2009-7-27 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312509155805/0001193125-09-1558...
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<SEC-DOCUMENT>0001193125-09-155805.txt : 20090727
<SEC-HEADER>0001193125-09-155805.hdr.sgml : 20090727
<ACCEPTANCE-DATETIME>20090727160913
ACCESSION NUMBER:
0001193125-09-155805
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20090727
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20090727
DATE AS OF CHANGE:
20090727
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:
CENTRAL INDEX KEY:
STANDARD INDUSTRIAL CLASSIFICATION:
IRS NUMBER:
STATE OF INCORPORATION:
FISCAL YEAR END:
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
09964695
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K
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P O BOX HM 1015
HAMITON BERMUDA
D0
00000
 UNITED STATES <
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Current Report </
STYLE="margin-top:0px;margin-bottom:0px"> Pursuant To Section 13 or 15 (d) of t
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Securities Exchange Act of 1934 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Date of Report (Date of earliest event reported) July 27, 2009 ACE LIMITED 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
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<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
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<TD VALIGN="top" ALIGN="center">Switzerland</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" ALIGN="center">1-11778</TD>
<TD VALIGN="top" ALIGN="center">98-0091805</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center">(State or other jurisdiction of Incorporation)</TD>
<TD VALIGN="top" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="top" ALIGN="center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE> Bärengasse 32
 Zürich CH-8001, Switzerland Telephone: +41 (0)43 456 76 00 (Address of principal executive offices) Not applicable (Former name or former address, if
 Check the appropriate box b
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): <FON
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b)) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> 
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Item 2.02.</TD>
<TD ALIGN="left" VALIGN="top">Results of Operations and Financial Condition </TD></TR></TABLE> <
STYLE="margin-top:0px;margin-bottom:0px">On July 27, 2009, ACE Limited issued a press release reporting its second quarter 2009 results and the availability of its second quarter
press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference. 
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Item 9.01.</TD>
<TD ALIGN="left" VALIGN="top">Financial Statements, Pro Forma Financial Information and Exhibits. </TD></TR></TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> Exhibit Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom">Press release, dated July 27, 2009, reporting second quarter results</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Second Quarter 2009 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TR>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /s/ Philip V. Bancroft</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
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<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: July 27, 2009

EXHIBIT INDEX 
<TD></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Method of Filing</TD
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<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="bottom">Press release, dated July 27, 2009, reporting second quarter results</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR>
<TR>
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<TD VALIGN="bottom">Second Quarter 2009 Financial Supplement</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE, DATED JULY 27, 2009 REPORTING SECOND QUARTER RESULTS
<TEXT>
<HTML><HEAD>
<TITLE>Press release, dated July 27, 2009 reporting second quarter results</TITLE>
</HEAD>
Exhibit 99.1 
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<TD VALIGN="top">
<IMG SRC="g79880ex99_1a.jpg" ALT="LOGO"></TD>

<TD VALIGN="top" NOWRAP> ACE Limited Bärengasse 32 CH-8001 Zürich</FO
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"> Switzerland</TD>
<TD VALIGN="top" NOWRAP> +41 (0)43 456 76 00 main +41 (0)43 456 76 01 fax www.acelimited.com</TD>
<TD VALIGN="middle">
<IMG SRC="g79880ex99_1b.jpg" ALT="LOGO"></TD></TR>
</TABLE> FOR IMMEDIATE RELEASE 
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<TD VALIGN="top"> Investor C

<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom">helen.wilson@acegroup.com</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Media Cont
<TD VALIGN="bottom">Stephen M. Wasdick</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="bottom">stephen.wasdick@acegroup.com</TD></TR>
</TABLE> ACE LIMITED REPORTS SECOND QUARTER 2009 NET INCOME OF $535 MILLION AND OPERATING INCOME OF $706 MILLION; BOOK VALUE UP 14% YEAR TO DATE ZURICH, Switzerland, July 27
Limited (NYSE: ACE) today reported net income for the quarter ended June 30, 2009, of $1.58 per share, compared with $2.18 per share for the same quarter last year.(1) Income excluding net realized gains (losses) was $2.09 per share, compared with $2.16 per share.(2Adjusted for foreign exchange, income excluding net realized gains (losses) was $2.09 per share, compared with $2.08 per share.() Net realized and unrea
$1 billion. Book value increased $1.8 billion, up 12% from March 31, 2009. Annualized return on average equity was 18%.3<FO
SIZE="1">) The property and casualty (P&C) combined ratio was 87.7%. Second Quarter Summary (in millions, except per s
 (Unaudited) 
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<TD VALIGN="bottom"> </TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2009</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">535</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(28</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom" ALIGN="right">1.58</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD></TR>
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<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
<TD VALIGN="bottom" ALIGN="right">(171</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
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<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.51</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (2)</TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax, adjusted for foreign exchange </TD>
<TD VALIGN="middle">$</TD>
<TD VALIGN="middle" ALIGN="right">706</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">699</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="middle">1</TD>
<TD COLSPAN="1" NOWRAP VALIGN="middle">% </TD>
<TD VALIGN="middle" ALIGN="right">2.09</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">2.08</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="middle"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="middle"> </TD></TR>
</TABLE>
Net income for the six months ended June 30, 2009, was $3.27 per share, compared with $3.29 per share for 2008. For
the six months ended June 30, 2009, income excluding net realized gains (losses) was $4.08 per share, compared with $4.31 per share for 2008. The P&C combined ratio for the six months ended June 30, 2009, wa
increased $2.1 billion, up 14% during the six months ended June 30, 2009. Six Months Summary (in millions, except per share amounts) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
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<TD VALIGN="top"> Net income</TD>
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<TD VALIGN="bottom" ALIGN="right">1,102</TD>

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<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax</TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax, adjusted for foreign exchange</TD>
</TABLE> Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, stated: ACE had a very good second
quarter and an excellent first half. Book value increased $1.8 billion or 12% in the quarter, benefiting from improved financial market conditions and strong earnings. Book value is now up 14% year to date, recovering com
during the financial market stress in the second half of last year. In the quarter we produced after-tax operating income of $706 million, our return on equity was 18% and our P&C combined ratio was 87.7%. 
STYLE="margin-top:12px;margin-bottom:0px">Recession, a strong U.S. dollar and a competitive pricing environment impacted premium growth. For our portfolio of business, rates con
of our divisions benefited such as our ACE Tempest Re reinsurance franchise, where net premiums grew over 20% in the quarter. Moreover, many of our retail P&C insurance lines around the world experienced good growth a
customer flight to safety. We remain cautious given current economic and financial market conditions, but we are aggress
and we continue to make investments to expand our capabilities for the future. We are well positioned to build market share as insurance markets improve and economic growth slowly recovers. Other operating highlights for the quarter ended June 30, 2009, were as follows () 
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<TD WIDTH="5%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> Net P&C premiums written and earned, which include international accident and health (A&H), decreased 5%. Excluding the impact o
P&C premiums written and earned increased 1% and 2%, respectively. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> The P&C combined ratio for the quarter was 87.7% compared with 87.8%. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Prior period favorable development was $158 million compared with $104 million in 2008. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> P&C pre-tax underwriting income decreased 5% to $355 million compared with $373 million. Adjusting for the impact of foreign exchang
underwriting income increased 3%. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> The P&C expense ratio increased by 0.2 percentage points. Excluding A&H, the P&C expense ratio decreased 0.4 percentage poin
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Operating cash flow was $760 million. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Net loss reserves increased $192 million, excluding foreign exchange valuation. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Net investment income decreased 5% to $506 million. Invested assets increased 6% to $43.7 billion. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Return on average equity was 18%.(3) </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Book value per share(4
FACE="Times New Roman" SIZE="2">) increased 12% from $43
to $49.27, while it increased 14% from December 31, 2008. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Net realized and unrealized gains after tax from our investment portfolio totaled approximately $1 billion. This includes $1.2 bill
$179 million of realized losses. Net realized gains from derivative accounting related to the guaranteed minimum income benefits (GMIBs) of our life reinsurance business, net of associated hedges, were approximately
</TD></TR></TABLE> Details of our financial results for our business segments are available in the ACE Limited Financial Supple
the quarter ended June 30, 2009, include: 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written decreased 4%. The combined ratio was 90.0% compared with 89.5%. </TD></TR></TA
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written decreased 12%. Adjusting for the impact of foreign exchange, they increased 2%. The com
compared with 86.9%. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written increased 22%. The combined ratio was 48.2% compared with 68.6%. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Life: Net premiums written decreased 2%. Adjusting for the impact of foreign exchange, they increased 1%. Income excluding net realized
million. </TD></TR></TABLE> Please refer to the ACE Limited Financial Supplement dated June 30, 2009, which is posted on t
the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment por
structure. The URL reference is: http://media.corporate-ir.net/media_files/irol/10/100907/fin_supp_june 30 2009.xls. th, 2009, beginning at 5:30 p.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 877-741-4241 (within the United States) or 719-325-4829 (
5124103. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately one month. To listen to the replay,
United States) or 719-457-0820 (international); passcode 5124103. The ACE Group is a global leader in insurance and reins
group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com. <
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"> 
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> All comparisons are with the same periods last year unless sp
</TD></TR></TABLE> 
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> Non-GAAP Financial Measures: </TD></TR></TA
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top"> Operating Income or Income excluding net realized gains (losses), net of tax is a common performance measurement for insurance co
presentation enhances the understanding of our results of operations by highlighting the underlying 
</TD></TR></TABLE> 

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<TD ALIGN="left" VALIGN="top"> 
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 insurance companies because the amount of these gains (losses) do not relate to their respective operations. </TD></TR></TABLE> </
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top">Underwriting income is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses f
use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and net
believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Tangible shareholders equity is shareholders equity less goodwill and other intangible assets. See reconciliation of Non-GAAP Financia
financial supplement. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top">These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). 
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> Calculated using income excluding net realized gains (
preferred securities divided by average common shareholders equity for the period. To annualize a quarterly rate, multiply by four. </TD></TR></TABLE> 
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> Book value per common share is common shareholders&#14
shares outstanding. Tangible book value per common share is common shareholders equity less goodwill and other intangible assets divided by the shares outstanding. </TD></TR></TABLE> NM not meaningful comparison C
Regarding Forward-Looking Statements: Forward-looking statements made in this press release, such as those relat
client behavior, economic and insurance market conditions, and company performance reflect the companys current views with respect to future events and financial performance and are made pursuant to the safe harbor
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&#
statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actua
uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, the companys re-domestication to Switzerland, new theories of liability, judicial, legislative, reg
governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating a
terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to these factors, and other factors identified in the
the Securities and Exchange Commission. 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 o
or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 
ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, exce
 (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2009 </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2008</TD></TR>
<TD VALIGN="top"> Assets </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> Investments </TD>
<TD VALIGN="bottom" ALIGN="right">39,715</TD></TR>
<TD VALIGN="top"> Cash </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">867</TD></TR>
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<TD VALIGN="top"> Insurance and reinsurance balances receivable </TD>
<TD VALIGN="top"> Reinsurance recoverable on losses and loss expenses </TD>
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<TD VALIGN="top"> Other assets </TD>
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<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD></TR>
<TD VALIGN="top"> Total assets </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
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<TD VALIGN="top"> Liabilities </TD>
<TD VALIGN="top"> Unpaid losses and loss expenses </TD>
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<TD VALIGN="top"> Unearned premiums </TD>
<TD VALIGN="top"> Other liabilities </TD>
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<TD VALIGN="top"> Total liabilities </TD>
<TD VALIGN="top"> Shareholders equity </TD>
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<TD VALIGN="top"> Total shareholders equity </TD>
<TD VALIGN="top"> Total liabilities and shareholders equity </TD>
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<TD VALIGN="top"> Book value per common share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">43.30</TD></TR>
</TABLE> 
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended Ju
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Six Months Ended June 30</
<TR>
<TD VALIGN="top"> Gross premiums written </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TR>
<TD VALIGN="top"> 
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)Net premiums written </TD>
SIZE="2">Net premiums earned </TD>
SIZE="2">Losses and loss expenses </TD>
SIZE="2">Policy benefits </TD>
SIZE="2">Policy acquisition costs </TD>
SIZE="2">Administrative expenses </TD>
SIZE="2">Underwriting income </TD>
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<TR>
<TD VALIGN="top"> Net investment income </TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses) </TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TD VALIGN="top"> Interest expense </TD>
<TR>
<TD VALIGN="top"> Other income (expense) </TD>
<TD VALIGN="top"> Income tax expense </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Preference share dividend </TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to holders of common shares </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share:</TD>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) 
<TR>
<TD VALIGN="top"> Weighted average diluted shares outstanding </TD>
<TR>
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<TD VALIGN="top"> Loss and loss expense ratio </TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio </TD>
<TD VALIGN="top"> Administrative expense ratio </TD>
<TR>
<TD VALIGN="top"> Combined ratio </TD>
FACE="Times New Roman" SIZE="2">Consolidated Supplemental Segment Information (in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended June 30</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six Months Ended June 30</TD>
<TR>
<TD VALIGN="top"> Gross Premiums Written </TD>
<TR>
<TD VALIGN="top"> Insurance - North American </TD>
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<TD VALIGN="top"> 
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
Roman" SIZE="2">Net Premiums Written </TD>
Roman" SIZE="2">Insurance - North American </TD>
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<TR>
<TD> </TD>
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<TD> </TD>
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Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
Roman" SIZE="2">Net Premiums Earned </TD>
Roman" SIZE="2">Insurance - North American </TD>
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<TR>
<TD> </TD>
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SIZE="2">Insurance - Overseas General </TD>
SIZE="2">Global Reinsurance </TD>
SIZE="2">Life </TD>
SIZE="2">Total </TD>
SIZE="2">Income Excluding Net Realized Gains (Losses) </TD>
SIZE="2">Insurance - North American </TD>
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<TD VALIGN="top"> Insurance - Overseas General</TD>
<TR>
<TD VALIGN="top"> Global Reinsurance </TD>
<TD VALIGN="top"> Life </TD>
<TR>
<TD VALIGN="top"> Corporate </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>SECOND QUARTER 2009 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Second Quarter 2009 Financial Supplement</TITLE>
</HEAD>
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Exhibit 99.2 
<IMG SRC="g79880ex99_2cov.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top">Investor Contact</TD>
<TR>
<TR>
<TD VALIGN="top"> Helen M. Wilson Phone: (441)
STYLE="margin-top:0px;margin-bottom:1px">Fax: (441) 292-8675</TD>
<TD VALIGN="bottom">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, i
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
<TR>
<TR>
<TD VALIGN="top">email: investorrelations@acegroup.com</TD>
<TD VALIGN="bottom">Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Any forward-looking statements made in this financial supplement reflect the companys current views with respect to future events and financial performance a
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.
companys 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
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
receivable and credit developments among reinsurers.</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">The companys forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual m
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 com
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Page</TD></TR>
<TR>
<TD VALIGN="top">I.</TD>
<TD VALIGN="bottom">Financial Highlights</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Financial Highlights</TD>
<TR>
<TR>
<TD VALIGN="top">II.</TD>
<TD VALIGN="bottom">Consolidated Results</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom">- Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business</TD>
<TD VALIGN="bottom" ALIGN="right">4 - 5</TD></TR>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top">III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
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<TD VALIGN="bottom">- Insurance - North American</TD>

<TR>
<TD VALIGN="bottom">- Insurance - Overseas General</TD>
<TR>
<TD VALIGN="bottom">- Global Reinsurance</TD>
<TR>
<TD VALIGN="bottom">- Life</TD>
<TD VALIGN="bottom" ALIGN="right">11 -12</TD></TR>
<TR>
<TR>
<TD VALIGN="top">IV.</TD>
<TD VALIGN="bottom">Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom">- Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom">- Reinsurance Recoverable Analysis</TD>
<TR>
<TD VALIGN="bottom">- Investment Portfolio</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">17 - 24</TD></TR>
<TR>
<TD VALIGN="bottom">- Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom">- Capital Structure</TD>
<TR>
<TD VALIGN="bottom">- Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TR>
<TD VALIGN="top">V.</TD>
<TD VALIGN="bottom">Other Disclosures</TD>
<TR>
<TD VALIGN="bottom">- Non-GAAP Financial Measures</TD>
<TR>
<TD VALIGN="bottom">- Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Consolidated Financial Highlights (in millions of U.S. dollars, except
ratios) (Unaudited)</TD>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">`</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June&nbsp
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-09 vs. 2Q-08</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 2008 </TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-09 vs. 2Q-08 (2)</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 3
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-09 vs. YTD-08</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 2008 % Change YTD-09 vs. YTD-08 </TD></TR>
<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">2</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
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<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
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<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Annualized ROE*</TD>
Roman" SIZE="2">Annualized ROE, excluding FAS 115*</TD>
Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
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<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)</TD>
<TR>
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<TR>
<TD VALIGN="top"> Book value per common share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share</TD>
<TD VALIGN="top"> Weighted average basic common shares outstanding</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted common shares outstanding</TD>
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<TD VALIGN="top"> Debt/total capitalization</TD>
</TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 30 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses) </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top"> 
<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></TD>

FACE="Times New Roman" SIZE="2">Consolidated Results - Consecutive Quarters (in millions of U.S. dollar
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Unaudited)</TD>
</TABLE> ACE Limited Consolidated

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px
26 of 195
solid #000000">2Q-09</TD>

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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-08</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD>
<TD VALIGN="top"> Consolidated Results Excluding Life Segment</TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
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SIZE="2">Losses and loss expenses</TD>
SIZE="2">Policy benefits</TD>
SIZE="2">Policy acquisition costs</TD>
SIZE="2">Administrative expenses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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SIZE="2">Underwriting income excluding life segment</TD>
SIZE="2">Life underwriting income excluding investment income</TD>
SIZE="2">Net investment income</TD>
SIZE="2">Net realized gains (losses)</TD>
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<TD VALIGN="bottom" ALIGN="right">(1,633</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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SIZE="2">Interest expense</TD>
SIZE="2">Other income (expense) Income tax expense (benefit)</TD>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses) in other income (expense) Tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> % Change versus prior year period (3)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="right">-5</TD>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
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<TR>
<TR>
<TR>
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SIZE="2">Combined ratio </TD>
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
SIZE="2">Administrative expense ratio</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Combined ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Expense ratio</TD>
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<TD VALIGN="top"> Expense ratio excluding A&H</TD>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax) (3)</TD>
<TD VALIGN="top"> Reinstatement premiums (expensed) collected</TD>
<TR>
<TD VALIGN="top"> Catastrophe losses</TD>
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<TD VALIGN="top"> Prior period development excluding Life - unfavorable (favorable) <SU
<TR>
<TD VALIGN="top"> Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Net realized investment and derivative losses related to our unconsolidated insurance affiliates. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Presented excluding the Life segment to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. </TD></TR></TABLE> <
STYLE="margin-top:0px;margin-bottom:-6px"> 
<TR>
<TD ALIGN="left" VALIGN="top">For YTD 2008, prior period favorable development of $285 million less $44 million of profit share commission on Crop business settlement. </TD></T
<TR>
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Summary Consolidated Balance Sheets (in millions of U.S. dollars, excep
data)</TD>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2008</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
<TD VALIGN="top"> Short-term investments, at fair value</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total investments</TD>
<TR>
<TD VALIGN="top"> Cash</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Securities lending collateral</TD>
SIZE="2">Insurance and reinsurance balances receivable</TD>
SIZE="2">Reinsurance recoverable on losses and loss expenses</TD>
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Value of business acquired</TD>
SIZE="2">Prepaid reinsurance premiums</TD>
SIZE="2">Goodwill and other intangible assets</TD>
SIZE="2">Deferred tax assets</TD>
SIZE="2">Investments in partially owned insurance companies</TD>
SIZE="2">Other assets</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
40 of 195
SIZE="2">Total assets</TD>
SIZE="2">Liabilities</TD>
SIZE="2">Unpaid losses and loss expenses</TD>
SIZE="2">Unearned premiums</TD>
SIZE="2">Future policy benefits</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for securities purchased</TD>
SIZE="2">Accounts payable, accrued expenses, and other liabilities</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
SIZE="2">Shareholders equity</TD>
SIZE="2">Total shareholders equity, excl. AOCI</TD>
SIZE="2">Accumulated other comprehensive income (AOCI)</TD>
SIZE="2">Total shareholders equity</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Book value per common share (1)</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share (1)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">See page 30 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Consolidated Premiums and Income Excluding Net Realized Gains (Losses)
Business (in millions of U.S. dollars) (Unaudited)</TD>
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-09 vs. 2Q-08</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-09 vs. YTD-08</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Subtotal</TD>
<TD VALIGN="top"> Personal accident (A&H) 
<TD VALIGN="top"> Life </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Property and all other</TD>
<TR>
<TD VALIGN="top"> Casualty</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Subtotal</TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Property, casualty, and all other</TD>
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<TR>
<TR>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"> - </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Excludes the North America A&H business from Combined Insurance which is included in the Life segment. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Line of Business</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Consolidated Premiums and Income Excluding Net Realized Gains (Losses)
 Adjusted for Foreign Exchange (in millions of U.S. dollars) (Unaudited)</TD>
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-09 vs. 2Q-08</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 2Q-08 Constant $ % of Total ConsolidatedConstant $ % Change 2Q-09 vs. 2Q-08 Net premiums written</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TR>
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<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Excludes the North America A&H business from Combined Insurance which is included in the Life segment. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Line of Business 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="5">
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<TD VALIGN="bottom" ROWSPAN="5" ALIGN="center"> ACE Limited Consolidating Statement of Operations Three months ended June 30,
(in millions of U.S. dollars) (Unaudited)</TD>
<TD ROWSPAN="5" VALIGN="bottom"></TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> June 30, 2009 </TD>
<TR>
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<TR>
<TD VALIGN="top"> Losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Policy benefits</TD>
<TD VALIGN="top"> Policy acquisition costs</TD>
<TR>
<TD VALIGN="top"> Administrative expenses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
<TR>
<TD VALIGN="top"> Interest expense</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="top"> Other income (expense)</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income (loss)</TD>
<TR>
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<TD VALIGN="top"> Net realized gains (losses) in other income (expense)</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> June 30, 2008</TD>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses), constant $ </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="28"> (1) See page 30 Non-GAAP Financial Measures.</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
SIZE="2">(2) Prior year on a constant dollar basis.</TD>
<TR>
<TR>
<TD VALIGN="top"> Segment 2009 Qtr</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Consolidating Statement of Operations Six months ended June 30, 20
(in millions of U.S. dollars) (Unaudited)</TD>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> June 30, 2009 </TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
SIZE="2">Income (loss) excluding net realized gains (losses) June 30, 2008</TD>
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<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net
<TR>
<TD VALIGN="top"> Tax
<TD> </TD>
<TD> </TD>
<TD> </TD>
73 of 195
income (loss)</TD>
realized gains (losses)</TD>
realized gains (losses) in other income (expense)</TD>
expense (benefit) on net realized gains (losses)</TD>
8/15/11 11:43 AM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses), constant $ </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
SIZE="2">(1) See page 30 Non-GAAP Financial Measures.</TD>
<TR>
SIZE="2">(2) Prior year on a constant dollar basis.</TD>
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<TR>
<TR>
<TD VALIGN="top"> Segment 2009 YTD</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Segment Results - Consecutive Quarters (in millions of U.S. dollars)
<TR>
<TR>
</TABLE> Insurance - North American

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-09</TD>
<TR>
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<TR>
<TR>
76 of 195
SIZE="2">Net premiums earned</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Net income (loss)</TD>
SIZE="2">Income excluding net realized gains (losses) </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
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<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable) 
<TR>
<TR>
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Roman" SIZE="2">Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
Roman" SIZE="2">% Change versus prior year period</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
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<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">For YTD 2008, prior period favorable development of $146 million less $44 million of profit share commission on Crop business settlement. </TD></T
<TR>
<TR>
<TD VALIGN="top"> Insurance - North American</TD>
</TABLE>
<TR>
<TR>

<TR>
<TR>
<TR>
</TABLE> Insurance - Overseas General

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<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
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<TR>
<TR>
86 of 195
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
87 of 195
SIZE="2">Underwriting income</TD>
SIZE="2">Other income (expense)</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
89 of 195
SIZE="2">Net realized gains (losses) in other income (expense)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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SIZE="2">Combined ratio</TD>
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
SIZE="2">Administrative expense ratio</TD>
8/15/11 11:43 AM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
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<TR>
<TR>
<TR>
93 of 195
Roman" SIZE="2">% Change versus prior year period</TD>
Roman" SIZE="2">Net premiums written as reported</TD>
Roman" SIZE="2">Net premiums earned as reported</TD>
Roman" SIZE="2">Net premiums written constant $</TD>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Net premiums earned constant $</TD>
Roman" SIZE="2">Underwriting income constant $</TD>
Roman" SIZE="2">Income excluding net realized gains (losses), constant $</TD>
Roman" SIZE="2">Other ratios</TD>
8/15/11 11:43 AM
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">Insurance - Overseas General</TD>
</TABLE>
<TR>
<TR>

<TR>
<TR>
<TR>
</TABLE> Global Reinsurance

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
95 of 195

solid #000000">YTD 2009</TD>
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<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
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<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
<TR>
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<TD VALIGN="top"> Other ratios</TD>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Life 
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-08 </TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD>
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TR>
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<TR>
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<TD> </TD>
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<TD> </TD></TR>
<TR>
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SIZE="2">Life underwriting income Other income (expense)</TD>
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<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
<TD VALIGN="bottom">230</TD>
<TD NOWRAP VALIGN="bottom">%(4) </TD>
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SIZE="2"> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. For the quarters
2009, March 31, 2009, December 31, 2008, September 30, 2008, and June 30, 2008, premiums or deposits collected on investment and universal life contracts that are excluded from premium r
million, $95.5 million, $29.2 million, $18.8 million, and $30.9 million, respectively. Fees on universal life and investment contracts are revenue for GAAP and have been classified as premium. For the quarters ended June&
2009, March 31, 2009, December 31, 2008, September 30, 2008, and June 30, 2008, fees reflected as gross written premiums are $7.7 million, $7.1 million, $5.6 million, $4.5 million, and $
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">We assess the performance of our Life business based on life underwriting income which includes net investment income. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">% Change is primarily due to the Combined Insurance acquisition on April 1, 2008. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Life</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Segment Results - Life Reinsurance (in millions of U.S. dollars)</F
</TABLE> Variable Annuity (VA) Lines
 Historical Cash Flow Summary by Quarter Death Benefits (GMDB) 
<TR>
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<TR>
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<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD></TR>
<TD VALIGN="top"> Premium</TD>
<TR>
<TD VALIGN="top"> Less paid claims</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Net</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top" COLSPAN="29"> Living Benefits (Includes GM
 </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD></TR>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top" COLSPAN="29"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TABLE> Amounts represent accrued past premium received and claims paid by quarter, split by benefit type. Death Benefits (GMDB) Using our current mortality assumptions we expect approximately $166 million of claims and $93 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)
Living Benefits. Using our current assumptions we
million of claims and $150 million of premium on living benefits over the next 12 months. 
<TR>
<TR>
<TD VALIGN="top"> Variable Annuity</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Loss Reserve Rollforward (in millions of U.S. dollars) <
<TR>
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<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ongoing</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Run-off (1)</
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Gross</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ceded</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net</TD>
<TD VALIGN="top"> Balance at December 31, 2007</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,112</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
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<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2008</TD>
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<TR>
<TR>
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<TD VALIGN="top"> Losses and loss expenses acquired </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at June 30, 2008</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at September 30, 2008</TD>
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<TR>
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<TD> </TD>
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<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at December 31, 2008</TD>
<TR>
<TR>
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<TD VALIGN="bottom" ALIGN="right">(163)(3) </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at March 31, 2009</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at June 30, 2009</TD>
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<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Add net recoverable on paid losses</TD>
<TD> </TD>
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<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">The run-off reserves primarily include the Brandywine group, the Commercial Insurance ServiceMiddle Market Workers' Comp. reserves and the pre-1997
reserves. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Combined Insurance. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">The net paid of $163 million for the quarter does not reflect the NICO billing of $125 million which was processed in the second quarter. </TD></T
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis (in millions of U.S. dollars) (Unaudit
</TABLE> Net Reinsurance Recoverable by
Division 
<TR>
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<TR>
<TD VALIGN="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</TD>
<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Reinsurance recoverable on unpaid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
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SIZE="2">Brandywine</TD>
SIZE="2">Westchester Run-off</TD>
SIZE="2">Other Run-off</TD>
SIZE="2">Total</TD>
SIZE="2">Gross reinsurance recoverable</TD>
SIZE="2">Active operations</TD>
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<TD> </TD>
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<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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SIZE="2">Provision for uncollectible reinsurance</TD>
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<TD> </TD>
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<TD> </TD>
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<TD> </TD>
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SIZE="2">Net reinsurance recoverable</TD>

<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
</TABLE>
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<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis - 2 (in millions of U.S. dollars)<
</TABLE> Consolidated Reinsurance
Recoverable 
<TR>
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<TD></TD>
<TD></TD>
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<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31, 2009</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision (2)
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Of Gross</TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Largest Reinsurers</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">1.8</TD>
<TD VALIGN="top"> Other reinsurers balances rated A- or better</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances with rating lower than A- or not rated</TD>
<TD VALIGN="top"> Other Pools and Government Agencies</TD>
<TR>
<TD VALIGN="top"> Structured Settlements</TD>
<TD VALIGN="top"> Other Captives</TD>
<TR>
<TD VALIGN="top"> Others </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">587</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.1</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD></TR>
<TD> </TD></TR>
</TABLE> At March 31, 2009, $10.6 billion
of ACE Limited recoverables were from rated reinsurers, of which 94.1% were rated the equivalent of A- or better by internationally recognized rating agencies. 
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> Largest Reinsurers (4)<
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">S&P Rating (5)
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">AM Best Rating (5)</TD></TR>
<TD VALIGN="top"> AGRI General Insurance Co</TD>
<TD VALIGN="bottom" ALIGN="center">BBBpi</TD>
<TD VALIGN="bottom" ALIGN="center">A</TD></TR>
<TR>
<TD VALIGN="top"> American International Group (AIG) A+</TD>
<TD VALIGN="top"> Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="bottom" ALIGN="center">AAA</TD>
<TD VALIGN="bottom" ALIGN="center">A++</TD></TR>
<TR>
<TD VALIGN="top"> Chubb Insurance Group</TD>
<TD VALIGN="bottom" ALIGN="center">AA</TD>
<TD VALIGN="bottom" ALIGN="center">A++</TD></TR>
<TD VALIGN="top"> Equitas</TD>
<TD VALIGN="bottom" ALIGN="center">NL</TD>
<TD VALIGN="bottom" ALIGN="center">NL</TD></TR>
<TR>
<TD VALIGN="top"> Everest Re Group</TD>
<TD VALIGN="bottom" ALIGN="center">A+</TD></TR>
<TD VALIGN="top"> Fairfax Financial Holdings Ltd.</TD>
<TD VALIGN="bottom" ALIGN="center">A-</TD>
<TD VALIGN="bottom" ALIGN="center">A-</TD></TR>
<TR>
<TD VALIGN="top"> Federal Crop Insurance Corp</TD>
<TD VALIGN="bottom" ALIGN="center">U.S. Federal Gov.</TD>
<TD VALIGN="bottom" ALIGN="center">U.S. Federal Gov.</TD></TR>
<TD VALIGN="top"> HDI (Hannover Re)</TD>
<TD VALIGN="bottom" ALIGN="center">AA-</TD>
<TR>
<TD VALIGN="top"> Lloyds of London</TD>
<TD VALIGN="top"> Munich Re Group</TD>
<TR>
<TD VALIGN="top"> National Workers Compensation Reinsurance Pool</TD>
<TD VALIGN="bottom" ALIGN="center">Mandatory Pool</TD>
<TD VALIGN="bottom" ALIGN="center">Mandatory Pool</TD></TR>
<TD VALIGN="top"> Partner Re</TD>
<TR>
<TD VALIGN="top"> Swiss Re Group</TD>
<TD VALIGN="top"> WR Berkley Corp</TD>
<TR>
<TD VALIGN="top"> XL Capital Group </TD>
<TD VALIGN="bottom" ALIGN="center">A</TD>
<TR>
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<TD ALIGN="left" VALIGN="top">The Largest Reinsurers includes all reinsurers where gross recoverable exceeds 1% of ACE shareholders equity. Total ACE shareholders equity a
$14.718 billion. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">See MD&A reported in the 2008 Form 10-K for a discussion on how ACE determines the provision for uncollectible reinsurance. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Others principally includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation, or liquidation. Our es
uncollectible reinsurance associated with Others considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-benefi
guarantees. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">The reinsurers listed are the largest reinsurers where gross recoverable (net of collateral) exceeds 1% of ACE Shareholders equity. These reinsurer
of gross recoverables at March 31, 2009. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">S&P and AM Best ratings as of March 31, 2009, are based on each groups predominant reinsurer. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Gross recoverables with American International Group (AIG) were $546.1 million at March 31, 2009, of which $441.6 million were with Transatlantic Re
AIG sold its majority share interest in Transatlantic Reinsurance Co. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Gross recoverables with XL Capital Group were $338.0 million at March 31, 2009. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Reinsurance Recoverable 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis - 3 (in millions of U.S. dollars)<
</TABLE> Detail on Reinsurance
Recoverable on Paid Losses and Loss Expenses 
<TR>
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<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">General Collections </TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Other (2)</S
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="top"> Gross balance at December 31, 2008</TD>
<TR>
<TD VALIGN="top"> Provision at 12/31/08</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
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<TD> </TD></TR>
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SIZE="2">Net balance at December 31, 2008</TD>
SIZE="2">Gross balance at March 31, 2009</TD>
SIZE="2">Provision at 3/31/09</TD>
SIZE="2">% of gross</TD>
SIZE="2">Net balance at March 31, 2009 </TD>
SIZE="2">Gross balance at June 30, 2009</TD>
SIZE="2">Provision at 6/30/09</TD>
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<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at June 30, 2009 (3)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">General Collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or c
<TR>
<TD ALIGN="left" VALIGN="top">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation, or liquidation for Brandywine Group
estimation of the reserve for Other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-beneficiary trusts
<TR>
<TD ALIGN="left" VALIGN="top">The current quarter split between General Collections and Other is estimated based on prior quarter balances. Balances are adjusted to actual in the next
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable 3</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Investment Portfolio (in millions of U.S. dollars) 
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2009</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2009</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2008</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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Roman" SIZE="2">Market Value</TD>
Roman" SIZE="2">Fixed maturities available for sale</TD>
Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short-term investments</TD>
Roman" SIZE="2">Total</TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
<TD VALIGN="top"> Treasury</TD>
<TR>
<TD VALIGN="top"> Agency</TD>
<TD VALIGN="top"> Corporate</TD>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
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<TR>
<TD VALIGN="top"> Municipal</TD>
<TD VALIGN="top"> Non-U.S.</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TD VALIGN="top" COLSPAN="21"> Note: Insured municipal bonds represent $885 million, or 40% of our municipal bond holdings.</
<TD VALIGN="top"> </TD></TR>
<TR>
<TD VALIGN="top"> Credit Quality by Market Value</TD>
<TR>
<TD VALIGN="top"> AAA</TD>
<TD VALIGN="top"> AA</TD>
<TR>
<TD VALIGN="top"> A</TD>
<TD VALIGN="top"> BBB</TD>
<TR>
<TD VALIGN="top"> BB</TD>
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<TD VALIGN="top"> B</TD>
<TR>
<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Cost/Amortized Cost</TD>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
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Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short-term investments</TD>
Roman" SIZE="2">Subtotal</TD>
Roman" SIZE="2">Equity securities</TD>
Roman" SIZE="2">Other investments</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Avg. duration of fixed maturities</TD>
<TD VALIGN="bottom" ALIGN="right">3.8 years</TD>
<TD VALIGN="top"> Avg. market yield of fixed maturities 
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="top"> Avg. yield on invested assets
<TD ALIGN="left" VALIGN="top">Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities. </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

FACE="Times New Roman" SIZE="2">Investment Portfolio - 2 (in millions of U.S. dollars) <
</TABLE> Mortgage-backed and Asset-backed
Fixed Income Portfolio Market Value at June 30, 2009 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="17" ALIGN="center" STYLE="border-bottom:1px solid #000000">S&P Credit Rating</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">AAA</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">AA</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">A</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BBB</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BB and below</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD></TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
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<TD VALIGN="top"> GNMA</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
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<TR>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Sub-prime</TD>
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<TD VALIGN="top"> Credit cards</TD>
<TR>
<TD VALIGN="top"> Autos</TD>
<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
</TABLE> Insured asset-backed securities
represent $72 million, or 13% of our asset-backed security holdings. 
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
</TABLE>
<TR>
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<TR>
<TD VALIGN="top">

Fixed Income Portfolio Market Value at June 30, 2009 Mortgage-backed securities total $11.1 billion, are rated predominantly AAA and comprise 27% of the fixed
compares to a 45% 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. ACE suspended new investments in sub-prime backed securities in 3
card, and auto backed securities in 1Q 2008 and suspended new investments in CMBS in Q1 2009. Securities issued by Federal agencies with implied or explicit government guarantees total $7.4 billion and represent 83% of the residential mortgage-backed portfolio. Non-agency residential mortgage-backed securities are rate
by prime collateral, and broadly diversified in over 280,000 loans. The portfolios loan-to-value ratio is approximately 69% with an average FICO score of 733. With this conservative loan-to-value ratio and subordina
cumulative 5-year foreclosure rate would have to rise to 18% and real estate values would have to fall 31% from their current levels before principal is impaired. The comparable historical cumulative foreclosure rate is 6
 Within the portfolio of prime non-agency RMBS are
classified as ALT-A. These ALT-A holdings are broadly diversified with over 70% issued prior to 2006. The average FICO score is 715 with a relatively conservative loan-to-value ratio of 69%. With subordinated collateral o
foreclosure rate would have to rise to 29% and real estate values would have to fall more than 31% from their current levels before principal is impaired. The comparable historical cumulative foreclosure rate is approxima
STYLE="margin-top:0px;margin-bottom:0px"> Commercial mortgage-backed securities of $2.2 billion are
broadly diversified with over 25,500 loans and seasoned with 71% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 63% with a debt service coverage ratio in excess of 1.7 and weighted a
collateral of 27%. The cumulative foreclosure rate would have to rise to 62% and commercial real estate values would have to fall more than 64% from their current levels before principal is impaired. The historical annual
 Sub-prime asset-backed securities (current
rated predominantly investment grade, broadly diversified in over 100,000 loans with an average loan-to-value ratio of approximately 81% and an average FICO score of 604. With subordinated collateral of 30%, the cumulativ
would have to rise to 45% and real estate values would have to fall more than 19% from their current levels before principal is impaired. The comparable historical cumulative 5-year foreclosure rate is 32%. Auto loan asset-backed securities are rated predominantly
approximately 0.6 years and average subordinated collateral of 17%. Annual default rates would have to rise to 15 times their current level of about 2.4% before principal is impaired. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

Fixed Income Portfolio Amortized Cost at June 30, 2009 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
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<TD VALIGN="top"> GNMA</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
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<TR>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Sub-prime</TD>
<TD VALIGN="top"> Credit cards</TD>
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<TR>
<TD VALIGN="top"> Autos</TD>
<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
</TABLE> Insured asset-backed securities
represent $88 million, or 15% of our asset-backed security holdings. 
<TR>
<TR>
</TABLE>
<TR>
<TR>
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<TD VALIGN="top">

</TABLE> Market Value at June 30, 2009
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top">U.S. Investment Grade Corporate Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> Banks</TD>
<TD VALIGN="top"> Basic Materials</TD>
<TR>
<TD VALIGN="top"> Communications</TD>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TR>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
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<TD VALIGN="top"> Diversified Financial Services</TD>
<TR>
<TD VALIGN="top"> Energy</TD>
<TD VALIGN="top"> Industrial</TD>
<TR>
<TD VALIGN="top"> Utilities</TD>
<TD VALIGN="top"> All Others</TD>
<TR>
<TD VALIGN="top"> Total</TD>
</TABLE> U.S. Investment Grade Corporate
Fixed Income Portfolio The average credit qua
grade bond portfolio is very high at AA. 64% 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 p
 Corporate bond holdings are highly diversified acr
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. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BB</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">B</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">CCC</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Other</TD>
<TD VALIGN="top">Below Investment Grade Corporate Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> Basic Materials</TD>
<TD VALIGN="top"> Communications</TD>
<TR>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
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<TR>
<TD VALIGN="top"> Diversified Financial Services</TD>
<TD VALIGN="top"> Energy</TD>
<TR>
<TD VALIGN="top"> Industrial</TD>
<TD VALIGN="top"> Utilities</TD>
<TR>
<TD VALIGN="top"> All Others</TD>
<TD VALIGN="top">Total</TD>
</TABLE> Below Investment Grade Corporate
Fixed income Portfolio ACE manages high yield
separate asset class from investment grade bonds. ACEs 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 ra
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BB/B. Four external investment managers are respon
security selection and portfolio construction. ACE
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 (or 0.1% of total portfolio). The portfolio is c
with our largest current issuer exposure at $65 million. ACE monitors position limits on a daily basis through an internal compliance system. </
STYLE="margin-top:0px;margin-bottom:0px">Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top">Non-U.S. Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> United Kingdom</TD>
<TD VALIGN="top"> Germany</TD>
<TR>
<TD VALIGN="top"> France</TD>
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<TD VALIGN="top"> Canada</TD>
<TR>
<TD VALIGN="top"> Japan</TD>
<TD VALIGN="top"> Other Foreign Government</TD>
<TR>
<TD VALIGN="top"> Non-U.S. Corporate</TD>
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</TABLE> Non-U.S. Fixed Income Portfolio
 ACEs non-U.S. investment grade fixed in
currency-matched with the insurance liabilities of ACEs non-U.S. operations. 89% of ACEs 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 56% of holdings are rated AAA or guaranteed by governments o
 Corporate bond holdings are highly diversified acr
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. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4"> 
<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio - 8</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(Unaudited)</TD>
</TABLE> Investment portfolio 
 Top 25 Exposures - Fixed Maturity Investments 
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP> June 30, 2009</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Rating</TD></TR>
<TD VALIGN="top"> General Electric Co</TD>
<TD VALIGN="bottom" ALIGN="center">AA+</TD></TR>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="top"> Bank of America Corp</TD>
<TR>
<TD VALIGN="top"> Wells Fargo & Co</TD>
<TD VALIGN="bottom" ALIGN="center">AA-</TD></TR>
<TD VALIGN="top"> AT&T INC</TD>
<TR>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="top"> Verizon Communications Inc</TD>
<TR>
<TD VALIGN="top"> Goldman Sachs Group Inc</TD>
<TD VALIGN="top"> Morgan Stanley</TD>
<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
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<TD VALIGN="bottom" ALIGN="center">BBB+</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">BBB</TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">AA</TD></TR>
SIZE="2">Comcast Corp</TD>
SIZE="2">ConocoPhillips</TD>
SIZE="2">Lloyds TSB Group Plc</TD>
SIZE="2">Telecom Italia SpA</TD>
SIZE="2">Time Warner Cable Inc</TD>
SIZE="2">XTO Energy Inc</TD>
SIZE="2">Credit Suisse Group</TD>
SIZE="2">Barclays PLC</TD>
SIZE="2">Deutsche Telekom AG</TD>
SIZE="2">American Express Co</TD>
SIZE="2">Roche Holding AG</TD>
SIZE="2">Dominion Resources Inc/VA</TD>
SIZE="2">American International Group</TD>
SIZE="2">Telefonica SA</TD>
SIZE="2">Banco Santander SA</TD>

<TR>
<TR>
</TABLE>
<TR>
<TR>
<TR>
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<TD VALIGN="bottom" ALIGN="center">Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June 30, 2009</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30, 2009</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains (Losses)
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</TD>
</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains (Losses)
<TD VALIGN="top"> Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Sub-total</TD>
<TR>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total gains (losses)</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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SIZE="2">Partially-owned insurance companies Net gains (losses)</TD>
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<TR>
<TD ALIGN="left" VALIGN="top">Impairments for the quarter of $114M include $90M for fixed maturities, $1 for equities and $23M for other investments. Year to date impairments of $306M
maturities, $26M for equities and $102M for other investments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Excludes $267 million of change in unrealized losses, net of tax of $82 million, related to the adoption of FSP 115-2 and FAS 124-2. </TD></TR></T
<TR>
<TD ALIGN="left" VALIGN="top">Includes $103M of realized gains on the life reinsurance operations which is comprised of a $284M gain on guaranteed minimum income benefit derivatives o
other derivatives, including S&P put options and futures. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized and unrealized gains (losses) on partially-owned insurance companies that meet the requirements for equity accounting. The net income or los
income (expense). </TD></TR></TABLE> 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30, 2008</TD>
<TR>
</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains (Losses)<
</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains (Losses)<
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total gains (losses)</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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SIZE="2">Partially-owned insurance companies Net gains (losses)</TD>
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<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Impairments for the quarter of $210M include $171M for fixed maturities, $39M for equities and $nil for other investments. Year to date impairments of $3
maturities, $75M for equities and $25M for other investments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Includes $65M of unrealized gains and $118M of unrealized losses primarily on the guaranteed minimum income benefit derivatives from our life reinsurance
and year to date, respectively. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized and unrealized gains (losses) on partially-owned insurance companies that meet the requirements for equity accounting. The net income or los
income (expense). </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio Net Realized Gains (Losses) and Other-than-Temporary Impairments</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Credit Impairment All Other Activity</TD>
<TD VALIGN="top"> Investment grade corp</TD>
<TR>
<TD VALIGN="top"> High yield corp</TD>
<TD VALIGN="top"> MBS / ABS</TD>
<TR>
<TD VALIGN="top"> Convertible bonds</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Under new FSP guidelines. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Includes realized gains (losses) on sales, derivatives and foreign exchange. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Investment Gains (Losses) OTTI</TD>
</TABLE>
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<HR
SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Capital Structure</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Perpetual preferred shares</TD>
<TR>
<TD VALIGN="top"> Common shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total capitalization</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
169 of 195
SIZE="2">Tangible shareholders equity Leverage ratios</TD>
SIZE="2">Debt/ total capitalization</TD>
SIZE="2">Debt plus trust preferred securities/ total capitalization</TD>
SIZE="2">Debt/ tangible equity</TD>
SIZE="2">Debt plus trust preferred securities/ tangible equity</TD>
SIZE="2">Debt plus total preferred stock/ total capitalization</TD>
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<TR>
<TD ALIGN="left" VALIGN="top">Tangible equity is equal to shareholders equity less goodwill and other intangible assets. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Capital Structure</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Debt, Trust Preferred and Credit Facilities</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Par Amount Outstanding</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Carrying value</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Coupon</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD></TR>
<TD VALIGN="top"> Debt and Trust Preferred</TD>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD VALIGN="bottom">September 18, 2009</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc Subordinated Notes</TD>
<TD VALIGN="bottom">December 6, 2009</TD></TR>
<TR>
<TD VALIGN="top"> ACE European Holdings No2 Limited Term Loan</TD>
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<TR>
<TD VALIGN="bottom">April 1, 2013</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Senior Notes</TD>
<TD VALIGN="bottom">June 15, 2014</TD></TR>
<TR>
<TD VALIGN="bottom">May 15, 2015</TD></TR>
<TD VALIGN="bottom">February 15, 2017</TD></TR>
<TR>
<TD VALIGN="bottom">March 15, 2018</TD></TR>
<TD VALIGN="bottom">June 15, 2019</TD></TR>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Debentures</TD>
<TD VALIGN="bottom">August 15, 2029</TD></TR>
<TD VALIGN="top"> ACE Capital Trust II Capital Securities</TD>
<TD VALIGN="bottom">April 1, 2030</TD></TR>
<TR>
<TD VALIGN="bottom">May 15, 2036</TD></TR>
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<TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Commitment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">LOC Usage</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD></TR>
<TD VALIGN="top"> Credit Facilities</TD>
<TR>
<TD VALIGN="top"> Syndicated Letter of Credit Facility</TD>
<TD VALIGN="bottom">November 8, 2012</TD></TR>
<TD VALIGN="top"> Revolving Credit / LOC Facility</TD>
<TD VALIGN="bottom">November 8, 2012</TD></TR>
<TR>
<TD VALIGN="top"> Funds at Lloyds Capital Facility</TD>
<TD VALIGN="top"> Bilateral Letter of Credit Facility</TD>
<TD VALIGN="bottom">September 20, 2014</TD></TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Capital Structure 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June 30</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30</TD>
<TR>
<TD VALIGN="top">Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">335,890,644</TD>
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SIZE="2">Income to common shares, excl. net realized gains (losses)</TD>
SIZE="2">Net realized gains (losses), net of income tax</TD>
SIZE="2">Net income available to the holders of common shares</TD>
SIZE="2">Rollforward of Common Shares Outstanding</TD>
SIZE="2">Shares - beginning of period</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Issued under employee stock purchase plan</TD>
SIZE="2">Shares (cancelled) granted</TD>
SIZE="2">Issued for option exercises</TD>
SIZE="2">Shares - end of period</TD>
SIZE="2">Denominator </TD>
SIZE="2">Weighted average shares outstanding</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Effect of other dilutive securities</TD>
SIZE="2">Adj. wtd. avg. shares outstanding and assumed conversions</TD>
SIZE="2">Basic earnings per share</TD>
SIZE="2">Net realized gains (losses), net of income tax</TD>
SIZE="2">Net income</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD ALIGN="left" VALIGN="top">The current and prior year calculations have been amended due to the adoption of FSP EITF 03-6-1, Determining Whether Instruments Granted in Share-Based
Participating Securities (FSP EITF 03-6-1). FSP EITF 03-6-1 provides additional guidance in the calculation of earnings per share under FAS No. 128, Earnings Per Share, and requires unvested share-based payment award
non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) to be included in the computation of earnings per share pursuant to the two-class method. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Non-GAAP Financial Measures</TD>
<TR>
<TR>
</TABLE> Regulation G - Non-GAAP
Financial Measures In pre
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
substitute for measures determined in accordance with generally accepted accounting principles (GAAP). A reconciliation of book value per share is provided on page 31. In presenting our segment operating results, we have shown our performance with reference to underwriting resul
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
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 (loss
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 ne
included in other income (expense) related to partially owned insurance companies because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opport
net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Net income, as reported</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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SIZE="2">Net realized gains (losses) in other income (expense) Income tax expense (benefit) on net realized gains (losses)</TD>
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<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Realized gains (losses) on partially-owned insurance companies that meet the requirements for equity accounting. The net income or loss is included in ot
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD>
<TR>
</TABLE> Reconciliation of Book Value per
Common Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2009</TD>
<TD VALIGN="top"> Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Perpetual Preferred shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Numerator for book value per share calculation</TD>
<TR>
<TD VALIGN="top"> Less: goodwill and other intangible assets</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Numerator for tangible book value per share</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Denominator</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Book value per common share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share</TD>
<TR>
<TD VALIGN="top">Reconciliation of Book Value</TD>
<TR>
<TR>
<TD VALIGN="top"> Shareholders equity, beginning of quarter</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
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<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="top"> Net unrealized gains (losses), net of tax
<TD VALIGN="top"> Cumulative translation, net of tax</TD>
<TD VALIGN="top"> Dividend declared on common shares</TD>
<TR>
<TD VALIGN="top"> Income tax valuation allowance on the adoption of FSP 115-2 and FAS 124-2</TD>
<TD VALIGN="top"> Preferred shares redeemed</TD>
<TR>
<TD VALIGN="top"> Other </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Net unrealized gain (losses) for June 30, 2009 excludes $267 million of change in unrealized losses, net of tax of $82 million, related to the adopt
124-2. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Other includes proceeds from exercise of stock options, change in minimum pension liability, and stock compensation. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Comprehensive Income</TD>
<TR>
<TR>
</TABLE> Consolidated Statement of
Comprehensive Income 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TR>
<TD VALIGN="top"> Net unrealized appreciation (depreciation) on investments</TD>
<TD VALIGN="top"> Unrealized appreciation (depreciation) on investments 
<TD VALIGN="top"> Reclassification adjustment for net realized gains (losses) included in net income</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Change in cumulative translation adjustments</TD>
SIZE="2">Change in minimum pension liability</TD>
SIZE="2">Income tax (expense) benefit related to other comprehensive income items Other comprehensive income (loss)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Comprehensive income (loss)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Unrealized appreciation on investments for the quarter and year-to-date at June 30, 2009, includes $349 million of losses related to the adoption of
<TR>
<TD ALIGN="left" VALIGN="top">Income tax expense for the quarter and year-to-date includes $82 million related to the adoption of FSP 115-2 and FAS 124-2. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Glossary</TD>
<TR>
</TABLE> Annualized return on ordinary
shareholders equity (ROE): Income excluding net realized gains (losses) less perpetual preferred securities divided by average common shareholders equity for the period. To annualize a quarterly rate multi
STYLE="margin-top:0px;margin-bottom:0px"> Book value per common share: Common shareholders equ
outstanding. Combined Insurance: Combined I
acquired April 1, 2008. Combined ratio: </
loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis. 
STYLE="margin-top:0px;margin-bottom:0px">Effective tax rate: Income tax expense divided by the sum of income tax expense and income excluding net realized gains (losses). </FON
STYLE="margin-top:0px;margin-bottom:0px"> FAS 115: Unrealized gains (losses) on investments and the
included in shareholders equity. G7: 
industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the United States. Life underwriting income: Net premium earned and net investment income less policy benefits, acquisition costs, and administrative expenses. NM: Not meaningful. <
STYLE="margin-top:0px;margin-bottom:0px">Common shareholders equity: Shareholders equity less perpetual preferred shares. Tangible book value per common share: Common shareholders equity less goodwill and other intangible
shares outstanding. Tangible equity: Shareh
goodwill and other intangible assets. Total cap
debt, long-term debt, trust preferreds, perpetual preferred shares, and shareholders equity. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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http://www.sec.gov/Archives/edgar/data/896159/000119312509155805/0001193125-09-1558...

-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<IMG SRC="g79880ex99_1a.jpg" ALT="LOGO"></TD>

<TD VALIGN="top"> <P STYLE="text-indent:8.00em"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor&nbsp;C

<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,102</FONT></TD>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,101</FONT></TD>

SIZE="2">Net premiums written </FONT></P></TD>

SIZE="2">Net premiums earned </FONT></P></TD>

SIZE="2">Losses and loss expenses </FONT></P></TD>

SIZE="2">Policy benefits </FONT></P></TD>

SIZE="2">Policy acquisition costs </FONT></P></TD>

SIZE="2">Administrative expenses </FONT></P></TD>

SIZE="2">Underwriting income </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

Roman" SIZE="2">Insurance - Overseas General </FONT></P></TD>

Roman" SIZE="2">Global Reinsurance </FONT></P></TD>

Roman" SIZE="2">Life </FONT></P></TD>

Roman" SIZE="2"><B>Total </B></FONT></P></TD>

Roman" SIZE="2"><B><U>Net Premiums Written </U></B></FONT></P></TD>

Roman" SIZE="2">Insurance - North American </FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

Roman" SIZE="2">Insurance - Overseas General </FONT></P></TD>

Roman" SIZE="2">Global Reinsurance </FONT></P></TD>

Roman" SIZE="2">Life </FONT></P></TD>

Roman" SIZE="2"><B>Total </B></FONT></P></TD>

Roman" SIZE="2"><B><U>Net Premiums Earned </U></B></FONT></P></TD>

Roman" SIZE="2">Insurance - North American </FONT></P></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,852</FONT></TD>

SIZE="2">Insurance - Overseas General </FONT></P></TD>

SIZE="2">Global Reinsurance </FONT></P></TD>

SIZE="2">Insurance - North American </FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Insurance - North American</FONT></TD>

<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>

<TD HEIGHT="8" COLSPAN="4"></TD>

Roman" SIZE="2">Combined ratio</FONT></P></TD>

Roman" SIZE="2">Annualized ROE*</FONT></P></TD>

Roman" SIZE="2">Annualized ROE, excluding FAS 115*</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>

<IMG SRC="g79880ex99_2.jpg" ALT="LOGO"></P></TD>

solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2Q-09</B></FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>

SIZE="2">Losses and loss expenses</FONT></P></TD>

SIZE="2">Policy acquisition costs</FONT></P></TD>

SIZE="2">Underwriting income excluding life segment</FONT></P></TD>

SIZE="2">Life underwriting income excluding investment income</FONT></P></TD>

SIZE="2">Net investment income</FONT></P></TD>

SIZE="2">Net realized gains (losses)</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)&nbsp;</FONT></TD>

SIZE="2">Other income (expense) </FONT><FONT FACE="Times New Roman" SIZE="1"><SUP

SIZE="2">Income tax expense (benefit)</FONT></P></TD>

<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000"> </P> <P

<TD VALIGN="top"> <P STYLE="text-indent:8.00em"><FONT FACE="Times New Roman" SIZE="2"> Investor C

<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">% </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD></TR>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">) </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">% </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">% </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

SIZE="2">Total shareholders equity, excl. AOCI</FONT></P></TD>

SIZE="2">Total shareholders equity</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">% </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>