2010		2009
Numerator
Income to common shares, excl. net realized gains (losses) (1)	$	579	$	669
Net realized gains (losses), net of income tax		176		(102	)
Net income available to the holders of common shares	$	755	$	567
Rollforward of Common Shares Outstanding
Shares - beginning of period		336,524,657		333,645,471
Issued under employee stock purchase plan		118,172		113,616
Shares (cancelled) granted		1,786,925		2,105,193
Issued for option exercises		180,964		26,364
Shares - end of period		338,610,718		335,890,644
Denominator
Weighted average shares outstanding		338,478,484		335,474,828
Effect of other dilutive securities		1,386,992		640,736
Adj. wtd. avg. shares outstanding and assumed conversions		339,865,476		336,115,564
Basic earnings per share
Income excluding net realized gains (losses) (1)	$	1.71	$	1.99
Net realized gains (losses), net of income tax		0.52		(0.30	)
Net income	$	2.23	$	1.69
Diluted earnings per share
Income excluding net realized gains (losses) (1)	$	1.70	$	1.99
Net realized gains (losses), net of income tax		0.52		(0.30	)
Net income	$	2.22	$	1.69

(1) See Non-GAAP Financial Measures.

Earnings per share Page 27

	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 generally accepted accounting principles (GAAP). A reconciliation of book value per common share is provided on the next page.

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, policy 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 excluding net realized gains (losses) and the related tax expense (benefit). 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) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.

	1Q-10		4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Net income, as reported	$	755	$	953		$	494		$	535		$	567		$	2,549
Net realized gains (losses)		168		373			(223	)		(225	)		(121	)		(196	)
Net realized gains (losses) in other income (expense) (1)		10		(31	)		(43	)		8			3			(63	)
Income tax expense (benefit) on net realized gains (losses)		2		72			(59	)		(46	)		(16	)		(49	)
Income excluding net realized gains (losses)	$	579	$	683		$	701		$	706		$	669		$	2,759

(1) Realized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in other income (expense).

Reconciliation Non-GAAP Page 28

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

Reconciliation of Book Value per Common Share

	March 31 2010			December 31 2009			March 31 2009
Shareholders’ equity	$	20,636		$	19,667		$	14,718
Less: goodwill and other intangible assets		3,883			3,931			3,735
Numerator for tangible book value per share	$	16,753		$	15,736		$	10,983
Denominator		338,610,718			336,524,657			335,890,644
Book value per common share	$	60.94		$	58.44		$	43.82
Tangible book value per common share	$	49.48		$	46.76		$	32.70
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter	$	19,667		$	18,733		$	14,446
Income excluding net realized gains (losses)		579			683			669
Net realized gains (losses), net of tax		176			270			(102	)
Net unrealized gains (losses), net of tax		349			(37	)		(189	)
Cumulative translation, net of tax		(50	)		97			(38	)
Dividend declared on common shares		(105	)		(105	)		(88	)
Pension liability		4			(22	)		(3	)
Other (1)		16			48			23
	$	20,636		$	19,667		$	14,718

(1) Other includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value Page 29

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

Consolidated Statement of Comprehensive Income

	1Q-10			4Q-09			3Q-09			2Q-09			1Q-09			Full Year 2009
Net income	$	755		$	953		$	494		$	535		$	567		$	2,549
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments (1)		583			201			1,985			972			(446	)		2,712
Reclassification adjustment for net realized (gains) losses included in net income		(129	)		(312	)		51			157			179			75
Change in cumulative translation adjustments		(90	)		141			160			325			(58	)		568
Change in minimum pension liability		6			(35	)		1			(10	)		(4	)		(48	)
Income tax (expense) benefit related to other comprehensive income items (2)		(67	)		43			(421	)		(289	)		99			(568	)
Other comprehensive income (loss)		303			38			1,776			1,155			(230	)		2,739
Comprehensive income	$	1,058		$	991		$	2,270		$	1,690		$	337		$	5,288

(1) Unrealized appreciation on investments for the full year 2009 includes $305 million of losses related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

(2) Income tax expense for the full year 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to other-than-temporary impairments.

Comprehensive Income Page 30

ACE Limited Glossary

Annualized return on ordinary shareholders’ equity (ROE): Income excluding net realized gains (losses) divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity. To annualize a quarterly rate multiply by four.

Book value per common share: Shareholders’ equity divided by the shares outstanding.

Combined Insurance: Combined Insurance Company of America, acquired April 1, 2008.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis.

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

Topic 320: Unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity.

G7: A group of seven industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the United States.

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

NM: Not meaningful.

Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

Tangible capital: Total capitalization less goodwill and other intangible assets.

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

Glossary Page 31