The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
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“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
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Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
chubb 8399 Supplementary Investor Information
1. The Supplementary March 31, 2008
Chubb Investor
Corporation Information
This report is for informational purposes only. It should be read in conjunction with documents filed by The Chubb
Corporation with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q.
2. THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
MARCH 31, 2008
Page
The Chubb Corporation:
Consolidated Balance Sheet Highlights 1
Share Repurchase Activity 2
Summary of Invested Assets:
Corporate 3
Property and Casualty 3
Investment Income After Taxes:
Corporate 4
Property and Casualty 4
Property and Casualty Insurance Group:
Statutory Policyholders’ Surplus 4
Change in Net Unpaid Losses 5
Underwriting Results 6-10
Definitions of Key Terms 11
3. THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
Mar. 31 Dec. 31
2008 2007
(in millions)
Invested Assets (at carrying value)
Short Term Investments $ 1,892 $ 1,839
Fixed Maturities
Tax Exempt 18,459 18,559
Taxable 15,612 15,312
Equity Securities 2,008 2,320
Other Invested Assets 2,108 2,051
$40,079 $40,081
Total Invested Assets
Capitalization
Long Term Debt $ 3,460 $ 3,460
Shareholders’ Equity 14,347 14,445
$17,807 $17,905
Total Capitalization
19.4% 19.3%
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION
365.5 374.6
Actual Common Shares Outstanding
$ 39.25 $ 38.56
Book Value Per Common Share
Book Value Per Common Share, with Available-for-Sale Fixed Maturities at Amortized Cost $ 38.47 $ 37.87
Page 1 of 11
4. THE CHUBB CORPORATION
SHARE REPURCHASE ACTIVITY
(dollars in millions, except per share amounts)
Three Months From
Ended December 2005
March 31, 2008 to March 31, 2008
Cost of Shares Repurchased $582 $4,158
Average Cost Per Share $51.37 $51.20
Shares Repurchased 11,319,984 81,207,314
In December 2005, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. No shares
remain under the 2005 share repurchase authorization.
In December 2006, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation’s common stock. In
March 2007, the Board of Directors authorized an increase of 20,000,000 shares to the authorization approved in December 2006. No shares
remain under the 2006 share repurchase authorization.
In December 2007, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the Corporation’s common stock. The
authorization has no expiration date. As of March 31, 2008, 14,792,686 shares remained under the share repurchase authorization.
Page 2 of 11
5. THE CHUBB CORPORATION
SUMMARY OF INVESTED ASSETS
CORPORATE
Cost or Carrying
Amortized Cost Value (a)
Mar. 31 Dec. 31 Mar. 31 Dec. 31
2008 2007 2008 2007
(in millions)
Short Term Investments $ 658 $ 934 $ 658 $ 934
Taxable Fixed Maturities 1,033 1,050 1,038 1,045
Equity Securities 289 289 380 478
TOTAL $ 1,980 $ 2,273 $ 2,076 $ 2,457
PROPERTY AND CASUALTY
Cost or Carrying
Amortized Cost Value (a)
Mar. 31 Dec. 31 Mar. 31 Dec. 31
2008 2007 2008 2007
(in millions)
Short Term Investments $ 1,234 $ 905 $ 1,234 $ 905
Fixed Maturities
Tax Exempt 18,180 18,208 18,459 18,559
Taxable 14,415 14,216 14,574 14,267
Equity Securities 1,580 1,618 1,628 1,842
Other Invested Assets 2,108 2,051 2,108 2,051
TOTAL $ 37,517 $ 36,998 $ 38,003 $ 37,624
(a) Short term investments are carried at amortized cost, which approximates fair value. Fixed maturities and equity securities are carried at
fair value. Other invested assets, which include private equity limited partnerships, are carried at Chubb’s equity in the net assets of the
partnerships.
Page 3 of 11
6. THE CHUBB CORPORATION
INVESTMENT INCOME AFTER TAXES
THREE MONTHS ENDED
MARCH 31
2008 2007
(in millions)
$ 13 $ 14
CORPORATE INVESTMENT INCOME
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest $ 185 $ 178
Taxable Interest 127 118
Other 20 16
Investment Expenses (5) (7)
TOTAL $ 327 $ 305
20.2% 19.9%
Effective Tax Rate
3.50% 3.45%
After-Tax Annualized Yield
After-tax annualized yield is based on the average invested assets for the periods presented with fixed maturities at amortized cost and
equity securities at fair value.
STATUTORY POLICYHOLDERS’ SURPLUS
Mar. 31 Dec. 31 Mar. 31
2008 2007 2007
(in millions)
Estimated Statutory Policyholders’ Surplus $ 13,300 $ 12,998 $ 11,950
Rolling Year Statutory Net Premiums Written $ 11,910 $ 11,829 $ 11,899
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus 0.90:1 0.91:1 1.00:1
Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.
Page 4 of 11
7. THE CHUBB CORPORATION
PROPERTY AND CASUALTY
CHANGE IN NET UNPAID LOSSES
THREE MONTHS ENDED MARCH 31, 2008
Net Unpaid Losses All Other
IBNR Unpaid Losses
Increase Increase Increase
3/31/08 12/31/07 (Decrease) (Decrease) (Decrease)
(in millions)
Personal Insurance
Automobile $ 407 $ 411 $ (4) $ — $ (4)
Homeowners 717 705 12 1 11
Other 780 748 32 22 10
Total Personal 1,904 1,864 40 23 17
Commercial Insurance
Multiple Peril 1,616 1,619 (3) 28 (31)
Casualty 5,692 5,540 152 145 7
Workers’ Compensation 1,939 1,910 29 21 8
Property and Marine 702 677 25 17 8
Total Commercial 9,949 9,746 203 211 (8)
Specialty Insurance
Professional Liability 7,605 7,526 79 154 (75)
Surety 60 71 (11) — (11)
Total Specialty 7,665 7,597 68 154 (86)
Total Insurance 19,518 19,207 311 388 (77)
1,078 1,109 (31) (19) (12)
Reinsurance Assumed
$20,596 $20,316 $ 280 $ 369 $ (89)
Total
Page 5 of 11
8. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(MILLIONS OF DOLLARS)
Personal Other Total
Automobile Homeowners Personal Personal
2008 2007 2008 2007 2008 2007 2008 2007
Net Premiums Written $ 142 $ 147 $ 539 $ 520 $ 196 $ 173 $ 877 $ 840
Increase (Decrease) in
Unearned Premiums (14) (18) (70) (55) 21 19 (63) (54)
Net Premiums Earned 156 165 609 575 175 154 940 894
Net Losses Paid 102 110 268 243 77 80 447 433
Increase (Decrease) in
Outstanding Losses (4) (2) 12 (23) 32 17 40 (8)
Net Losses Incurred 98 108 280 220 109 97 487 425
Expenses Incurred 43 44 184 171 62 52 289 267
Dividends Incurred — — — — — — — —
Statutory Underwriting
Income $ 15 $ 13 $ 145 $ 184 $ 4 $ 5 $ 164 $ 202
Ratios After Dividends to
Policyholders:
Loss 62.8% 65.5% 46.0% 38.2% 62.3% 63.0% 51.8% 47.5%
Expense 30.3 29.9 34.1 32.9 31.6 30.1 33.0 31.8
Combined 93.1% 95.4% 80.1% 71.1% 93.9% 93.1% 84.8% 79.3%
Premiums Written as a % of
Total 4.8% 5.1% 18.4% 18.1% 6.7% 6.0% 29.9% 29.2%
Page 6 of 11
9. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(MILLIONS OF DOLLARS)
Commercial Commercial
Commercial Commercial Workers’ Property Total
Multiple Peril Casualty Compensation and Marine Commercial
2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Net Premiums Written $ 295 $ 307 $ 460 $ 441 $ 248 $ 257 $ 337 $ 301 $1,340 $1,306
Increase (Decrease) in
Unearned Premiums (23) (13) 25 12 31 29 41 1 74 29
Net Premiums Earned 318 320 435 429 217 228 296 300 1,266 1,277
Net Losses Paid 138 160 128 230 98 86 147 145 511 621
Increase (Decrease) in
Outstanding Losses (3) (5) 152 55 29 41 25 24 203 115
Net Losses Incurred 135 155 280 285 127 127 172 169 714 736
Expenses Incurred 106 107 129 123 53 52 118 111 406 393
Dividends Incurred — — — — 8 4 — — 8 4
Statutory Underwriting
Income $ 77 $ 58 $ 26 $ 21 $ 29 $ 45 $ 6 $ 20 $ 138 $ 144
Ratios After Dividends to
Policyholders:
Loss 42.5% 48.4% 64.4% 66.4% 60.8% 56.7% 58.1% 56.3% 56.7% 57.8%
Expense 35.9 34.9 28.0 27.9 22.1 20.6 35.0 36.9 30.5 30.2
Combined 78.4% 83.3% 92.4% 94.3% 82.9% 77.3% 93.1% 93.2% 87.2% 88.0%
Premiums Written as a %
of Total 10.0% 10.7% 15.7% 15.4% 8.4% 9.0% 11.5% 10.5% 45.6% 45.6%
Page 7 of 11
10. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(MILLIONS OF DOLLARS)
Professional Total
Liability Surety Specialty
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 604 $ 597 $ 99 $ 84 $ 703 $ 681
Increase (Decrease) in Unearned
Premiums (64) (66) 17 6 (47) (60)
Net Premiums Earned 668 663 82 78 750 741
Net Losses Paid 302 354 12 1 314 355
Increase (Decrease) in Outstanding
Losses 79 63 (11) — 68 63
Net Losses Incurred 381 417 1 1 382 418
Expenses Incurred 161 156 29 25 190 181
Dividends Incurred — — 1 1 1 1
Statutory Underwriting Income $ 126 $ 90 $ 51 $ 51 $ 177 $ 141
Ratios After Dividends to
Policyholders:
Loss 57.0% 62.9% 1.2% 1.3% 51.0% 56.5%
Expense 26.7 26.1 29.6 30.1 27.1 26.6
Combined 83.7% 89.0% 30.8% 31.4% 78.1% 83.1%
Premiums Written as a % of Total 20.6% 20.9% 3.4% 2.9% 24.0% 23.8%
Page 8 of 11
11. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(MILLIONS OF DOLLARS)
Total Reinsurance Worldwide
Insurance Assumed Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 2,920 $ 2,827 $ 16 $ 40 $ 2,936 $ 2,867
Increase (Decrease) in Unearned
Premiums (36) (85) (4) (33) (40) (118)
Net Premiums Earned 2,956 2,912 20 73 2,976 2,985
Net Losses Paid 1,272 1,409 32 51 1,304 1,460
Increase (Decrease) in Outstanding
Losses 311 170 (31) (50) 280 120
Net Losses Incurred 1,583 1,579 1 1 1,584 1,580
Expenses Incurred 885 841 9 29 894 870
Dividends Incurred 9 5 — — 9 5
Statutory Underwriting Income $ 479 $ 487 $ 10 $ 43 489 530
Increase (Decrease) in Deferred
Acquisition Costs 13 (3)
GAAP Underwriting Income $ 502 $ 527
Ratios After Dividends to
Policyholders:
Loss 53.7% 54.3% * % * % 53.4% 53.0%
Expense 30.4 29.8 * * 30.5 30.4
Combined 84.1% 84.1% * % * % 83.9% 83.4%
Premiums Written as a % of Total 99.5% 98.6% 0.5% 1.4% 100.0% 100.0%
* Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.
Page 9 of 11
12. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007
(MILLIONS OF DOLLARS)
Outside
the Worldwide
United States United States Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 2,135 $ 2,166 $ 801 $ 701 $ 2,936 $ 2,867
Increase (Decrease) in Unearned
Premiums (132) (183) 92 65 (40) (118)
Net Premiums Earned 2,267 2,349 709 636 2,976 2,985
Net Losses Paid 1,140 1,167 164 293 1,304 1,460
Increase (Decrease) in Outstanding
Losses 110 113 170 7 280 120
Net Losses Incurred 1,250 1,280 334 300 1,584 1,580
Expenses Incurred 614 623 280 247 894 870
Dividends Incurred 9 5 — — 9 5
Statutory Underwriting Income $ 394 $ 441 $ 95 $ 89 489 530
Increase (Decrease) in Deferred
Acquisition Costs 13 (3)
GAAP Underwriting Income $ 502 $ 527
Ratios After Dividends to
Policyholders:
Loss 55.4% 54.6% 47.1% 47.2% 53.4% 53.0%
Expense 28.9 28.8 35.0 35.2 30.5 30.4
Combined 84.3% 83.4% 82.1% 82.4% 83.9% 83.4%
Premiums Written as a % of Total 72.7% 75.5% 27.3% 24.5% 100.0% 100.0%
Page 10 of 11
13. THE CHUBB CORPORATION
Definitions of Key Terms
Underwriting Income (Loss)
Management evaluates underwriting results separately from investment results. The underwriting operations consist of four separate business
units: personal insurance, commercial insurance, specialty insurance and reinsurance assumed. Performance of the business units is measured
based on statutory underwriting results. Statutory accounting principles applicable to property and casualty insurance companies differ in
certain respects from generally accepted accounting principles (GAAP). Under statutory accounting principles, policy acquisition and other
underwriting expenses are recognized immediately, not at the time premiums are earned. Statutory underwriting income (loss) is arrived at by
reducing premiums earned by losses and loss expenses incurred and statutory underwriting expenses incurred.
Management uses underwriting results determined in accordance with GAAP, among other measures, to assess the overall performance of the
underwriting operations. To convert statutory underwriting results to a GAAP basis, policy acquisition expenses are deferred and amortized
over the period in which the related premiums are earned. Underwriting income (loss) determined in accordance with GAAP is defined as
premiums earned less losses and loss expenses incurred and GAAP underwriting expenses incurred.
Property and Casualty Investment Income After Income Tax
Management uses property and casualty investment income after income tax, a non-GAAP financial measure, to evaluate its investment
performance because it reflects the impact of any change in the proportion of the investment portfolio invested in tax exempt securities and is
therefore more meaningful for analysis purposes than investment income before income taxes.
Book Value per Common Share with Available-for-Sale Fixed Maturities at Amortized Cost
Book value per common share represents the portion of consolidated shareholders’ equity attributable to one share of common stock
outstanding as of the balance sheet date. Consolidated shareholders’ equity includes, as part of accumulated other comprehensive income, the
after-tax appreciation or depreciation on the Corporation’s available-for-sale fixed maturities, which are carried at fair value. The appreciation
or depreciation on available-for-sale fixed maturities is subject to fluctuation due to changes in interest rates and therefore could distort the
analysis of trends. Management believes that book value per common share with available-for-sale fixed maturities at amortized cost, a non-
GAAP financial measure, is an important measure of the underlying equity attributable to one share of common stock.
Combined Ratio or Combined Loss and Expense Ratio
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the
combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance
companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned
(loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by
dividends to policyholders.
Page 11 of 11