2010-07-28 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312510168081/0001193125-10-1680...
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<SEC-DOCUMENT>0001193125-10-168081.txt : 20100728
<SEC-HEADER>0001193125-10-168081.hdr.sgml : 20100728
<ACCEPTANCE-DATETIME>20100728073446
ACCESSION NUMBER:
0001193125-10-168081
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20100727
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20100728
DATE AS OF CHANGE:
20100728
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
V8
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
10972907
BUSINESS ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
BARENGASSE 32
ZURICH CH-8001
V8
00000
441 295 5200
MAIL ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
ACE BUILDING
17 WOODBOURNE AVENUE
HAMILTON HM08
D0
00000
FORMER COMPANY:
FORMER CONFORMED NAME:
DATE OF NAME CHANGE:
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ACE LTD
19930122
 

 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 </FO
FORM 8-K 
Current Report 
Pursuant To Section 13 or 15 (d) of the 
Securities Exchange Act of 1934 &
Date of Report (Date of earliest event reported) July 27, 2010 
 ACE LIMITED 
(Exact name of registrant as specified in its charter) 
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<TD WIDTH="34%"></TD>
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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> </FO
Bärengasse 32 
CH-8001 Zurich, 
Switzerland 
Telephone: +41 (0)43 456 76 00 
(Address of principal executive offices) Not applicable 
(Former name or former address, if changed since last report) 
 Check the appropriate box below if the Form 8-K f
simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 
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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>
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<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>
 
 

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<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>
 On July 27, 2010, ACE Limited issued a pres
second quarter 2010 results and the availability of its second quarter 2010 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are
by reference. 
<TR>
<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>
 
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
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<TD></TD>
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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="right">99.1</TD>
<TD VALIGN="bottom">Press release, dated July 27, 2010, reporting second quarter 2010 results</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="right">99.2</TD>
<TD VALIGN="bottom">Second Quarter 2010 Financial Supplement</TD></TR></TABLE>
SIGNATURES 

 Pursuant to the requirements of the Securities Ex
Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /S/ PHILIP</S
BANCROFT </TD></TR>
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<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, 2010 
EXHIBIT INDEX 
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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></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom">Press release, dated July 27, 2010, reporting second quarter results</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">99.2</TD>
<TD VALIGN="bottom">Second Quarter 2010 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR></TABLE>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
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Exhibit 99.1 
 
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<TD VALIGN="top">
<IMG SRC="g27349ex99_1.jpg" ALT="LOGO">

</TD>
<TD VALIGN="top"> ACE Limited 
Bärengasse 32 
CH-8001 Zurich 
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="bottom">
<IMG SRC="g27349ex99_12.jpg" ALT="LOGO">
</TD></TR></TABLE> FOR IMMEDIATE RELEASE 
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<TD VALIGN="top" ALIGN="right"> Investor Contact:</TD>
<TD VALIGN="top">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="top">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="top">helen.wilson@acegroup.com</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="right"> Media Contact:</TD>
<TD VALIGN="top">Stephen M. Wasdick</TD></TR>
<TR>
<TD VALIGN="top">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="top" NOWRAP>stephen.wasdick@acegroup.com</TD></TR></TABLE> OPERATING INCOME OF $688 MIL
89.7%; OPERATING INCOME PER SHARE GUIDANCE AFFIRMED AT TOP END OF RANGE 
ZURICH, July 27, 2010 ACE Limited (NYSE: ACE) today reported net income for the quarte
of $1.98 per share, compared with $1.58 per share for the same quarter last
year.(1) Income excluding net
$2.01 per share, compared with $2.09 per share for the same quarter last
year.(2Book value increased $774 million during the quarter, up 4% from March 31, 2010. Book value per share now stands at $63.20. Annualized operating return
quarter was
13.8%.(3 The property and casualty (P&C) combined ratio for the quarter was 89.7%. 
Second Quarter Summary 
(in millions, except per share amounts) 
(Unaudited) 
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2010</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
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<TD VALIGN="top"> Net income </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">677</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">27</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom" ALIGN="right">1.98</TD>
<TD NOWRAP VALIGN="bottom"> </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"> </TD>
<TD VALIGN="bottom" ALIGN="right">(11)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD NOWRAP VALIGN="bottom">) </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>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD></TR></TABLE>
Net income for the six months ended June 30, 2010, was $4.21 per share, compared with $3.27 per share
for 2009. For the six months ended June 30, 2010, income excluding net realized gains (losses) was $3.72 per share, compared with $4.08 per share for 2009. Book value increased $1.7 billion, up 9% during the six mont
The P&C combined ratio for the six months ended June 30, 2010, was 91.2%. Six Months S
(in millions, except per share amounts) 
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<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
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<TD VALIGN="bottom" ALIGN="right">1,432</TD>
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<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
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<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>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD></TR></TABLE> E
and Chief Executive Officer of ACE Limited, commented: ACE had an excellent second quarter and first half.&
produced operating income of $688 million and grew book value per share by almost 4%, and 8% year to date. Our operating ROE for the quarter was 13.8%. 
For the industry, this was an active quarter for natural catastrophes in the U.S., and for ACE, our total catastrophe l
from the prior year. I believe our combined ratio of 89.7% speaks to our risk management, balance of operations, overall reserve strength and underlying underwriting performance. 
Slow economic recovery in the major developed economies of the United States, Europe and Japan and competitive global i
total premium growth, and I expect these conditions will be with us for some time. However, we continue to identify and realize opportunities for profitable growth as a result of our on-the-ground local presence glob
specialty-oriented product capability. We are affirming the guidance we provided in January, which was $6.2
operating income, and now expect to be at the top end of the range. Operating highlight
June 30, 2010, were as follows (1):
<TD WIDTH="5%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> Net premiums written were flat and net premiums earned decreased 1%. Excluding the impact of foreign exchange, net premiums
net premiums earned decreased 3%. Adjusting for a large loss portfolio transaction written in 2009 and lower crop written premium than in 2009, the growth rate in constant dollars was 2%. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Total catastrophe losses were $81 million including reinstatement premiums compared with $31 million for the second quarter
catastrophe losses were $62 million compared with $24 million for the second quarter of 2009. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Favorable prior period development pre-tax was $149 million, compared with $158 million in 2009. </TD></TR></TAB
<TR>
<TD ALIGN="left" VALIGN="top"> The P&C combined ratio was 89.7% compared with 87.7% last year. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> P&C underwriting income was $294 million compared with $355 million in 2009. </TD></TR></TABLE>
Page 2/7 

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<TD ALIGN="left" VALIGN="top"> Operating cash flow was $868 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Net loss reserves decreased $286 million. Excluding foreign exchange valuation, net loss reserves decreased $33 million. </
<TR>
<TD ALIGN="left" VALIGN="top"> Net investment income increased 2% to $518 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Annualized operating return on average equity was
13.8%.(3) </TD></TR
<TR>
<TD ALIGN="left" VALIGN="top"> Book value per
share(4) increased 4% from $60.94 at March 31, 2010, to $63.20, and increased 8% from $58.
2009. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Tangible book value per
share(4) increased 5% from $49.48 at March 31, 2010, to $51.88, and increased 11% from $46
2009. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Net realized and unrealized gains after tax from our investment portfolio totaled approximately $426 million. Net realized
accounting related to the guaranteed minimum income benefits (GMIBs) of our life reinsurance business, net of associated hedges, were approximately $160 million due to the increase in fair value liability of the variable
decreases in interest rates and equity markets. </TD></TR></TABLE> Details of our financial results for our busine
the ACE Limited Financial Supplement. Key segment items for the quarter ended June 30, 2010, include: 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written decreased 1%. The combined ratio was 90.3% compared with 90.0%. <
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written increased 3%. Adjusting for the impact of foreign exchange, they decreased
90.9% compared with 89.8%. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written decreased 12%. The combined ratio was 64.7% compared with 48.2%. </TD><
<TR>
<TD ALIGN="left" VALIGN="top"> Life: Net premiums written increased 7%. Operating income increased to $78 million compared with $66 million. </
Please refer to the ACE Limited Financial Supplement dated June 30, 2010, which is posted on the companys website
section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and capital struc
http://media.corporate-ir.net/media_files/irol/10/100907/fin_supp_june 30 2010.xls. ACE will host its seco
conference call and webcast on Wednesday, July 28, 2010, beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 888-428-9507
or 719-325-2192 (international); passcode 6802447. 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
to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 6802447. 
insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its
basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com 
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(</TD>
<TD ALIGN="left" VALIGN="top"> All comparisons are with the same period
specifically stated. </TD></TR></TABLE> 
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> Non-GAAP Financial Measures: <
Operating Income or Income excluding net realized gains (losses), net of tax is a common performance me
companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) and net realiz
in Other income (expense) related to partially-owned entities because the amounts of these gains (losses) do not relate to their respective operations. Underwriting income is calculated by subtracting losses and loss expenses, policy
benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, incl
other income (expense), interest and income tax expense and net realized gains (losses). Life underwriting income includes net investment income. We believe the use of these measures enhances the understanding of our resu
highlighting the underlying profitability of our insurance business. See reconciliation of Non-GAA
26 in the Financial Supplement. 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 ALIGN="left" VALIGN="top"> Calculated using income excluding net rea
by average shareholders equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. To annualize a quarterly rate, multiply by four.
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Book value per common share is shareholde
the shares outstanding. Tangible book value per common share is shareholders equity less goodwill and other intangible assets divided by the shares outstanding. </TD></TR></TABLE>
NM not meaningful comparison 
Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to guidance, economic outlook, insurance marke
performance reflect the companys current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.&nbs
risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the companys forward-looking statements could be affected by competition, pric
the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of
theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of rein
developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements
and other factors identified in the companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of th
made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 
(tables to follow) 
ACE Limited 
Summary Consolidated Balance Sheets 
(in millions of U.S. dollars, except per share data) 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</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">46,515</TD></TR>
<TD VALIGN="top"> Cash </TD>
<TD VALIGN="bottom" ALIGN="right">669</TD></TR>
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<TD VALIGN="top"> Insurance and reinsurance balances receivable </TD>
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<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>
<TR>
<TD VALIGN="top"> Unearned premiums </TD>
<TD VALIGN="top"> Other liabilities </TD>
<TR>
<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>
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<TD VALIGN="bottom" ALIGN="right">58.44</TD></TR></TABLE> 
Summary Consolidated Financial Data 
(in millions of U.S. dollars, except share, per share data, and ratios) 
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<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended June 30 </TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Six Months Ended June 30</TD>
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<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">2010</TD>
<TD VALIGN="top"> Gross premiums written </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Net premiums written </TD>
<TD VALIGN="top"> Net premiums earned </TD>
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<TD VALIGN="top"> Losses and loss expenses</TD>
<TD VALIGN="top"> Policy benefits </TD>
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<TD VALIGN="top"> Policy acquisition costs </TD>
<TD VALIGN="top"> Administrative expenses </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income
<TR>
<TD VALIGN="top"> Net investment income </TD>
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<TD VALIGN="top"> Net realized gains (losses) </TD>
<TD VALIGN="bottom" ALIGN="right">(225</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TD VALIGN="top"> Interest expense </TD>
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<TD VALIGN="top"> Other income (expense) </TD>
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<TD VALIGN="top"> Income tax expense </TD>
<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>
<TR>
<TD VALIGN="top"> Weighted average diluted shares outstanding </TD>
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<TR>
<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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> 
Consolidated Supplemental Segment Information 
(in millions of U.S. dollars) 
<TR>
<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" 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>
<TD VALIGN="top"> Insurance - Overseas General </TD>
<TR>
<TD VALIGN="top"> Global Reinsurance </TD>
<TD VALIGN="top"> Life </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> 
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
13 of 178
Roman" SIZE="2">Net Premiums Written </TD>
Roman" SIZE="2">Insurance - North American </TD>
Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
14 of 178
Roman" SIZE="2">Net Premiums Earned </TD>
Roman" SIZE="2">Insurance - North American </TD>
Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> </TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
15 of 178
SIZE="2">Income Excluding Net Realized Gains (Losses)

bottom:.8ex">(2)Insurance - North American </TD>
SIZE="2">Insurance - Overseas General </TD>
SIZE="2">Global Reinsurance </TD>
SIZE="2">Life </TD>
SIZE="2">Corporate </TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Total </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>SECOND QUARTER 2010 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Second Quarter 2010 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 

<IMG SRC="g27349ex99_1.jpg" ALT="LOGO"> 

<IMG SRC="g27349ex99_21.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top">Investor Contact</TD>
<TR>
<TR>
<TD VALIGN="top"> Helen M. Wilson 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
most recent 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
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in t
example, the companys forward-looking statements, such as statements concerning cash flow, exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss e
the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement
of reinsurance 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 dem
developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which t
undertakes no 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>
<IMG SRC="g27349ex99-2_pg2to33.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom" ALIGN="center"> ACE Limited
Financial Supplement Table of Contents</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> 
<TR>
<TD></TD></TR>
<TR>
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<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>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">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" NOWRAP ALIGN="right">4 - 5</TD></TR>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="bottom">III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
<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>
<TR>
<TR>
<TD VALIGN="bottom">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>
<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="bottom">V.</TD>
<TD VALIGN="bottom">Other Disclosures</TD>
<TR>
<TD VALIGN="bottom">- Non-GAAP Financial Measures</TD>
<TR>
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<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>
<TD VALIGN="bottom" NOWRAP ALIGN="right">29</TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="4">
</TD>
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Financial Highlights</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share, per share data, and ratios)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD ROWSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended June 30</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-10
vs. 2Q-09</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-10 vs. Six months ended June 30</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-10
vs. YTD-09</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change YTD-10
vs. YTD-09 (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD></TR>
<TR>
<TR>
18 of 178
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<TD VALIGN="top"> Gross premiums written</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
<TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
19 of 178
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<TR>
<TD VALIGN="top"> Net investment income</TD>
<TR>
<TD VALIGN="top"> Net income</TD>
<TR>
<TR>
<TR>
20 of 178
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<TD VALIGN="top"> Comprehensive income</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
21 of 178
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<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Annualized ROE*</TD>
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<TR>
<TR>
<TD VALIGN="top"> Annualized ROE on net income</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses)</TD>
<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
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<TD VALIGN="top"> Income excluding net realized gains
(losses)(1)</TD>
<TR>
<TR>
<TD VALIGN="top"> Book value per common share</TD>
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<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>
<TD VALIGN="top"> Debt/total capitalization</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> 
25 of 178
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Prior periods on a constant dollar basis. </TD></TR></TABLE> 
<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>
<TD VALIGN="top">Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR></TABLE>
<TR>
<TR>
</TD>
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center"> (in millions of U.S. dollars)
(Unaudited)</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> ACE
 
<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" ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-10</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2009</TD>
<TD VALIGN="top"> Consolidated Results Excluding Life Segment</TD>
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<TR>
<TR>
<TR>
27 of 178
SIZE="2">Gross premiums written</TD>
SIZE="2">Net premiums written</TD>
SIZE="2">Net premiums earned</TD>
SIZE="2">Losses and loss expenses</TD>
SIZE="2">Policy benefits</TD>
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<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="top"> Policy acquisition costs</TD>
<TR>
<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income excluding Life segment</TD>
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<TR>
<TR>
29 of 178
SIZE="2">Life underwriting income excluding investment income</TD>
SIZE="2">Net investment income</TD>
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Interest expense</TD>
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<TR>
<TD VALIGN="top"> Other income (expense)
<TD VALIGN="top"> Income tax expense</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD VALIGN="top"> Net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses) in other income
(expense) (1)</TD>
<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<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">-1</TD>
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<TR>
<TR>
<TR>
33 of 178
Roman" SIZE="2">Net premiums written constant $</TD>
Roman" SIZE="2">Net premiums earned constant $</TD>
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Combined ratio
(3)</TD>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
34 of 178
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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>
<TD> </TD>
<TD> </TD>
35 of 178
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Expense ratio</TD>
<TD VALIGN="top"> Expense ratio excluding A&H</TD>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)
<TD VALIGN="top"> Reinstatement premiums (expensed) collected</TD>
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<TR>
<TD VALIGN="top"> Catastrophe losses</TD>
<TD VALIGN="top"> Prior period development excluding Life - unfavorable (favorable)
<TR>
<TD VALIGN="top"> Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized investment and derivative losses related to unconsolidated entities. </TD></TR></TABLE>
<TR>
<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>
<TD ALIGN="left" VALIGN="top">For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is includ
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top">Consolidated Results</TD>
<TR>
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<TR>
</TD>
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)</TD>
<TR>
<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">March 31 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</TD></TR>
<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></TR>
<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 VALIGN="top"> Total investments</TD>
<TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="top"> Securities lending collateral</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
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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>
SIZE="2">Total assets</TD>
SIZE="2">Liabilities</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
40 of 178
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>
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>
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<TD VALIGN="top"> Total shareholders equity, excl. AOCI</TD>
<TR>
<TD VALIGN="top"> Accumulated other comprehensive income (AOCI)</TD>
<TD VALIGN="top"> Total shareholders equity</TD>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TD VALIGN="top"> Book value per common share
<TD VALIGN="bottom" ALIGN="right">58.44</TD></TR>
<TR>
<TD VALIGN="top"> Tangible book value per common share
<TD VALIGN="bottom" ALIGN="right">46.76</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">See Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
<TR>
<TR>
</TD>
<TD VALIGN="bottom" ROWSPAN="4" ALIGN="center"> ACE Limited
Consolidated Premiums and Income Excluding
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Net Realized Gains (Losses) by Line of Business
(in millions of U.S. dollars)
<TD ROWSPAN="4" VALIGN="bottom"></TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </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>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">2Q-10</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Total Consolidated</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2Q-10 vs. 2Q-09</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2010</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-10 vs. YTD-09</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Subtotal</TD>
<TD VALIGN="top"> Personal accident (A&H)
<TR>
<TD VALIGN="top"> Life
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Add: Life deposits on investment contracts</TD>
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<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Non-GAAP total net premium written</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Property and all other</TD>
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<TR>
<TD VALIGN="top"> Casualty</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Subtotal</TD>
<TR>
46 of 178
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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>
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<TD VALIGN="top"> Property, casualty, and all other</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
48 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> 
<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><
<TR>
<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>
<TR>
<TD VALIGN="top"> Line of Business</TD>
<TR>
<TR>

</TD>
Consolidated Premiums and Income Excluding
Net Realized Gains (Losses) by Line of Business,
Adjusted for Foreign Exchange
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 2Q-09</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change 2Q-10 vs. 2Q-09
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ YTD 2009
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change YTD-10 vs. YTD-09
49 of 178
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<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
50 of 178
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<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
51 of 178
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<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<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><
<TR>
<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 ALIGN="left" VALIGN="top">Prior periods on a constant dollar basis. </TD></TR></TABLE> 
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<TR>
<TR>
<TD VALIGN="top"> Line of Business 2</TD>
<TR>
<TR>
</TD>
Consolidating Statement of Operations
Three months ended June 30, 2010 and 2009
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </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>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> June 30, 2010</TD>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Policy benefits</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
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<TR>
<TD VALIGN="top"> Interest expense</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>
56 of 178
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<TR>
<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>
57 of 178
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<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> </TD></TR>
<TR>
<TR>
58 of 178
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<TR>
<TR>
59 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
60 of 178
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
61 of 178
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
62 of 178
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<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>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">Segment 2010 Qtr</TD>
<TR>
<TR>
</TD>
Consolidating Statement of Operations
Six months ended June 30, 2010 and 2009
<TR>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
63 of 178
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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>
<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">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
65 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
67 of 178
SIZE="2">Income tax expense (benefit)</TD>
SIZE="2">Net income (loss)</TD>
SIZE="2">Net realized gains (losses) in other income (expense)</TD>
8/15/11 12:00 PM

<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>
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<TD> </TD></TR>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
70 of 178
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<TR>
<TR>
71 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net
<TR>
<TD VALIGN="top"> Tax
72 of 178
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 12:00 PM

<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>
73 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">Segment 2010 YTD</TD>
<TR>
<TR>

</TD>
Segment Results - Consecutive Quarters
<TR>
<TR>
<TR>
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">Full Year 2009</TD>
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<TR>
<TR>
75 of 178
SIZE="2">Policy acquisition costs</TD>
8/15/11 12:00 PM

<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>
<TR>
<TD> </TD>
77 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Tax
78 of 178
income</TD>
realized gains (losses)</TD>
realized gains (losses) in other income (expense)</TD>
expense (benefit) on net realized gains (losses)</TD>
8/15/11 12:00 PM

<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
79 of 178
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
80 of 178
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<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
81 of 178
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<TR>
<TD VALIGN="top"> Prior period development - unfavorable
(favorable) (2) </T
<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
82 of 178
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<TR>
<TR>
<TR>
83 of 178
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
8/15/11 12:00 PM
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is includ
<TR>
<TR>
<TD VALIGN="top">Insurance-North American</TD>
<TR>
<TR>

</TD>
<TR>
<TR>
<TR>
Insurance - Overseas General 
<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>
84 of 178
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<TR>
<TR>
<TR>
85 of 178
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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"> Underwriting income</TD>
86 of 178
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
87 of 178
8/15/11 12:00 PM
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
88 of 178
SIZE="2">Net income</TD>
SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
8/15/11 12:00 PM

<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
89 of 178
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
90 of 178
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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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<TR>
<TR>
<TR>
92 of 178
Roman" SIZE="2">Prior period development - unfavorable (favorable)</TD>
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 as reported</TD>
Roman" SIZE="2">Net premiums earned as reported</TD>
8/15/11 12:00 PM

<TR>
<TR>
93 of 178
Roman" SIZE="2">Net premiums written constant $</TD>
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>
8/15/11 12:00 PM
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TR>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-Overseas General</TD>
<TR>
<TR>
</TD>
<TR>
<TR>
94 of 178
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<TR>
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>
<TR>
95 of 178
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
96 of 178
8/15/11 12:00 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
97 of 178
SIZE="2">Underwriting income</TD>
SIZE="2">Net investment income</TD>
SIZE="2">Other income (expense)</TD>
8/15/11 12:00 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
98 of 178
SIZE="2">Income tax expense</TD>
SIZE="2">Net income</TD>
8/15/11 12:00 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains
(losses) (1)</
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
99 of 178
8/15/11 12:00 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
100 of 178
Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
8/15/11 12:00 PM

<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
101 of 178
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<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TR>
<TR>
102 of 178
8/15/11 12:00 PM
<TR>
<TR>
<TR>
103 of 178
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
8/15/11 12:00 PM

<TR>
<TR>
<TR>
<TD VALIGN="top">Global Reinsurance</TD>
<TR>
<TR>
</TD>
<TR>
<TR>
<TR>
Life 
<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"> Gross premiums
written (1)</TD>
104 of 178
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<TR>
<TR>
105 of 178
SIZE="2">Policy benefits</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Life underwriting income
<TR>
<TR>
<TR>
107 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
108 of 178
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<TR>
<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
109 of 178
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<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TD VALIGN="top"> Deposits collected on universal life and investment
contracts (1)</TD>
<TR>
<TD VALIGN="top"> Fees on universal life and investment contracts
<TR>
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<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. Fees
investment contracts are revenue for GAAP and have been classified as gross premiums written. </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></TA
<TR>
<TR>
<TR>
<TD VALIGN="top">Life</TD>
<TR>
<TR>

</TD>
Segment Results - Life Reinsurance
<TR>
<TR>
<TR>
Variable Annuity (VA) Lines 
Historical Cash Flow Summary by Quarter &
Death Benefits (GMDB) 
<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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Premium</TD>
<TR>
<TD VALIGN="top"> Less paid claims</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net</TD>
112 of 178
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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" COLSPAN="32">Living Benefits (Includes GMIB and GMAB)</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TR>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
113 of 178
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<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Total VA Guaranteed Benefits</TD>
114 of 178
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<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
115 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> Amounts represent ac
and claims paid by quarter, split by benefit type. Premiums and cla
reinsuring Guaranteed Minimum Death Benefits (GMDB). 
Living Benefits (Includes GMIB and GMAB) 
Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation
collectively known as Living Benefits. 
<TR>
<TR>
<TD VALIGN="top"> Variable Annuity</TD>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
</TD>
Loss Reserve Rollforward
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
116 of 178
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<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">Unpaid Losses</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Paid
to Incurred Ratio</TD></TR>
<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, 2008</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,176</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(2,504</TD>
<TD VALIGN="bottom" ALIGN="center">96%</TD></TR>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance at March 31, 2009</TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
118 of 178
SIZE="2">Losses and loss expenses paid</TD>
SIZE="2">Other (incl. foreign exch. revaluation)</TD>
SIZE="2">Balance at June 30, 2009</TD>
SIZE="2">Losses and loss expenses incurred</TD>
SIZE="2">Balance at September 30, 2009</TD>
8/15/11 12:00 PM

<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
119 of 178
SIZE="2">Balance at December 31, 2009</TD>
8/15/11 12:00 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance at March 31, 2010</TD>
<TR>
<TR>
<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 VALIGN="top"> Balance at June 30, 2010</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Add net recoverable on paid losses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance including net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top">Loss Reserve Rollforward</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Reinsurance Recoverable Analysis
<TD VALIGN="bottom"></TD></TR></TABLE> Net
Division 
<TR>
<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">December 31 2009</TD>
<TD VALIGN="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
122 of 178
SIZE="2">Brandywine</TD>
SIZE="2">Westchester Run-off</TD>
SIZE="2">Other Run-off</TD>
SIZE="2">Total</TD>
SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
SIZE="2">Active operations</TD>
8/15/11 12:00 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
123 of 178
SIZE="2">Gross reinsurance recoverable</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
124 of 178
SIZE="2">Provision for uncollectible reinsurance</TD>
SIZE="2">Net reinsurance recoverable</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>

<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Investment Portfolio
<TR>
<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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 March 31 <
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 Market Value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Asset Alloc ation by Market Value</TD>
<TD VALIGN="top"> Treasury</TD>
<TR>
<TD VALIGN="top"> Agency</TD>
<TD VALIGN="top"> Corporate and asset-backed</TD>
<TR>
<TD VALIGN="top"> Mortgage-backed</TD>
127 of 178
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<TD VALIGN="top"> Municipal</TD>
<TR>
<TD VALIGN="top"> Non-U.S.</TD>
<TD VALIGN="top"> Short-term investments</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></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="21"> Note: Insured municipal bonds represent $746 million, or 35% of our municipal bond holdi
128 of 178
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<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>
130 of 178
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
131 of 178
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>
8/15/11 12:00 PM

<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">3.6 years</TD>
<TD VALIGN="top"> Avg. market yield of fixed maturities (1)</TD>
<TR>
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="top"> Avg. yield on invested assets (2)</TD>
132 of 178
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<TR>
<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></T
<TR>
<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. </FO
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
<TR>
<TR>

</TD>
Investment Portfolio - 2
<TD VALIGN="bottom"></TD></TR></TABLE> Mort
Portfolio Market Value at June 30, 2010 
<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="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>
<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>
134 of 178
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<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR></TABLE> 
Mortgage-backed securities total $11.9 billion, are rated predominantly AAA and comprise 25% of the fixed income portfo
mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage-backed securities is AAA. 
 Securities issued by Federal agencies with
government guarantees total $9.1 billion and represent 87% of the residential mortgage-backed portfolio. 
Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 240,0
portfolios loan-to-value ratio is approximately 70% with an average FICO score of 730. With this conservative loan-to-value ratio and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have
estate values would have to fall 19% from their current levels before principal is impaired. The current foreclosure rate of ACEs non-agency RMBS portfolio is 9%. Commercial mortgage-backed securities of $1.5 billion are rated predominantly AAA, broadly diversified with
seasoned with 85% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 66% with a debt service coverage ratio in excess of 1.7 and weighted average subordinated collateral of 33%. The cumu
would have to rise to 41% and commercial real estate values would have to fall more than 10% from their current levels before principal is impaired. The current foreclosure rate of the portfolio is about 2%. 
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Mort
Portfolio Amortized Cost at June 30, 2010 
135 of 178
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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></TR>
<TR>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
<TD VALIGN="top"> GNMA</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
136 of 178
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<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
137 of 178
8/15/11 12:00 PM
<TD
<TD
<TD
<TD
<TD
<TR
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
<TD
VALIGN="bottom">$</TD>

VALIGN="bottom" ALIGN="right">995</TD>
VALIGN="bottom"> </TD>
VALIGN="bottom">$</TD>
VALIGN="bottom" ALIGN="right">11,682</TD></TR>
STYLE="font-size:1px">
VALIGN="bottom"></TD>
VALIGN="bottom"> </TD>
VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR></TABLE> 

<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> U.S.
and Asset-backed Fixed Income Portfolios Market Value at June 30, 2010 
<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"> Asset-backed</TD>
<TR>
<TD VALIGN="top"> Banks</TD>
<TD VALIGN="top"> Basic Materials</TD>
138 of 178
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<TR>
<TD VALIGN="top"> Communications</TD>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TR>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
<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>
139 of 178
8/15/11 12:00 PM

<TR>
<TD VALIGN="top"> Total</TD>
U.S. Investment Grade Corporate Fixed Income Portfolio The average credit quality of ACEs US investment grade bond portfolio is very high at AA. 
 ACE prohibits investments in complex structured s
and over-the-counter derivatives and does not permit the use of portfolio leverage. 
Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA
portfolio) and are monitored on a daily basis by ACE via an internal compliance system. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Belo
and Asset-backed Fixed Income Portfolios Market Value at June 30, 2010 
<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"> Asset-backed</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD></TR>
<TR>
<TD VALIGN="top"> Basic Materials</TD>
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<TD VALIGN="top"> Communications</TD>
<TR>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
<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>
141 of 178
8/15/11 12:00 PM

<TD VALIGN="top"> Total</TD>
Below Investment Grade Corporate Fixed Income Portfolio ACE manages high yield bonds as a distinct and separate asset class from investment grade bonds. ACEs allocation to high
set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. 
Five external investment managers are responsible for high yield security selection and portfolio construction. 
 ACEs high yield managers have a conservativ
selection and very low historical default experience. <FONT STYLE="font-family:Times New
holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation. The portfolio comprises over 500 issuers with our largest current issuer exposure at $78 m
position limits on a daily basis through an internal compliance system. 
Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Non Market Value at June 30, 2010 
<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"> United Kingdom</TD>
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<TR>
<TD VALIGN="top"> Canada</TD>
<TD VALIGN="top"> Germany</TD>
<TR>
<TD VALIGN="top"> Japan</TD>
<TD VALIGN="top"> France</TD>
<TR>
<TD VALIGN="top"> Province of Ontario</TD>
<TD VALIGN="top"> Brazil</TD>
<TR>
<TD VALIGN="top"> Province of Quebec</TD>
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<TD VALIGN="top"> Switzerland</TD>
<TR>
<TD VALIGN="top"> State of Queensland</TD>
<TD VALIGN="top"> United Mexican States</TD>
<TR>
<TD VALIGN="top"> Republic of Korea</TD>
<TD VALIGN="top"> Thailand</TD>
<TR>
<TD VALIGN="top"> Australia</TD>
<TD VALIGN="top"> State of New South Wales</TD>
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<TR>
<TD VALIGN="top"> Taiwan</TD>
<TD VALIGN="top"> Austria</TD>
<TR>
<TD VALIGN="top"> New Zealand</TD>
<TD VALIGN="top"> State of Victoria</TD>
<TR>
<TD VALIGN="top"> Netherlands</TD>
<TD VALIGN="top"> Peoples Republic of China</TD>
<TR>
<TD VALIGN="top"> Qatar</TD>
<TD VALIGN="top"> Province of Manitoba</TD>
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<TR>
<TD VALIGN="top"> Province of British Columbia</TD>
<TD VALIGN="top"> State of Western Australia</TD>
<TR>
<TD VALIGN="top"> Other Non-U.S. Government</TD>
<TD VALIGN="top"> Non-U.S. Government Securities</TD>
<TR>
<TD VALIGN="top"> Non-U.S. Corporate</TD>
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Non-U.S. Fixed Income Portfolio ACEs non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of ACEs
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 53% of holdings are rated AAA or guaranteed
quasi-government agencies. Corporate
diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Inve
 Top 25 Exposures - Fixed Maturity Investments 
<TR>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> June 30, 2010</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="right">AA+</TD></TR>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="bottom" ALIGN="right">A+</TD></TR>
<TD VALIGN="top"> Bank of America Corp</TD>
<TD VALIGN="bottom" ALIGN="right">A</TD></TR>
<TR>
<TD VALIGN="top"> Verizon Communications Inc</TD>
<TD VALIGN="top"> Wells Fargo & Co</TD>
<TD VALIGN="bottom" ALIGN="right">AA-</TD></TR>
<TR>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="top"> Goldman Sachs Group Inc/The</TD>
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<TR>
<TD VALIGN="top"> Morgan Stanley</TD>
<TD VALIGN="top"> AT&T INC</TD>
<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
<TD VALIGN="top"> Credit Suisse Group</TD>
<TR>
<TD VALIGN="top"> Barclays PLC</TD>
<TD VALIGN="top"> Comcast Corp</TD>
<TD VALIGN="bottom" ALIGN="right">BBB+</TD></TR>
<TR>
<TD VALIGN="top"> Kraft Foods Inc</TD>
<TD VALIGN="bottom" ALIGN="right">BBB</TD></TR>
<TD VALIGN="top"> Lloyds Banking Group Plc</TD>
<TR>
<TD VALIGN="top"> ConocoPhillips</TD>
<TD VALIGN="top"> Time Warner Cable Inc</TD>
<TR>
<TD VALIGN="top"> UBS AG</TD>
<TD VALIGN="top"> American Express Co</TD>
<TR>
<TD VALIGN="top"> Exxon Mobil Corp</TD>
<TD VALIGN="bottom" ALIGN="right">AAA</TD></TR>
<TD VALIGN="top"> Pfizer Inc</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD></TR>
<TR>
<TD VALIGN="top"> Anheuser-Busch InBev NV</TD>
<TD VALIGN="top"> Telecom Italia SpA</TD>
<TR>
<TD VALIGN="top"> Roche Holding AG</TD>
<TD VALIGN="top"> Dominion Resources Inc/VA</TD>
<TD VALIGN="bottom" ALIGN="right">A-</TD></TR></TABLE> 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">
</TD>
<TD VALIGN="bottom" ALIGN="center"> ACE Limited

SIZE="2">Net Realized and Unrealized Gains (Losses)
SIZE="2">(in millions of U.S. dollars)
SIZE="2">(Unaudited)</TD>
8/15/11 12:00 PM

<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, 2010</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Six months ended June 30, 2010</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) (1)</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 Impact</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net
Unrealized Gains (Losses)</TD>
<TD VALIGN="top"> Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned entities
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter of $18 million include $5 million for fixed maturities and $13 million for other investment
other-than-temporary impairments of $36 million include $23 million for fixed maturities, and $13 million for other investments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Includes $158 million of realized losses on the life reinsurance operations for the quarter which is comprised of a $301 million loss on gua
benefit derivatives and $143 million of gains on 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 entities that meet the requirements for equity accounting. The net income or l
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">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 Unrealized Gains </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains </TD>
<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 VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions
153 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned entities
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter of $114 million include $90 million for fixed maturities, $1 million for equities and $23 m
investments. Year to date other-than-temporary impairments of $306 million include $178 million for fixed maturities, $26 million for equities and $102 million 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 OTTI standard. </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Includes $103 million of realized gains on the life reinsurance operations which is comprised of a $284 million gain on guaranteed minimum i
offset by $181 million of losses on 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
in other income (expense). </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Capital Structure
<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>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
156 of 178
SIZE="2">Total debt</TD>
SIZE="2">Total trust preferred securities</TD>
SIZE="2">Total shareholders equity</TD>
SIZE="2">Total capitalization</TD>
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<TR>
<TD VALIGN="top"> Tangible capital
<TR>
<TR>
<TD VALIGN="top"> Leverage ratios</TD>
<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible capital</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ tangible capital</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Tangible capital is equal to total capitalization less goodwill and other intangible assets. </TD></TR></TABLE>
<TR>
<TR>
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<TD VALIGN="top"> Capital Structure</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Debt, Trust Preferred, and Credit Facilities
<TD VALIGN="bottom"></TD></TR></TABLE> June
 
<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 Debt and Trust Preferred</TD>
<TR>
<TD VALIGN="top"> ACE European Holdings No2 Limited Term Loan</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">5.25</TD>
<TD VALIGN="bottom">December 13, 2010</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.04</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%(1)
</TD>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">1.18</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%(2)
</TD>
<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>
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<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>
<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"> Date</TD></TR>
<TD VALIGN="top"> Credit Facilities</TD>
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<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>
<TR>
<TD ALIGN="left" VALIGN="top">This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 3.50 percent. In order to economically fix the i
entered into a swap transaction that fixes the rate at 5.61 percent. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 0.65 percent. In order to economically fix the i
enteredinto a swap transaction that fixes the rate at 4.15 percent </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Capital Structure 2</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
<TR>
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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></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="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">SIx months ended June 30</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Income to common shares, excl. net realized gains (losses)
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of common shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Rollforward of Common Shares Outstanding</TD>
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<TR>
<TD VALIGN="top"> Shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">338,610,718</TD>
<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TR>
<TD VALIGN="top"> Shares (cancelled) granted</TD>
<TD VALIGN="top"> Issued for option exercises</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Shares - end of period</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Denominator</TD>
<TR>
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<TD VALIGN="top"> Weighted average shares outstanding</TD>
<TD VALIGN="top"> Effect of other dilutive securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Adj. wtd. avg. shares outstanding and assumed conversions</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Basic earnings per share</TD>
<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Earnings per share</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Non-GAAP Financial Measures
<TD VALIGN="bottom"></TD></TR></TABLE> Regu
Financial Measures <FONT STYLE="font-family:Times New Roman" SI
results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations. How
viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP). A reconciliation of book value per common share is provided on the next page. 
 In presenting our segment operat
our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums
results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains
 The following non-GAAP measure i
measurement and is defined as income excluding net realized gains (losses) and the related tax expense (benefit). We believe this presentation enhances the understanding of our results of operations by highlighting the un
our insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily i
in part according to, the availability of market opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. 
<TR>
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<TD></TD></TR>
<TR>
<TD VALIGN="top"> Net income, as reported</TD>
<TR>
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<TD VALIGN="top"> Net realized gains (losses) in other income (expense)
<TR>
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
166 of 178
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Realized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Book Value and Book Value per Common Share
(in millions of U.S. dollars, except share and per share data)
<TD VALIGN="bottom"></TD></TR></TABLE> Reco
Common Share 
<TR>
<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">March 31 <
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Less: goodwill and other intangible assets</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
168 of 178
SIZE="2">Numerator for tangible book value per share</TD>
SIZE="2">Denominator</TD>
SIZE="2">Book value per common share</TD>
SIZE="2">Tangible book value per common share</TD>
SIZE="2">Reconciliation of Book Value</TD>
8/15/11 12:00 PM
<TR>
<TD VALIGN="top"> Shareholders equity, beginning of quarter</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="top"> Net unrealized gains (losses), net of tax</TD>
<TR>
<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 OTTI standard</TD>
<TD VALIGN="top"> Pension liability</TD>
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<TR>
<TD VALIGN="top">
Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other includes proceeds from exercise of stock options and stock compensation. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Comprehensive Income
<TD VALIGN="bottom"></TD></TR></TABLE> Cons
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>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2010
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2009
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 
<TR>
<TD VALIGN="top"> Net unrealized appreciation (depreciation) on investments</TD>
<TD VALIGN="top"> Unrealized appreciation (depreciation) on investments
<TR>
<TD VALIGN="top"> Reclassification adjustment for net realized (gains) losses included in net income</TD>
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<TD VALIGN="top"> Change in cumulative translation adjustments</TD>
<TR>
<TD VALIGN="top"> Change in minimum pension liability</TD>
<TD VALIGN="top"> Income tax (expense) benefit related to other comprehensive income items
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Other comprehensive income</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TR>
<TD ALIGN="left" VALIGN="top">Unrealized appreciation on investments for the full year 2009 includes $305 million of losses related to the adoption of certain provisions
to other-than-temporary impairments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Income tax expense for the full year 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to o
impairments. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Glossary</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Annuali
shareholders equity (ROE): Income excluding net realized gains (losses) divided by average shareholders equity for the period excluding unrealized gains (losses) on investments and the deferred tax compone
shareholders equity. To annualize a quarterly rate multiply by four. 
Book value per common share: Shareholders equity divided by the shares outstanding. 
 Combined Insurance: Combined Insurance Com
April 1, 2008. Combined ratio
and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis. 
Effective tax rate: Income tax expense divided by the sum of income tax expense and income excluding net realized gains
 Topic 320: Unrealized gains (losses) on in
tax component included in shareholders equity. 
Life underwriting income: Net premiums earned and net investment income less policy benefits, acquisition costs, and ad
 NM: Not meaningful. Tangible book value per common share: Shar
goodwill and other intangible assets divided by the shares outstanding. 
Tangible capital: Total capitalization less goodwill and other intangible assets. 
 Total capitalization: Short-term debt, lon
preferreds, and shareholders equity. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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http://www.sec.gov/Archives/edgar/data/896159/000119312510168081/0001193125-10-1680...

-----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>

<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%">

<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P>

<IMG SRC="g27349ex99_1.jpg" ALT="LOGO">

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

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</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"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">177</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">337.5</FONT></TD>

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

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

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,460</FONT></TD>

SIZE="2"><B><U>Income Excluding Net Realized Gains (Losses)

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

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

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

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

<TD HEIGHT="8" COLSPAN="3"></TD>

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

<TD HEIGHT="8" COLSPAN="3"></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.8</FONT></TD>

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

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

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

SIZE="2">Gross premiums written</FONT></P></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>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></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 STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">-5</FONT></TD>

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

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

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

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>

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

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

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

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family: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"><FONT SIZE="1"> </FONT></TD>

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

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </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 SIZE="1"> </FONT></TD>

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

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>