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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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 is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“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.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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
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
1. Exhibit 99.2
The Supplementary December 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
Beginning in the third quarter of 2008, the “net losses paid” and “increase (decrease) in outstanding losses” amounts in the property and
casualty underwriting results reflect the impact of foreign currency fluctuations differently than in the past.
The property and casualty underwriting results for 2007 that follow this page reflect modification to previously reported net losses paid and
increase (decrease) in outstanding losses. Since net losses paid and increase (decrease) in outstanding losses for each line of business and in
total have been modified by offsetting amounts, incurred losses for each line of business and in total are unchanged.
3. THE CHUBB CORPORATION
SUPPLEMENTARY INVESTOR INFORMATION
TABLE OF CONTENTS
DECEMBER 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 — Year-To-Date 6–10
Underwriting Results — Quarterly 11–15
Definitions of Key Terms 16
4. THE CHUBB CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
AS OF DECEMBER 31
(dollars in millions, except per share amounts)
2008 2007
% of Total % of Total
Invested Assets (at carrying value)
Short Term Investments $ 2,478 7% $ 1,839 5%
Fixed Maturities
Tax Exempt 18,345 47 18,559 46
Taxable 14,410 37 15,312 38
Equity Securities 1,479 4 2,320 6
Other Invested Assets 2,026 5 2,051 5
$38,738 100% $40,081 100%
Total Invested Assets
Capitalization
Long Term Debt $ 3,975 $ 3,460
Shareholders’ Equity 13,432 14,445
$17,407 $17,905
Total Capitalization
22.8% 19.3%
DEBT AS A PERCENTAGE OF TOTAL CAPITALIZATION
352.3 374.6
Actual Common Shares Outstanding
$ 38.13 $ 38.56
Book Value Per Common Share
Book Value Per Common Share, with Available-for-Sale Fixed
Maturities at Amortized Cost $ 38.38 $ 37.87
Page 1 of 16
5. THE CHUBB CORPORATION
SHARE REPURCHASE ACTIVITY
(dollars in millions, except per share amounts)
Periods Ended December 31
Fourth Twelve From
Quarter Months December 2005
2008 2008 to December 31, 2008
Cost of Shares Repurchased $164 $1,311 $4,887
Average Cost Per Share $45.20 $49.78 $50.79
Shares Repurchased 3,616,982 26,328,770 96,216,100
In December 2005 and December 2006, the Board of Directors authorized the repurchase of up to 28,000,000 shares and 20,000,000 shares,
respectively, 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 2006. In December 2007, the Board of Directors authorized the repurchase of up to 28,000,000 shares of the
Corporation’s common stock. No shares remain under these share repurchase authorizations.
In December 2008, the Board of Directors authorized the repurchase of up to 20,000,000 shares of the Corporation’s common stock. The
authorization has no expiration date. As of December 31, 2008, 19,783,900 shares remained under the share repurchase authorization.
Page 2 of 16
6. THE CHUBB CORPORATION
SUMMARY OF INVESTED ASSETS
AS OF DECEMBER 31
CORPORATE
Cost or Carrying
Amortized Cost Value (a)
2008 2007 2008 2007
(in millions)
Short Term Investments $ 1,602 $ 934 $ 1,602 $ 934
Taxable Fixed Maturities 774 1,050 780 1,045
Equity Securities 451 289 504 478
TOTAL $ 2,827 $ 2,273 $ 2,886 $ 2,457
PROPERTY AND CASUALTY
Cost or Carrying
Amortized Cost Value (a)
2008 2007 2008 2007
(in millions)
Short Term Investments $ 876 $ 905 $ 876 $ 905
Fixed Maturities
Tax Exempt 18,299 18,208 18,345 18,559
Taxable 13,818 14,216 13,630 14,267
Equity Securities 1,112 1,618 975 1,842
Other Invested Assets 2,026 2,051 2,026 2,051
TOTAL $ 36,131 $ 36,998 $ 35,852 $ 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 16
7. THE CHUBB CORPORATION
INVESTMENT INCOME AFTER TAXES
Periods Ended December 31
Fourth Quarter Twelve Months
2008 2007 2008 2007
(in millions)
$ 12 $ 17 $ 51 $ 74
CORPORATE INVESTMENT INCOME
PROPERTY AND CASUALTY INVESTMENT INCOME
Tax Exempt Interest $ 188 $ 189 $ 742 $ 734
Taxable Interest 118 125 497 482
Other 15 22 77 78
Investment Expenses (5) (5) (19) (21)
TOTAL $ 316 $ 331 $ 1,297 $ 1,273
19.2% 20.1% 20.0% 19.9%
Effective Tax Rate
3.45% 3.54% 3.49% 3.50%
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
AS OF DECEMBER 31
2008 2007 2006
(in millions)
Estimated Statutory Policyholders’ Surplus $ 12,400 $ 12,998 $ 11,357
Rolling Year Statutory Net Premiums Written $ 11,759 $ 11,829 $ 11,967
Ratio of Statutory Net Premiums Written to Policyholders’ Surplus 0.95:1 0.91:1 1.05:1
Statutory Policyholders’ Surplus and Net Premiums Written include all domestic and foreign property and casualty subsidiaries.
Page 4 of 16
8. THE CHUBB CORPORATION
PROPERTY AND CASUALTY
CHANGE IN NET UNPAID LOSSES
TWELVE MONTHS ENDED DECEMBER 31, 2008
Net Unpaid Losses All Other
IBNR Unpaid Losses
Increase Increase Increase
12/31/08 12/31/07 (Decrease) (Decrease) (Decrease)
(in millions)
Personal Insurance
Automobile $ 391 $ 411 $ (20) $ (5) $ (15)
Homeowners 715 705 10 7 3
Other 815 748 67 80 (13)
Total Personal 1,921 1,864 57 82 (25)
Commercial Insurance
Multiple Peril 1,586 1,619 (33) 30 (63)
Casualty 5,660 5,540 120 296 (176)
Workers’ Compensation 1,982 1,910 72 64 8
Property and Marine 839 677 162 72 90
Total Commercial 10,067 9,746 321 462 (141)
Specialty Insurance
Professional Liability 7,175 7,526 (351) 6 (357)
Surety 68 71 (3) (1) (2)
Total Specialty 7,243 7,597 (354) 5 (359)
Total Insurance 19,231 19,207 24 549 (525)
924 1,109 (185) (128) (57)
Reinsurance Assumed
$20,155 $20,316 $ (161) $ 421 $ (582)
Total
Page 5 of 16
9. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Personal Other Total
Automobile Homeowners Personal Personal
2008 2007 2008 2007 2008 2007 2008 2007
Net Premiums Written $ 602 $ 621 $ 2,449 $ 2,423 $ 775 $ 665 $ 3,826 $ 3,709
Increase (Decrease) in
Unearned Premiums (10) (30) 22 77 27 20 39 67
Net Premiums Earned 612 651 2,427 2,346 748 645 3,787 3,642
Net Losses Paid 370 418 1,208 1,101 406 330 1,984 1,849
Increase (Decrease) in
Outstanding Losses (13) (20) 34 33 82 80 103 93
Net Losses Incurred 357 398 1,242 1,134 488 410 2,087 1,942
Expenses Incurred 176 178 796 772 250 218 1,222 1,168
Dividends Incurred — — — — — — — —
Statutory Underwriting
Income (Loss) $ 79 $ 75 $ 389 $ 440 $ 10 $ 17 $ 478 $ 532
Ratios After Dividends to
Policyholders:
Loss 58.3% 61.1% 51.2% 48.3% 65.2% 63.6% 55.1% 53.3%
Expense 29.3 28.7 32.5 31.9 32.3 32.8 32.0 31.5
Combined 87.6% 89.8% 83.7% 80.2% 97.5% 96.4% 87.1% 84.8%
Premiums Written as a %
of Total 5.1% 5.3% 20.8% 20.4% 6.6% 5.6% 32.5% 31.3%
Page 6 of 16
10. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
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 $1,210 $1,252 $1,654 $1,726 $ 851 $ 890 $1,278 $1,215 $4,993 $5,083
Increase (Decrease) in
Unearned Premiums (19) (16) (32) (9) (11) (18) 40 6 (22) (37)
Net Premiums Earned 1,229 1,268 1,686 1,735 862 908 1,238 1,209 5,015 5,120
Net Losses Paid 611 577 885 889 375 325 735 610 2,606 2,401
Increase (Decrease) in
Outstanding Losses — 12 237 262 101 163 187 (16) 525 421
Net Losses Incurred 611 589 1,122 1,151 476 488 922 594 3,131 2,822
Expenses Incurred 430 429 471 487 201 201 439 427 1,541 1,544
Dividends Incurred — 1 — — 34 15 — — 34 16
Statutory Underwriting
Income (Loss) $ 188 $ 249 $ 93 $ 97 $ 151 $ 204 $ (123) $ 188 $ 309 $ 738
Ratios After Dividends to
Policyholders:
Loss 49.7% 46.5% 66.6% 66.4% 57.5% 54.6% 74.5% 49.1% 62.8% 55.3%
Expense 35.6 34.3 28.4 28.2 24.6 23.0 34.3 35.2 31.1 30.5
Combined 85.3% 80.8% 95.0% 94.6% 82.1% 77.6% 108.8% 84.3% 93.9% 85.8%
Premiums Written as a
% of Total 10.3% 10.6% 14.0% 14.5% 7.2% 7.5% 10.9% 10.2% 42.4% 42.8%
Page 7 of 16
11. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Professional Total
Liability Surety Specialty
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 2,546 $ 2,605 $ 353 $ 339 $ 2,899 $ 2,944
Increase (Decrease) in Unearned
Premiums (48) (46) 12 19 (36) (27)
Net Premiums Earned 2,594 2,651 341 320 2,935 2,971
Net Losses Paid 1,608 1,438 132 5 1,740 1,443
Increase (Decrease) in Outstanding
Losses (52) 96 (2) 12 (54) 108
Net Losses Incurred 1,556 1,534 130 17 1,686 1,551
Expenses Incurred 636 638 108 101 744 739
Dividends Incurred — — 6 3 6 3
Statutory Underwriting Income
(Loss) $ 402 $ 479 $ 97 $ 199 $ 499 $ 678
Ratios After Dividends to
Policyholders:
Loss 60.0% 57.9% 38.8% 5.3% 57.6% 52.3%
Expense 25.0 24.5 31.1 30.1 25.7 25.1
Combined 85.0% 82.4% 69.9% 35.4% 83.3% 77.4%
Premiums Written as a % of Total 21.6% 21.9% 3.0% 2.9% 24.6% 24.8%
Page 8 of 16
12. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Total Reinsurance Worldwide
Insurance Assumed Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $11,718 $11,736 $ 64 $ 136 $11,782 $11,872
Increase (Decrease) in Unearned
Premiums (19) 3 (27) (77) (46) (74)
Net Premiums Earned 11,737 11,733 91 213 11,828 11,946
Net Losses Paid 6,330 5,693 179 256 6,509 5,949
Increase (Decrease) in Outstanding
Losses 574 622 (185) (272) 389 350
Net Losses Incurred 6,904 6,315 (6) (16) 6,898 6,299
Expenses Incurred 3,507 3,451 39 113 3,546 3,564
Dividends Incurred 40 19 — — 40 19
Statutory Underwriting Income
(Loss) $ 1,286 $ 1,948 $ 58 $ 116 1,344 2,064
Increase in Deferred Acquisition
Costs 17 52
GAAP Underwriting Income $ 1,361 $ 2,116
Ratios After Dividends to
Policyholders:
Loss 59.0% 53.9% * % * % 58.5% 52.8%
Expense 30.1 29.5 * * 30.2 30.1
Combined 89.1% 83.4% * % * % 88.7% 82.9%
Premiums Written as a % of Total 99.5% 98.9% 0.5% 1.1% 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 16
13. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Outside
the Worldwide
United States United States Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 8,920 $ 9,168 $ 2,862 $ 2,704 $11,782 $11,872
Increase (Decrease) in Unearned
Premiums (79) (117) 33 43 (46) (74)
Net Premiums Earned 8,999 9,285 2,829 2,661 11,828 11,946
Net Losses Paid 5,212 4,893 1,297 1,056 6,509 5,949
Increase (Decrease) in Outstanding
Losses 308 75 81 275 389 350
Net Losses Incurred 5,520 4,968 1,378 1,331 6,898 6,299
Expenses Incurred 2,538 2,617 1,008 947 3,546 3,564
Dividends Incurred 40 19 — — 40 19
Statutory Underwriting Income
(Loss) $ 901 $ 1,681 $ 443 $ 383 1,344 2,064
Increase in Deferred Acquisition
Costs 17 52
GAAP Underwriting Income $ 1,361 $ 2,116
Ratios After Dividends to
Policyholders:
Loss 61.6% 53.6% 48.7% 50.0% 58.5% 52.8%
Expense 28.6 28.6 35.2 35.0 30.2 30.1
Combined 90.2% 82.2% 83.9% 85.0% 88.7% 82.9%
Premiums Written as a % of Total 75.7% 77.2% 24.3% 22.8% 100.0% 100.0%
Page 10 of 16
14. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Personal Other Total
Automobile Homeowners Personal Personal
2008 2007 2008 2007 2008 2007 2008 2007
Net Premiums Written $ 145 $ 149 $ 590 $ 592 $ 204 $ 176 $ 939 $ 917
Increase (Decrease) in
Unearned Premiums (2) (10) (11) (5) 2 6 (11) (9)
Net Premiums Earned 147 159 601 597 202 170 950 926
Net Losses Paid 91 108 363 309 119 86 573 503
Increase (Decrease) in
Outstanding Losses (10) (11) (98) 28 (2) 26 (110) 43
Net Losses Incurred 81 97 265 337 117 112 463 546
Expenses Incurred 43 44 195 193 64 59 302 296
Dividends Incurred — — — — — — — —
Statutory Underwriting
Income (Loss) $ 23 $ 18 $ 141 $ 67 $ 21 $ (1) $ 185 $ 84
Ratios After Dividends to
Policyholders:
Loss 55.1% 61.0% 44.1% 56.5% 57.9% 65.9% 48.7% 58.9%
Expense 29.7 29.5 33.0 32.6 31.4 33.5 32.2 32.3
Combined 84.8% 90.5% 77.1% 89.1% 89.3% 99.4% 80.9% 91.2%
Premiums Written as a %
of Total 5.0% 5.0% 20.4% 19.7% 7.0% 5.8% 32.4% 30.5%
Page 11 of 16
15. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
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 $ 326 $ 373 $ 426 $ 185 $ 204 $ 321 $ 306 $1,174 $1,262
Increase (Decrease) in
Unearned Premiums 2 10 (29) (13) (20) (20) 7 1 (40) (22)
Net Premiums Earned 293 316 402 439 205 224 314 305 1,214 1,284
Net Losses Paid 189 135 289 278 98 64 234 175 810 652
Increase (Decrease) in
Outstanding Losses (61) 13 (19) 5 20 67 (66) (34) (126) 51
Net Losses Incurred 128 148 270 283 118 131 168 141 684 703
Expenses Incurred 106 107 109 122 49 46 110 106 374 381
Dividends Incurred — 1 — — 8 4 — — 8 5
Statutory Underwriting
Income (Loss) $ 59 $ 60 $ 23 $ 34 $ 30 $ 43 $ 36 $ 58 $ 148 $ 195
Ratios After Dividends to
Policyholders:
Loss 43.7% 47.0% 67.2% 64.5% 59.9% 59.6% 53.5% 46.2% 56.7% 55.0%
Expense 35.9 32.9 29.2 28.6 27.7 23.0 34.3 34.7 32.1 30.3
Combined 79.6% 79.9% 96.4% 93.1% 87.6% 82.6% 87.8% 80.9% 88.8% 85.3%
Premiums Written as a %
of Total 10.2% 10.8% 12.9% 14.1% 6.4% 6.8% 11.0% 10.2% 40.5% 41.9%
Page 12 of 16
16. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Professional Total
Liability Surety Specialty
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 699 $ 712 $ 77 $ 82 $ 776 $ 794
Increase (Decrease) in Unearned
Premiums 72 40 (12) (4) 60 36
Net Premiums Earned 627 672 89 86 716 758
Net Losses Paid 441 389 92 — 533 389
Increase (Decrease) in Outstanding
Losses (34) (26) (74) 14 (108) (12)
Net Losses Incurred 407 363 18 14 425 377
Expenses Incurred 164 173 23 24 187 197
Dividends Incurred — — 3 1 3 1
Statutory Underwriting Income
(Loss) $ 56 $ 136 $ 45 $ 47 $ 101 $ 183
Ratios After Dividends to
Policyholders:
Loss 64.9% 54.0% 20.9% 16.5% 59.6% 49.8%
Expense 23.5 24.3 31.1 29.6 24.2 24.8
Combined 88.4% 78.3% 52.0% 46.1% 83.8% 74.6%
Premiums Written as a % of Total 24.1% 23.7% 2.7% 2.7% 26.8% 26.4%
Page 13 of 16
17. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Total Reinsurance Worldwide
Insurance Assumed Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 2,889 $ 2,973 $ 10 $ 36 $ 2,899 $ 3,009
Increase (Decrease) in Unearned
Premiums 9 5 (12) (15) (3) (10)
Net Premiums Earned 2,880 2,968 22 51 2,902 3,019
Net Losses Paid 1,916 1,544 47 72 1,963 1,616
Increase (Decrease) in Outstanding
Losses (344) 82 (60) (92) (404) (10)
Net Losses Incurred 1,572 1,626 (13) (20) 1,559 1,606
Expenses Incurred 863 874 14 41 877 915
Dividends Incurred 11 6 — — 11 6
Statutory Underwriting Income
(Loss) $ 434 $ 462 $ 21 $ 30 455 492
Decrease in Deferred Acquisition
Costs (12) (12)
GAAP Underwriting Income $ 443 $ 480
Ratios After Dividends to
Policyholders:
Loss 54.8% 54.9% * % * % 53.9% 53.3%
Expense 30.0 29.5 * * 30.4 30.5
Combined 84.8% 84.4% * % * % 84.3% 83.8%
Premiums Written as a % of Total 99.7% 98.8% 0.3% 1.2% 100.0% 100.0%
* Combined, loss and expense ratios are no longer presented for Reinsurance Assumed since this business is in run-off.
Page 14 of 16
18. THE CHUBB CORPORATION — WORLDWIDE
PROPERTY AND CASUALTY UNDERWRITING RESULTS
FOR THE QUARTERS ENDED DECEMBER 31, 2008 AND 2007
(DOLLARS IN MILLIONS)
Outside
the Worldwide
United States United States Total
2008 2007 2008 2007 2008 2007
Net Premiums Written $ 2,202 $ 2,251 $ 697 $ 758 $ 2,899 $ 3,009
Increase (Decrease) in Unearned
Premiums (36) (56) 33 46 (3) (10)
Net Premiums Earned 2,238 2,307 664 712 2,902 3,019
Net Losses Paid 1,555 1,334 408 282 1,963 1,616
Increase (Decrease) in Outstanding
Losses (352) (69) (52) 59 (404) (10)
Net Losses Incurred 1,203 1,265 356 341 1,559 1,606
Expenses Incurred 638 653 239 262 877 915
Dividends Incurred 11 6 — — 11 6
Statutory Underwriting Income
(Loss) $ 386 $ 383 $ 69 $ 109 455 492
Decrease in Deferred Acquisition
Costs (12) (12)
GAAP Underwriting Income $ 443 $ 480
Ratios After Dividends to
Policyholders:
Loss 54.0% 55.0% 53.6% 47.9% 53.9% 53.3%
Expense 29.1 29.1 34.3 34.6 30.4 30.5
Combined 83.1% 84.1% 87.9% 82.5% 84.3% 83.8%
Premiums Written as a % of Total 76.0% 74.8% 24.0% 25.2% 100.0% 100.0%
Page 15 of 16
19. 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
(loss), 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 Loss and Expense Ratio or Combined Ratio
The combined loss and expense ratio, expressed as a percentage, is the key measure of underwriting profitability. Management uses the
combined loss and expense ratio calculated in accordance with statutory accounting principles applicable to property and casualty insurance
companies to evaluate the performance of the underwriting operations. It is the sum of the ratio of losses and loss expenses to premiums earned
(loss ratio) plus the ratio of statutory underwriting expenses to premiums written (expense ratio) after reducing both premium amounts by
dividends to policyholders.
Page 16 of 16