2011-02-02 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312511022048/0001193125-11-02204...
<SEC-DOCUMENT>0001193125-11-022048.txt : 20110202
<SEC-HEADER>0001193125-11-022048.hdr.sgml : 20110202
<ACCEPTANCE-DATETIME>20110202172837
ACCESSION NUMBER:
0001193125-11-022048
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20110202
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20110202
DATE AS OF CHANGE:
20110202
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
11567632
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 COMMIS
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) February 2, 2011 
ACE LIMITED 
(Exact name of registrant as specified in its charter) 
 
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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 (
 (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): &nbs
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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>
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<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 February 2, 2011, ACE Limited issued a press release reporting its fourth quarter 2010 results and the availability of
financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference. 
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Item 9.01.</TD>
<TD ALIGN="left" VALIGN="top">Financial Statements, Pro Forma Financial Information and Exhibits. </TD></TR></TABLE>
 
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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 VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
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<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> </TD>
<TD VALIGN="top" ALIGN="right">99.1</TD>
<TD NOWRAP VALIGN="top"> </TD>
<TD VALIGN="bottom">Press release, dated February 2, 2011, reporting fourth quarter 2010 results</TD></TR>
<TR>
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<TD VALIGN="top" ALIGN="right">99.2</TD>
<TD VALIGN="bottom">Fourth 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>
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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: February 2, 2011 
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<
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<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom">Press release, dated February 2, 2011, reporting fourth quarter results</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">99.2</TD>
<TD VALIGN="bottom">Fourth Quarter 2010 Financial Supplement</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR></TABLE>
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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE
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Exhibit 99.1 

<IMG SRC="g145888ex99_01g.jpg" ALT="LOGO"> 
 
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<TD VALIGN="bottom">ACE Limited</TD>
<TD VALIGN="bottom">+41 (0)43 456 76 00 main</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"> </TD>
<TD ROWSPAN="4" VALIGN="bottom"> </FO
<TD ROWSPAN="4" VALIGN="bottom">News Re
<TD ROWSPAN="4" NOWRAP VALIGN="bottom"> 
 </TD></TR>
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<TD VALIGN="top">Bärengasse 32</TD>
<TD VALIGN="bottom">+41 (0)43 456 76 01 fax</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
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<TD VALIGN="top">CH-8001 Zurich</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="top">Switzerland</TD>
<TD VALIGN="bottom">www.acelimited.com</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR></TABLE> 
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<TD></TD></TR>
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<TD VALIGN="bottom">Investor Contact:</TD>
<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
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<TD VALIGN="bottom">(441) 299-9283</TD></TR>
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<TD VALIGN="bottom">helen.wilson@acegroup.com</TD></TR>
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<TD VALIGN="bottom">Media Contact:</TD>
<TD VALIGN="bottom">Stephen M. Wasdick</TD></TR>
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<TD VALIGN="bottom">(212) 827-4444</TD></TR>
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<TD VALIGN="bottom">stephen.wasdick@acegroup.com</TD></TR></TABLE> OPERATING INCOME OF $702 MILLIO
90.3%; BOOK VALUE UP 17% FOR THE YEAR, TANGIBLE BOOK VALUE UP 16%; 
2010 OPERATING RETURN ON EQUITY OF 13.1% ZURICH, February 2, 2011 ACE Limited (NYSE: ACE) today reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2
quarter last year.(1) Income e
(losses) was $2.05 per share, compared with $2.01 per share for the same quarter last year.(</
STYLE="font-family:Times New Roman" SIZE="2">2) Book value increased $129 million during
share was up 2% from September 30, 2010, and tangible book value per share decreased 2% in the quarter due to the Rain and Hail transaction. Book value and tangible book value per share now stand at $68.59 and $54.63
operating return on average equity for the quarter was 13.2%.(3) The property and casualty (P&C) combi
was 90.3%. Fourth Quarter Summary (in millions, except per share amounts) (Una
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
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<TD VALIGN="top"> Net income </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,001</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">953</TD>
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<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom" ALIGN="right">2.92</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
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<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (2)</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR></TABLE>
Net income for the year ended December 31, 2010, was $9.11 per share, compared with $7.55 per share for
2009. For the year ended December 31, 2010, income excluding net realized gains (losses) was $7.79 per share, compared with $8.17 per share for 2009. Book value increased $3.3 billion, up 17% during the year ended De
tangible book value increased $2.6 billion, up 16%. Annualized operating return on equity for the year was 13.1%. The P&C combined ratio for the year ended December 31, 2010, was 90.2%. 
Full Year Summary (in millions, except per share amounts) (Una
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">(Per Share - Diluted)</TD>
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<TD VALIGN="top"> Net income </TD>
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<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
<TD VALIGN="bottom" ALIGN="right">(210</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom" ALIGN="right">(0.62</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (2)</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD NOWRAP VALIGN="bottom">)% </TD></TR></TABLE> Evan G. Green
Executive Officer of ACE Limited, commented: ACE had a very good fourth quarter and a strong finish to an excellent year, both financially and operationally. During the year, we made important strides to better
the future. Our after-tax operating income for the year was nearly $2.7 billion, with strong contributions f
investment income, and our book value continued its track record of growth, closing up 17% for the year. Over the last five years, we have grown our per-share book and tangible book value at a compound annual rate of 14.5
respectively. Our P&C combined ratio for 2010 was 90.2%, which speaks to our strong underwriting culture and cycle management. I believe these standout financial results, which produced an operating return o
demonstrate the power of our well-diversified global balance of businesses. During the year we added to our
increased the rigor of our underwriting discipline and completed a number of acquisitions that will pay us dividends immediately and, more importantly, over the longer-term. During the quarter, S&P upgraded the financ
core operating insurance companies to AA-, acknowledging the strength of our balance sheet and our distinct global franchise. Without a doubt, we ended the year stronger and better positioned to capitalize upon oppor
 While the operating environment remains challenging, both economically and competitively, we are optimistic
ability to continue delivering superior results. Operating highlights for the quarter e
were as follows (1): </
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<TD ALIGN="left" VALIGN="top"> Net premiums written and earned increased 4% and 5%, respectively. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Total pre-tax catastrophe losses including reinstatement premiums were $50 million, of which approximately $30 million rela
Australian floods. This compares with $23 million of pre-tax catastrophe losses for the fourth quarter of 2009. For the year, total pre-tax catastrophe losses including reinstatement premiums were $401 million compared wi
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> There were several items in the quarter that had somewhat of an offsetting effect one related to the prior period an
current accident year. Favorable prior period development pre-tax was $57 million, compared with $147 million in 2009, and included a reserve charge for our run-off business of $89 million, of which $45 million was a
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pre-tax addition to asbestos and environmental reserves. The current accident year benefited from a crop insurance adjustment of $32 million pre-tax and certain one-time premium-related
adjustments totaling $80 million. Excluding these items, the current accident year combined ratio was flat compared with prior year. Line by line, the P&C loss ratio is up as would be expected, however, the compa
changing from higher loss ratio lines to lower loss ratio business. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> The P&C combined ratio was 90.3% compared with 89.6% last year. The P&C combined ratio for the year was 90.2% compa
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<TD ALIGN="left" VALIGN="top"> P&C underwriting income was $310 million compared with $313 million in 2009. For the year, P&C underwriting income
with $1.4 billion in 2009. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Operating cash flow was $771 million for the quarter and $3.5 billion for the year. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Net loss reserves increased $253 million. For the year, net loss reserves increased $332 million. </TD></TR></TA
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<TD ALIGN="left" VALIGN="top"> Net investment income increased 4% to $532 million. For the year, net investment income increased 2% to approximately $2.1
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<TD ALIGN="left" VALIGN="top"> Annualized operating return on average equity was 13.2% for the quarter and 13.1% for the
year.(3) </TD></TR>
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<TD ALIGN="left" VALIGN="top"> Book value per
share(4) increased 2% from $67.34 at September&nbs
increased 17% from $58.44 at December 31, 2009. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Tangible book value per share(4) decreased 2% from $55.83 at September 30, 2010, to $54.63, and increased 17% from $46.
2009. Adjusting for acquisitions, principally Rain and Hail, the tangible book value per share increased 1.5% for the quarter and 21% for the year. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Net realized and unrealized losses after tax from our investment portfolio totaled approximately $310 million. <
Details of our financial results for our business segments are available in the ACE Limited Financial Supplement. Key segment
December 31, 2010, include: 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written increased 7%. The combined ratio was 90.1% compared with 89.5%. <
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written remained flat. Adjusting for the impact of foreign exchange, they increase
unchanged at 90.3%. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written decreased 1%. The combined ratio was 71.7% compared with 67.1%. </TD></
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<TD ALIGN="left" VALIGN="top"> Life: Life revenues increased 5%. Operating income was $78 million compared with $90 million. </TD></TR></TABLE>
The company also issued 2011 guidance. Operating income is expected to range between $6.10 and $6.50 per share. Catastrophe l
estimate are $370 million pre-tax ($300 million after-tax). The operating income projections included in this guidance are for current accident year results only and by definition do not include any estimate for prior per
2010, the comparable operating income per share excluding prior period reserve development and including $0.99 of after-tax catastrophe losses was $6.48. Please refer to the ACE Limited Financial Supplement dated December 31, 2010, which is posted on the companys website in the Investor Information section, and
for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and capital structure. ACE will host its fourth quarter earnings conference call and webcast on Thursday, February 3, 2011, beginning at 8:30 a.m. ET. The earnings conference call will be availa
webcast at www.acegroup.com or by dialing 888-318-7470 (within the United States) or 719-325-2392 (international); passcode 7918119. Please refer to the ACE Limited website in the Investor Information section under
details. A replay of the call will be available for approximately one month. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 7918119. 
 

Celebrating 25 years of 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), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at:
 
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</S
STYLE="font-family:Times New Roman" SIZE="2"></TD>
<TD ALIGN="left" VALIGN="top"> All comparisons are with the same period last year unless specifically s
</TD></TR></TABLE>
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STYLE="font-family:Times New Roman" SIZE="2"></TD>
<TD ALIGN="left" VALIGN="top"> Non-GAA
</TD></TR></TABLE> Operating Income or Income excluding net realized gains (losses), net of tax is a
measurement for insurance 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 gai
gains (losses) included 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
and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and net realized gains (losses)
includes net investment income. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. 
See reconciliation of Non-GAAP Financial Measures on page 26 in the financial supplement. These measures should not be viewed
income determined in accordance with generally accepted accounting principles (GAAP). 
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<TD ALIGN="left" VALIGN="top"> Calcula
net realized gains (losses) divided by average shareholders equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. To annualize
by four. </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"> <FONT STYLE="font-family:Times New
per common share is shareholders equity divided by the shares outstanding. Tangible book value per common share is shareholders equity less goodwill and other intangible assets divided by the shares outstandin
</TD></TR></TABLE> NM not meaningful comparison <FO
STYLE="font-family:Times New Roman" SIZE="2">Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to company performance and guidance, recent co
acquisitions, ACEs products and product mix, economic outlook and insurance market conditions, reflect the companys current views with respect to future events and financial performance and are made pursuant t
of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example
forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, unc
or settlement process, integration activities and performance of acquired companies, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developmen
developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic,
insurance and reinsurance business conditions, as well as managements response to these factors, and other factors identified in the companys filings with the Securities and Exchange Commission. Readers a
undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether a
information, future events or otherwise. (tables to follow) 

ACE Limited Summary Consolidated Balance Sheets (in mill
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per share data) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2010 </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</TD>
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<TD VALIGN="top"> Assets </TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> Investments </TD>
<TD VALIGN="top"> Cash </TD>
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<TD VALIGN="top"> Insurance and reinsurance balances receivable </TD>
<TD VALIGN="top"> Reinsurance recoverable on losses and loss expenses </TD>
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<TD VALIGN="top"> Other assets </TD>
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<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>
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<TD VALIGN="top"> Total assets </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
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<TD VALIGN="top"> Liabilities </TD>
<TD VALIGN="top"> Unpaid losses and loss expenses </TD>
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<TD VALIGN="top"> Unearned premiums </TD>
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<TD VALIGN="top"> Other liabilities </TD>
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<TD VALIGN="top"> Total liabilities </TD>
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<TD VALIGN="top"> Shareholders equity </TD>
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<TD VALIGN="top"> Total shareholders equity </TD>
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<TD VALIGN="top"> Total liabilities and shareholders equity </TD>
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<TD VALIGN="top"> Book value per common share (4) </TD>
<TD VALIGN="bottom" ALIGN="right">68.59 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR></TABLE>

STYLE="font-family:Times New Roman" SIZE="2">Summary Consolidated Financial Data (in mill
share, per share data, and ratios) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three Months Ended December 31 </TD>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Year Ended December 31</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2010 </TD>
<TR>
<TD VALIGN="top"> Gross premiums written </TD>
<TR>
<TR>
<TD VALIGN="top"> Net premiums written </TD>
<TR>
<TD VALIGN="top"> Net premiums earned </TD>
<TR>
<TD VALIGN="top"> Losses and loss expenses </TD>
<TD VALIGN="top"> Policy benefits </TD>
<TR>
<TD VALIGN="top"> Policy acquisition costs </TD>
<TD VALIGN="top"> Administrative expenses </TD>
9 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> (2)
<TR>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">(10)</TD>
<TD VALIGN="bottom" ALIGN="right">(41)</TD>
10 of 202
SIZE="2">Underwriting income </TD>
SIZE="2">Net investment income </TD>
SIZE="2">Net realized gains (losses) </TD>
SIZE="2">Interest expense </TD>
SIZE="2">Other income (expense) </TD>
SIZE="2">Income tax expense </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">342.6 </TD>
<TR>
11 of 202
SIZE="2">Net income available to holders of common shares </TD>
SIZE="2">Diluted earnings per share: </TD>
SIZE="2">Income excluding net realized gains (losses) Net income </TD>
SIZE="2">Weighted average diluted shares outstanding </TD>
8/15/11 12:06 PM
<TD VALIGN="top"> Loss and loss expense ratio </TD>
<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>

STYLE="font-family:Times New Roman" SIZE="2">Consolidated Supplemental Segment Information <
dollars) (Unaudited) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three Months Ended December 31</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Year Ended December 31</TD>
<TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2010 </TD>
<TR>
<TD VALIGN="top"> Gross Premiums Written </TD>
<TR>
<TR>
<TD VALIGN="top"> Insurance - North American </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,256</TD>
<TD VALIGN="top"> Insurance - Overseas General </TD>
<TR>
<TD VALIGN="top"> Global Reinsurance </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146</TD>
<TD VALIGN="top"> Life </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total </TD>
13 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
14 of 202
SIZE="2">Net Premiums Written </TD>
SIZE="2">Insurance - North American </TD>
SIZE="2">Insurance - Overseas General </TD>
SIZE="2">Global Reinsurance </TD>
SIZE="2">Life </TD>
SIZE="2">Total </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
15 of 202
SIZE="2">Net Premiums Earned </TD>
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<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
16 of 202
SIZE="2">Total </TD>
SIZE="2">Income Excluding Net Realized Gains (Losses) </TD>
SIZE="2">Corporate </TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">(76)</TD>

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">702 </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g145888ex99_2-a.jpg" ALT="LOGO"> 
<IMG SRC="g145888ex99_2-b.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top">Investor Contact</TD>
<TR>
<TR>
<TD VALIGN="top"> Helen M. Wilson</TD>
<TD VALIGN="bottom" ROWSPAN="3"> This report is for informational purposes only. It should be read in conjunction with documen
the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. </TD></TR>
<TR>
<TD VALIGN="top">Phone: (441) 299-9283</TD>
<TR>
<TD VALIGN="top">Fax: (441) 292-8675 email: </TD>
<TR>
<TR>
<TD VALIGN="top">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 exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience,
reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement term
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>
17 of 202
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<TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2">
<IMG SRC="g145888ex99-2_pg2to31.jpg" ALT="LOGO">

</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom"> </TD></TR></TABLE> 
<TR>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Page</TD>
<TR>
<TD VALIGN="top"> I.</TD>
<TD VALIGN="bottom"> Financial Highlights</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Financial Highlights</TD>
<TR>
<TR>
<TD VALIGN="top"> II.</TD>
<TD VALIGN="bottom"> Consolidated Results</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom"> - Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business4 - 5</TD>
<TR>
<TD VALIGN="bottom"> - Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top"> 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>
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<TR>
<TR>
<TD VALIGN="top"> IV.</TD>
<TD VALIGN="bottom"> Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom"> - Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom"> - Reinsurance Recoverable Analysis</TD>
<TR>
<TD VALIGN="bottom"> - Investment Portfolio</TD>
<TR>
<TD VALIGN="bottom"> - Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom"> - Capital Structure</TD>
<TR>
<TD VALIGN="bottom"> - Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TR>
<TD VALIGN="top"> V.</TD>
<TD VALIGN="bottom"> Other Disclosures</TD>
<TR>
<TD VALIGN="bottom"> - Non-GAAP Financial Measures</TD>
<TR>
<TD VALIGN="bottom"> - Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="bottom"> - Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom"> - Glossary</TD>
<TR>
<TR>
<IMG SRC="g145888ex99-2_pg2to31.jpg" ALT="LOGO">
</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>
<TD VALIGN="bottom"></TD></TR></TABLE> 
<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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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" ROWSPAN="2" NOWRAP ALIGN="center"> % Change
4Q-10 vs. </TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD>
4Q-10 vs. </TD>
2010 vs. </TD>
2010 vs. </TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center">Three months ended December 31</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Constant $</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center">Year ended December 31</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Constant $</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-09</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2009 (2)</S
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-09 (2)</
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2009 (2)</S
<TD VALIGN="top"> Gross premiums written</TD>
20 of 202
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<TR>
<TD VALIGN="top"> 
21 of 202
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Net investment income</TD>
Roman" SIZE="2">Net income</TD>
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<TR>
<TD VALIGN="bottom" ALIGN="right">-4</TD>
<TR>
22 of 202
SIZE="2">Comprehensive income</TD>
SIZE="2">Operating cash flow</TD>
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<TR>
<TD VALIGN="top"> P&C combined ratio</TD>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
23 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TD VALIGN="top"> Annualized ROE*</TD>
<TR>
<TD VALIGN="top"> Annualized ROE on net income</TD>
24 of 202
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<TR>
<TR>
25 of 202
SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
SIZE="2">Diluted earnings per share</TD>
SIZE="2">Income excluding net realized gains (losses)
<TD VALIGN="top"> Net income</TD>
<TR>
<TD VALIGN="top"> Book value per common share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share</TD>
26 of 202
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<TR>
<TD VALIGN="top"> Weighted average basic common shares outstanding</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted common shares outstanding</TD>
<TR>
<TD VALIGN="top"> Debt/total capitalization</TD>
27 of 202
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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>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE>
 
<TR>
<TR>
<TD VALIGN="top"> Financial Highlights </TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR></TABLE>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="top" ALIGN="center">Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars)</TD>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> ACE Limited Consolidated</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2010</TD>
<TD VALIGN="top"> Consolidated Results Excluding Life Segment</TD>
28 of 202
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<TR>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Policy benefits</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
29 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
30 of 202
SIZE="2">Policy acquisition costs</TD>
SIZE="2">Administrative expenses</TD>
SIZE="2">Underwriting income excluding Life segment</TD>
SIZE="2">Life underwriting income excluding investment income</TD>
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<TR>
<TR>
31 of 202
SIZE="2">Net investment income</TD>
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Interest expense</TD>
SIZE="2">Other income (expense) Income tax expense</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses) in other income (expense) </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>
<TR>
33 of 202
SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
SIZE="2">% Change versus prior year period
<TR>
<TR>
34 of 202
New Roman" SIZE="2"></TD>
SIZE="2">Net premiums written</TD>
SIZE="2">Net premiums earned</TD>
SIZE="2">Net premiums written constant $</TD>
SIZE="2">Net premiums earned constant $</TD>
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<TR>
<TR>
<TR>
<TR>
35 of 202
SIZE="2">Other ratios</TD>
SIZE="2">Net premiums written/gross premiums written</TD>
SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
SIZE="2">P&C combined ratio 
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
36 of 202
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
8/15/11 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
37 of 202
SIZE="2">P&C expense ratio</TD>
SIZE="2">P&C expense ratio excluding A&H</TD>
SIZE="2">Large losses and other items (before tax) Reinstatement premiums (expensed) collected</TD>
8/15/11 12:06 PM

<TR>
<TD VALIGN="top"> Catastrophe losses</TD>
<TD VALIGN="top"> Prior period development excluding Life - unfavorable (favorable) 
<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>
38 of 202
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<TR>
<TR>
</TD>
<TR>
<TD VALIGN="top" ALIGN="center">Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except per share data)</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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2010</TD>
<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">March 31 2010</TD>
<TR>
<TD VALIGN="bottom"> Assets</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TD VALIGN="top"> Equity securities, at fair value</TD>
39 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
40 of 202
SIZE="2">Short-term investments, at fair value</TD>
SIZE="2">Other investments</TD>
SIZE="2">Total investments</TD>
SIZE="2">Cash</TD>
SIZE="2">Securities lending collateral</TD>
8/15/11 12:06 PM

<TR>
<TR>
<TR>
41 of 202
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>
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
42 of 202
SIZE="2">Investments in partially owned insurance companies</TD>
SIZE="2">Other assets</TD>
SIZE="2">Total assets</TD>
SIZE="2">Liabilities</TD>
8/15/11 12:06 PM
<TR>
<TR>
<TR>
<TR>
43 of 202
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>
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
44 of 202
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>
8/15/11 12:06 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
45 of 202
SIZE="2">Total shareholders equity, excl. AOCI</TD>
SIZE="2">Accumulated other comprehensive income (AOCI)</TD>
SIZE="2">Total shareholders equity</TD>
SIZE="2">Total liabilities and shareholders equity</TD>
8/15/11 12:06 PM
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Book value per common share (1)</TD>
<TD VALIGN="top"> % change over prior quarter</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share (1)</TD>
<TD VALIGN="top"> % change over prior quarter</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="top" ALIGN="center">Consolidated Premiums and Income Excluding Net Realized Gains (Losses) by Line of Business</TD>
<TR>
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<TR>
<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>
<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">%
of Total Consolidated</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 4Q-10 vs. 4Q-09</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2010 vs. 2009</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
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<TD VALIGN="top"> Casualty</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"> Subtotal</TD>
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<TD VALIGN="top"> Personal accident (A&H) 
<TD VALIGN="top"> Life
(2)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total consolidated</TD>
49 of 202
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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>
<TR>
<TD VALIGN="top"> Add: Life deposits on investment contracts</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Non-GAAP total net premium written</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
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<TD VALIGN="top"> Property and all other</TD>
<TR>
<TD VALIGN="top"> Casualty</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
53 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<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"> Income excluding net realized gains (losses)</TD>
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<TR>
<TD VALIGN="top"> Property, casualty, and all other</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
55 of 202
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<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>
<TD> </TD>
<TD> </TD></TR></TABLE> 
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">(1
<TD ALIGN="left" VALIGN="top"> </TD></TR></TABLE>
<TR>
STYLE="font-family:Times New Roman" SIZE="2"></TD>
<TD ALIGN="left" VALIGN="top"> Excludes the North America A&H business from Combined Insurance which is included in the Life segment. </TD>
<TR>
<TR>
<TD VALIGN="top"> Line of Business</TD>
<TR>
<TR>
</TD>
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<TD VALIGN="bottom" ROWSPAN="3"> ACE Limited
 Consolidated Prem
Net Realized Gains (Losses) by Line of Business, Adjusted for Foreign Exchange (in millions o
dollars) (Unaudited)</TD></TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> ACE Limited Consolidated Constant Dollar</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 4Q-09</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change 4Q-10 vs. 4Q-09 (3)</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ Full Year 09 (3)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change 2010 vs. 2009 Net premiums written</TD>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
59 of 202
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<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
60 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments. </TD></TR></TABLE>
<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>
<TD ALIGN="left" VALIGN="top"> Prior periods on a constant dollar basis. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Line of Business 2</TD>
<TR>
<TR>
</TD>
<TD ROWSPAN="5" VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidating Statement of Operations</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Three months ended December 31, 2010 and 2009</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
61 of 202
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> December 31, 2010</TD>
<TR>
<TR>
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<TR>
<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></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
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<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
<TR>
<TD VALIGN="top"> Interest expense</TD>
<TD VALIGN="top"> Other income (expense)</TD>
64 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
65 of 202
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 12:06 PM

<TR>
<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></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
66 of 202
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<TR>
<TR>
67 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
68 of 202
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
69 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
70 of 202
SIZE="2">Net income (loss)</TD>
8/15/11 12:06 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>
<TR>
Financial Measures. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Segment 2010 Qtr</TD>
<TR>
71 of 202
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<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidating Statement of Operations</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Year ended December 31, 2010 and 2009</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TR>
72 of 202
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<TR>
<TR>
73 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
74 of 202
SIZE="2">Underwriting income (loss)</TD>
8/15/11 12:06 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income (loss)</TD>
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<TR>
<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>
<TD> </TD></TR>
76 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
77 of 202
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<TR>
<TR>
78 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
79 of 202
SIZE="2">Underwriting income (loss)</TD>
SIZE="2">Interest expense</TD>
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income (loss)</TD>
80 of 202
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
81 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top"> See Non-GAAP Financial Measures. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Segment 2010 YTD</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> Insurance - North American</TD>
82 of 202
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<TR>
<TR>
<TR>
83 of 202
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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</TD>
<TR>
<TR>
84 of 202
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
85 of 202
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<TD> </TD></TR>
<TD VALIGN="top"> Net
<TR>
<TR>
<TR>
<TD VALIGN="top"> Tax
<TD> </TD>
<TD> </TD>
<TD> </TD>
86 of 202
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 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
87 of 202
SIZE="2">Combined ratio</TD>
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
8/15/11 12:06 PM

<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
88 of 202
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
<TD VALIGN="top"> Reinstatement premiums (expensed) collected</TD>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable) (2) </TD>
<TR>
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<TR>
<TR>
<TR>
<TR>
90 of 202
Roman" SIZE="2">% Change versus prior year period</TD>
Roman" SIZE="2">Other ratios</TD>
8/15/11 12:06 PM
<TR>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<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>
<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" NOWRAP> Insurance - Overseas General</TD>

New Roman" SIZE="1">4Q-10</TD>
8/15/11 12:06 PM
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
93 of 202
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<TR>
<TR>
94 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
95 of 202
SIZE="2">Net income</TD>
8/15/11 12:06 PM

<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) </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
96 of 202
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
97 of 202
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
8/15/11 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
98 of 202
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<TR>
<TR>
<TR>
99 of 202
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 12:06 PM
<TR>
<TR>
<TD VALIGN="top"> Net premiums written constant $</TD>
<TD VALIGN="top"> Net premiums earned constant $</TD>
<TR>
<TD VALIGN="top"> Underwriting income constant $</TD>
<TD VALIGN="top" COLSPAN="4"> Income excluding net realized gains (losses), constant $</TD>
<TD VALIGN="top"> </TD>
<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
100 of 202
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<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>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> Global Reinsurance </TD>
101 of 202
8/15/11 12:06 PM

<TR>
<TR>
<TR>
102 of 202
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
103 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
104 of 202
SIZE="2">Other income (expense)</TD>
SIZE="2">Income tax expense</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
105 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
106 of 202
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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></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
107 of 202
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<TR>
<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
108 of 202
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<TR>
<TR>
<TR>
109 of 202
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
8/15/11 12:06 PM

<TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance</TD>
<TR>
<TR>
</TD>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> Life</TD>
<TR>
<TD VALIGN="top"> Gross premiums written
<TR>
<TR>
111 of 202
SIZE="2">Net premiums written</TD>
SIZE="2">Net premiums earned</TD>
SIZE="2">Losses and loss expenses</TD>
SIZE="2">Policy benefits</TD>
SIZE="2">Policy acquisition costs</TD>
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
112 of 202
SIZE="2">Life underwriting income </TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
113 of 202
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<TR>
<TR>
<TD VALIGN="top"> Tax
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
114 of 202
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 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Deposits collected on universal life and investment contracts Fees on universal life and investment contracts 
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. 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>
116 of 202
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<TR>
<TR>
<TD VALIGN="top"> Life</TD>
<TR>
<TR>

</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Life Reinsurance</TD>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Vari
 Historical Cash Flow S
<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" NOWRAP> Death Benefits (GMDB)</TD>
<TD VALIGN="top"> Premium</TD>
<TR>
<TD VALIGN="top"> Less paid claims</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="28"> Guaranteed Living Benefits (Includes GMIB and GMAB) </TD>
<TD VALIGN="top"> </TD></
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-10</TD>
118 of 202
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="28"> Total VA Guaranteed Benefits
 </TD>
119 of 202
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<TD VALIGN="top"> </TD></
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
120 of 202
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<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. Premi
reinsuring Guaranteed Minimum Death Benefits (GMDB). 
Guaranteed 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 Guaranteed Living Benefits. 
<TR>
<TR>
<TD VALIGN="top"> Variable Annuity</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Loss Reserve Rollforward</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Paid
to Incurred Ratio</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </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>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
121 of 202
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<TD VALIGN="bottom" ALIGN="right">(2,504</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD> </TD>
122 of 202
SIZE="2">Losses and loss expenses paid</TD>
SIZE="2">Other (incl. foreign exch. revaluation)</TD>
SIZE="2">Balance at March 31, 2009</TD>
SIZE="2">Losses and loss expenses incurred</TD>
8/15/11 12:06 PM
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
123 of 202
SIZE="2">Balance at June 30, 2009</TD>
SIZE="2">Balance at September 30, 2009</TD>
8/15/11 12:06 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
124 of 202
SIZE="2">Balance at December 31, 2009</TD>
SIZE="2">Balance at March 31, 2010</TD>
8/15/11 12:06 PM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
125 of 202
SIZE="2">Balance at June 30, 2010</TD>
8/15/11 12:06 PM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
126 of 202
SIZE="2">Balance at September 30, 2010</TD>
SIZE="2">Balance at December 31, 2010</TD>
8/15/11 12:06 PM
<TR>
<TR>
<TD VALIGN="top"> Add net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance including net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis</TD>
<TR>
<TR>
<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>
<TD></TD>
127 of 202
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</TD>
<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
128 of 202
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
129 of 202
SIZE="2">Total</TD>
SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
SIZE="2">Active operations</TD>
SIZE="2">Brandywine</TD>
SIZE="2">Westchester Run-off</TD>
SIZE="2">Other Run-off</TD>
8/15/11 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
130 of 202
SIZE="2">Gross reinsurance recoverable</TD>
8/15/11 12:06 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
131 of 202
SIZE="2">Provision for uncollectible reinsurance</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
132 of 202
Roman" SIZE="2">Brandywine</TD>
Roman" SIZE="2">Westchester Run-off</TD>
Roman" SIZE="2">Other Run-off</TD>
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net reinsurance recoverable</TD>
8/15/11 12:06 PM
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
133 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
<TR>
<TR>

</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 September 30 June 30 March 31 <
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 Market Value</TD>
134 of 202
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<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>
135 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
136 of 202
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<TD VALIGN="top"> Treasury</TD>
<TR>
<TD VALIGN="top"> Agency</TD>
<TD VALIGN="top"> Corporate and asset-backed</TD>
137 of 202
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<TR>
<TR>
138 of 202
Roman" SIZE="2">Mortgage-backed</TD>
Roman" SIZE="2">Municipal</TD>
Roman" SIZE="2">Non-U.S.</TD>
Roman" SIZE="2">Short-term investments</TD>
8/15/11 12:06 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
139 of 202
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="40"> Note: Insured municipal bonds represent $741 million, or 30% of our municipal bond holdi
<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>
140 of 202
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<TR>
<TR>
141 of 202
Roman" SIZE="2">A</TD>
Roman" SIZE="2">BBB</TD>
Roman" SIZE="2">BB</TD>
Roman" SIZE="2">B</TD>
8/15/11 12:06 PM

<TR>
<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
142 of 202
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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"> Cost/Amortized Cost</TD>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TR>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
143 of 202
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<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
144 of 202
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<TD VALIGN="top"> Equity securities</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
145 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Avg. duration of fixed maturities</TD>
<TD VALIGN="bottom" ALIGN="right">3.7 years</TD>
<TD VALIGN="top"> Avg. market yield of fixed maturities 
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="top"> Avg. yield on invested assets
<TD ALIGN="left" VALIGN="top"> Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date
<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
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
<TR>
<TR>

</TD>
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<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio - 2</TD>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Mort
Portfolio Market Value at
 
<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="22" ALIGN="center" STYLE="border-bottom:1px solid #000000">S&P Credit Rating</TD>
<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>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
<TD VALIGN="top"> GNMA</TD>
148 of 202
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<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
149 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> Mortgage-backed s
billion, are rated predominantly AAA and comprise 25% of the fixed income portfolio. This compares to a 35% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initi
mortgage-backed securities is AAA. with implied or explicit government guarantees total $9.7 billion and represent 89% of the residential mortgage-backed portfolio. Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 220,0
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 12%, 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 ACE's non-agency RMBS portfolio is 9%. 
 Commercial mortgage-backed securities of $
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predominantly AAA, broadly diversified with over 17,000 loans and seasoned with 79% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 68% with a debt service coverage ratio in excess of
subordinated collateral of 33%. The cumulative foreclosure rate would have to rise to 41% and commercial real estate values would have to fall more than 5% from their current levels before principal is impaired. The curre
portfolio is about 2.6%. 
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
<TR>
<TR>

</TD>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Mort
Portfolio Amortized Cost at December 31, 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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
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<TD VALIGN="top"> GNMA</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Investments 3</TD>
<TR>
<TR>

</TD>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> U.S.
and Asset-backed Fixed Income Portfolio 
<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></TR>
<TR>
<TR>
<TD VALIGN="bottom">Market Value at December 31, 2010</TD>
<TR>
<TD VALIGN="top"> Asset-backed</TD>
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<TR>
<TD VALIGN="top"> Banks</TD>
<TD VALIGN="top"> Basic Materials</TD>
<TR>
<TD VALIGN="top"> Communications</TD>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TR>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
<TD VALIGN="top"> Diversified Financial Services</TD>
<TR>
<TD VALIGN="top"> Energy</TD>
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<TD VALIGN="top"> Industrial</TD>
<TR>
<TD VALIGN="top"> Utilities</TD>
<TD VALIGN="top"> All Others</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR></TABLE> U.S. Investment G
Portfolio The average credit qua
investment grade bond portfolio is high at A. &nb
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>
<TD VALIGN="top"> Investments 4 </TD>
<TR>
<TR>

</TD>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Belo
and Asset-backed Fixed Income Portfolio Market Value at December 31, 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>
<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>
<TR>
<TD VALIGN="top"> Asset-backed</TD>
<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>
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<TR>
<TD VALIGN="top"> All Others</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> Below Investment
Portfolio ACE manages high yield
separate asset class from investment grade bonds. ACEs allocation to high yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum ra
BB/B. Six external investment manager
yield security selection and portfolio construction. Securities holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation. The portfolio comprises over 650 i
current issuer exposure at $72 million. ACE monitors position limits on a daily basis through an internal compliance system. 
Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios. 
<TR>
<TR>
<TR>
<TR>
</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Non Market Value at December 31, 2010 <FON
<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>
<TR>
<TR>
<TD VALIGN="top"> United Kingdom</TD>
<TR>
<TD VALIGN="top"> Canada</TD>
<TD VALIGN="top"> Germany</TD>
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<TR>
<TD VALIGN="top"> Japan</TD>
<TD VALIGN="top"> France</TD>
<TR>
<TD VALIGN="top"> Province of Ontario</TD>
<TD VALIGN="top"> Province of Quebec</TD>
<TR>
<TD VALIGN="top"> Switzerland</TD>
<TD VALIGN="top"> Brazil</TD>
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<TR>
<TD VALIGN="top"> State of Queensland</TD>
<TD VALIGN="top"> Republic of Korea</TD>
<TR>
<TD VALIGN="top"> Thailand</TD>
<TD VALIGN="top"> United Mexican States</TD>
<TR>
<TD VALIGN="top"> Australia</TD>
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<TD VALIGN="top"> Taiwan</TD>
<TR>
<TD VALIGN="top"> State of New South Wales</TD>
<TD VALIGN="top"> New Zealand</TD>
<TR>
<TD VALIGN="top"> State of Victoria</TD>
<TD VALIGN="top"> Peoples Republic of China</TD>
<TR>
<TD VALIGN="top"> Austria</TD>
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<TD VALIGN="top"> Malaysia</TD>
<TR>
<TD VALIGN="top"> Egypt</TD>
<TD VALIGN="top"> State of Western Australia</TD>
<TR>
<TD VALIGN="top"> Qatar</TD>
<TD VALIGN="top"> Province of British Columbia</TD>
<TR>
<TD VALIGN="top"> Other Non-U.S. Government</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Non-U.S. Government Securities</TD>
<TR>
<TD VALIGN="top"> Non-U.S. Corporate</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> Non-U.S. Fixed In
 ACEs non-U.S. investment g
are currency-matched with the insurance liabilities of ACEs non-U.S. operations. 85% of ACEs non-U.S. fixed income is denominated in G7 currencies. Average credit quality of non-U.S. fixed income securities is very high at AA and 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>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Inve
 Top 25 Exposures - Fix
<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="5" NOWRAP> December 31, 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Rating</TD>
<TD VALIGN="top" ALIGN="right">1</TD>
<TD VALIGN="bottom">General Electric Co</TD>
<TD VALIGN="bottom" ALIGN="right">AA+</TD>
<TR>
<TD VALIGN="bottom">JP Morgan Chase & Co</TD>
<TD VALIGN="bottom" ALIGN="right">A+</TD>
<TD VALIGN="bottom">Bank of America Corp</TD>
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<TD VALIGN="bottom" ALIGN="right">A</TD>
<TR>
<TD VALIGN="bottom">Citigroup Inc</TD>
<TD VALIGN="bottom">Goldman Sachs Group Inc/The</TD>
<TR>
<TD VALIGN="bottom">Wells Fargo & Co</TD>
<TD VALIGN="bottom" ALIGN="right">AA-</TD>
<TD VALIGN="bottom">Verizon Communications Inc</TD>
<TD VALIGN="bottom" ALIGN="right">A-</TD>
<TR>
<TD VALIGN="bottom">Morgan Stanley</TD>
<TD VALIGN="bottom">AT&T INC</TD>
<TR>
<TD VALIGN="bottom">HSBC Holdings Plc</TD>
<TD VALIGN="bottom" ALIGN="right">AA-</TD>
<TD VALIGN="bottom">Credit Suisse Group</TD>
<TR>
<TD VALIGN="bottom">Barclays PLC</TD>
<TD VALIGN="bottom">Kraft Foods Inc</TD>
<TD VALIGN="bottom" ALIGN="right">BBB</TD>
<TR>
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<TD VALIGN="bottom">Comcast Corp</TD>
<TD VALIGN="bottom" ALIGN="right">BBB+</TD>
<TD VALIGN="bottom">Royal Bank of Scotland Group Plc</TD>
<TR>
<TD VALIGN="bottom">Lloyds Banking Group Plc</TD>
<TD VALIGN="bottom">American Express Co</TD>
<TR>
<TD VALIGN="bottom">Time Warner Cable Inc</TD>
<TD VALIGN="bottom" ALIGN="right">BBB</TD>
<TD VALIGN="bottom">ConocoPhillips</TD>
<TR>
<TD VALIGN="bottom">UBS AG</TD>
<TD VALIGN="bottom">Pfizer Inc</TD>
<TR>
<TD VALIGN="bottom">Anheuser-Busch InBev NV</TD>
<TD VALIGN="bottom">Dominion Resources Inc/VA</TD>
<TR>
<TD VALIGN="bottom">BP PLC</TD>
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<TD VALIGN="bottom">Banco Santander SA</TD>
<TR>
<TR>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended December 31, 2010</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 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="top"> Fixed maturities</TD>
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<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD VALIGN="top"> Other </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
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<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions </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 
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<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>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter include $4 million for fixed maturities. Year to date other-than-temporary impairments of $
million for fixed maturities and $13 million for other investments. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes $175 million of non-taxable realized gain which includes the reversal of a previously recorded unrealized gain of $131
acquisition of Rain & Hail. This resulted in a tax benefit of $46 million. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes $28 million of realized gains on the life reinsurance operations which is comprised of a $152 million gain on guarantee
and $124 million of losses on other derivatives, including S&P put options and futures. The full year includes $178 million of realized losses on the life reinsurance operations which is comprised of a $28 million los
benefit derivatives and $150 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 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 December 31, 2009</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 2009</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses)</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD VALIGN="top"> Other</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></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned entities 
<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>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter of $33 million include $17 million for fixed maturities and $16 million for other investmen
impairments for the year of $397 million include $234 million for fixed maturities, $26 million for equities and $137 million for other investments. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the adoption of certain provisions that amended
other-than-temporary impairments. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes $87 million of realized gains on the life reinsurance operations which is comprised of a $150 million gain on guarantee
and $63 million of losses on other derivatives, including S&P put options and futures. The full year includes $5 million of realized gains on the life reinsurance operations which is comprised of a $368 million gain o
derivatives offset by $363 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 entities that meet the requirements for equity accounting. The net income or l
income (expense). </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
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<HR
SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TR>
<TR>
<TD VALIGN="bottom">

</TD>
<TD VALIGN="bottom" ALIGN="center"> ACE Limited Capital Structure (in millions of U.S. dollar
(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></TR>
<TR>
<TR>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total shareholders equity</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
178 of 202
SIZE="2">Total capitalization</TD>
SIZE="2">Tangible capital Leverage ratios</TD>
SIZE="2">Debt/ total capitalization</TD>
8/15/11 12:06 PM

<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible capital</TD>
<TR>
<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>
<TD VALIGN="top"> Capital Structure </TD>
<TR>
<TR>

</TD>
STYLE="font-family:Times New Roman" SIZE="2">Debt, Trust Preferred, and Credit Facilities 
dollars) (Unaudited)</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Dece
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<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" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Coupon</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD
<TD VALIGN="top"> Debt and Trust Preferred</TD>
<TR>
<TD VALIGN="top"> Credit Facility Borrowing</TD>
<TD VALIGN="bottom">January 13, 2011</TD></TR>
<TD VALIGN="top"> Credit Facility Borrowing</TD>
<TD VALIGN="bottom">January 18, 2011</TD></TR>
<TR>
<TD VALIGN="top"> Repurchase Agreements</TD>
<TD VALIGN="bottom">March 8, 2011</TD></TR>
<TD VALIGN="top"> Repurchase Agreements</TD>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Senior Notes</TD>
<TD VALIGN="bottom">June 15, 2014</TD></TR>
<TD VALIGN="bottom">May 15, 2015</TD></TR>
<TR>
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<TD VALIGN="bottom">November 23, 2015</TD></TR>
<TD VALIGN="bottom">February 15, 2017</TD></TR>
<TR>
<TD VALIGN="bottom">June 15, 2019</TD></TR>
<TR>
<TD VALIGN="bottom">August 15, 2029</TD></TR>
<TD VALIGN="bottom">April 1, 2030</TD></TR>
<TR>
<TD VALIGN="bottom">May 15, 2036</TD></TR>
<TD> </TD>
<TD> </TD>
<TR>
181 of 202
SIZE="2">ACE INA Holdings Inc. Senior Notes</TD>
SIZE="2">ACE INA Holdings Inc. Debentures</TD>
SIZE="2">ACE Capital Trust II Preferred Securities</TD>
SIZE="2">Other</TD>
8/15/11 12:06 PM
<TD> </TD>
<TD> </TD>
<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">Usage</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD
<TD VALIGN="top"> Credit Facilities</TD>
<TR>
<TD VALIGN="top"> Syndicated Letter of Credit Facility</TD>
<TD VALIGN="top"> Revolving Credit / LOC Facility</TD>
<TR>
<TD VALIGN="top"> Bilateral Letter of Credit Facility</TD>
<TD VALIGN="bottom">September 20, 2014</TD></TR>
<TD VALIGN="top"> Funds at Lloyds Capital Facilities</TD>
<TD VALIGN="bottom">December 31, 2015</TD></TR>
<TD> </TD>
<TD> </TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Capital Structure 2 </TD>
<TR>
<TR>

</TD>
STYLE="font-family:Times New Roman" SIZE="2">Computation of Basic and Diluted Earnings Per Share (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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended December 31</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Years ended December 31</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Income to common shares, excl. net realized gains (losses) Net realized gains (losses), net of income tax</TD>
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<TD> </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>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Rollforward of Common Shares Outstanding</TD>
<TR>
<TD VALIGN="top"> Shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">339,229,422</TD>
<TD VALIGN="top"> Repurchase of shares</TD>
<TD VALIGN="bottom" ALIGN="right">(4,926,082</TD>
<TD VALIGN="bottom" ALIGN="right">(4,926,082</TD>
<TR>
<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TD VALIGN="top"> Shares (cancelled) granted</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
185 of 202
SIZE="2">Issued for option exercises</TD>
SIZE="2">Shares - end of period</TD>
SIZE="2">Denominator</TD>
SIZE="2">Weighted average shares outstanding</TD>
SIZE="2">Effect of other dilutive securities</TD>
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<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
186 of 202
SIZE="2">Adj. wtd. avg. shares outstanding and assumed conversions</TD>
SIZE="2">Basic earnings per share</TD>
SIZE="2">Net realized gains (losses), net of income tax</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Earnings per share </TD>
187 of 202
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<TR>
<TR>

</TD>
STYLE="font-family:Times New Roman" SIZE="2">Non-GAAP Financial Measures (in millions of U
<TD VALIGN="bottom"></TD></TR></TABLE> Regu
Financial Measures In presen
included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations. However, they should
substitute for measures determined in accordance with generally accepted accounting principles (GAAP). A reconciliation of book value per common share is provided on the next page. 
 In presenting our segment operating results, we h
with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use
operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). </
 The following non-GAAP measure is a common perfor
defined as income excluding net realized gains (losses) and the related tax expense (benefit). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitabil
business. We exclude net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by,
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. 
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net income, as reported</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
189 of 202
SIZE="2">Net realized gains (losses) in other income (expense) Income tax expense (benefit) on net realized gains (losses)</TD>
SIZE="2">Income excluding net realized gains (losses)</TD>
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<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>
STYLE="font-family:Times New Roman" SIZE="2">Book Value and Book Value per Common Share (i
except share and per share data) (Unaudited)</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Reco
Common Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 March 31 <
<TR>
<TD VALIGN="top"> 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>
<TD> </TD></TR>
<TD VALIGN="top"> Numerator for tangible book value per share</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Denominator</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Book value per common share</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
192 of 202
SIZE="2">Tangible book value per common share</TD>
SIZE="2">Reconciliation of Book Value</TD>
SIZE="2">Shareholders equity, beginning of quarter</TD>
SIZE="2">Income excluding net realized gains (losses)</TD>
SIZE="2">Net realized gains (losses), net of tax</TD>
SIZE="2">Net unrealized gains (losses), net of tax</TD>
8/15/11 12:06 PM
<TD VALIGN="top"> Repurchase of shares</TD>
<TD VALIGN="top"> Dividend declared on common shares</TD>
<TR>
<TD VALIGN="top"> Cumulative translation, net of tax</TD>
<TD VALIGN="top"> Pension liability</TD>
<TR>
<TD VALIGN="top">
Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
193 of 202
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<TD> </TD>
<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="bottom">

</TD>
STYLE="font-family:Times New Roman" SIZE="2">Comprehensive Income (in millions of U.S. dol
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> Consolidated Statement of Comprehensive Income</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
195 of 202
SIZE="2">Net unrealized appreciation (depreciation) on investments</TD>
SIZE="2">Unrealized appreciation (depreciation) on investments Reclassification adjustment for net realized (gains) losses included in net income</TD>
8/15/11 12:06 PM

<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Other comprehensive income</TD>
196 of 202
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<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 provis
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>
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STYLE="font-family:Times New Roman" SIZE="2">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 Company of America, acquired April 1, 2008. Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the a
excluding life business. Calculated on a GAAP basis. Income tax expense divided by the sum of income tax expense and income excluding net realized gains (losses). 
G7: A group of seven industrialized nations including Canada, France, Germany, Italy, Japan, United Kingdom, and the Un
 Life underwriting income: Net premiums ear
income less policy benefits, acquisition costs, and administrative expenses. NM: Not meaningful. Tangible book value per common share: Shareholders equity less goodwill and other intangible assets divided by the shares outstanding. Tangible capital: Total capitalization less goodwill and other intangible assets. Total capitalization: Short-term debt, lon
preferreds, and shareholders equity. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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2011-02-02 ACE Limited (NYSE: ACE) 8-K

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http://www.sec.gov/Archives/edgar/data/896159/000119312511022048/0001193125-11-02204...

<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%">

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,067</FONT></TD>

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

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

SIZE="2">Underwriting income </FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP

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

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

SIZE="2">Interest expense </FONT></P></TD>

SIZE="2">Other income (expense) </FONT></P></TD>

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

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

SIZE="2">Net income available to holders of common shares </FONT></P></TD>

SIZE="2"><B><I>Diluted earnings per share: </I></B></FONT></P></TD>

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

SIZE="2">Weighted average diluted shares outstanding </FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(76)</FONT></TD>

<IMG SRC="g145888ex99-2_pg2to31.jpg" ALT="LOGO">

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,164</FONT></TD>

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

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

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

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

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

SIZE="2">Operating cash flow</FONT></P></TD>

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

SIZE="2">Effective tax rate on income excluding net realized gains (losses)</FONT></P></TD>

SIZE="2"><B>Diluted earnings per share</B></FONT></P></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17</FONT></TD>

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

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

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

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

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

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

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

SIZE="2">Other income (expense) </FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(85</FONT></TD>

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

SIZE="2">Tax expense (benefit) on net realized gains (losses)</FONT></P></TD>

STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:Times

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

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

SIZE="2">Net premiums earned</FONT></P></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 SIZE="1"> </FONT></TD>

<TD 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></TR>

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

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

SIZE="2"><B>P&C combined ratio <FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP

SIZE="2">P&C expense ratio</FONT></P></TD>

SIZE="2">P&C expense ratio excluding A&H</FONT></P></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 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>

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

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

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

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

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

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

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

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

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

<TD 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>