2007-1-31 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312507016572/0001193125-07-0165...
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<SEC-DOCUMENT>0001193125-07-016572.txt : 20070131
<SEC-HEADER>0001193125-07-016572.hdr.sgml : 20070131
<ACCEPTANCE-DATETIME>20070130214705
ACCESSION NUMBER:
0001193125-07-016572
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20070130
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20070131
DATE AS OF CHANGE:
20070130
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:
CENTRAL INDEX KEY:
STANDARD INDUSTRIAL CLASSIFICATION:
IRS NUMBER:
STATE OF INCORPORATION:
FISCAL YEAR END:
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
07566165
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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<BODY BGCOLOR="WHITE">
P O BOX HM 1015
HAMITON BERMUDA
D0
00000
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange
 Date of Report (Date of earliest event reported
2007 ACE LIMITED 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Exact name of registrant as specified in its charter) 
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<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center">Cayman Islands</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> ACE Global
Headquarters 17 Woodbourne Avenue Hamilton HM 08 Bermuda (Address of principal executive offices) </
STYLE="margin-top:0px;margin-bottom:0px"> Registrants telephone number, including area
 Not applicable <
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Former name or former address, if changed since last report) <HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000"
STYLE="margin-top:0px;margin-bottom:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
(see General Instruction A.2. below): 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition On January 30, 2007, ACE Limited issued a press release rep
2006 results and the availability of its fourth quarter 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
 Item 9.01. Fina
Financial Information and Exhibits. 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
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<TD></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Exhibit Number </TD>
<TD VALIGN="bottom"> Description </TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom">Press release, dated January 30, 2007, reporting fourth quarter results</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Fourth Quarter 2006 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ PHILIP V.
BANCROFT </TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: January 30, 2007 
EXHIBIT INDEX 
<TD></TD>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Number </TD>
<TD VALIGN="bottom"> Description </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Method of Filing </TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="bottom">Press release, dated January 30, 2007, reporting fourth quarter results</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Fourth Quarter 2006 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press release</TITLE>
</HEAD>
Exhibit 99.1 
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">
<IMG SRC="g59405img001.jpg" ALT="LOGO"></TD>

<TD VALIGN="top"> ACE Limited ACE Global Headq
STYLE="margin-top:0px;margin-bottom:0px">17 Woodbourne Avenue Hamilton HM 08 Bermuda</TD>
<TD VALIGN="top"> PO Box HM 1015 Hamilton HM D
STYLE="margin-top:0px;margin-bottom:0px">Bermuda 441 295-5200 main 441 292-8675 fax &
STYLE="margin-top:0px;margin-bottom:1px">www.acelimited.com<
<TD VALIGN="top" ALIGN="center">
<IMG SRC="g59405img002.jpg" ALT="LOGO"></TD></TR>
</TABLE> 
<TR>
<TR>
<TD VALIGN="top"> FOR IMMEDIATE RELEASE </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="bottom">Investor Contact:</TD>

<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom"> helen.wilson@ace.bm </TD></TR>
<TR>
<TD VALIGN="bottom">Media Contact:</TD>
<TD VALIGN="bottom">Robert T. Grieves</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="bottom">robert.grieves@ace-ina.com</TD></TR>
</TABLE> ACE LIMITED REPORTS FOURTH QUARTER 2006 NET INCOME OF $665 MILLION, FULL YEAR 2006 NET INCOME OF $2,305 MILLION; RECORD OPERATING INCOME OF $2,351 MILLION AND EARNINGS PER SHARE OF $7.05 HAMILTON, Bermuda, January 30
Limited (NYSE: ACE) today reported net income for the fourth quarter ended December 31, 2006 of $665 million or $1.99 per common share after payment of preferred dividends, compared with net income of $236 million or
same quarter last year. Income excluding net realized gains (losses) for the fourth quarter was $643 million, or $1.92 per share, compared with $244 million or $0.72 per share for the same quarter of last year. <FO
SIZE="1" COLOR="#000000">(1) The combined ratio for the current quarter was 88.2%. Annualized return on average equity for the quarter was 19%.<
FACE="Times New Roman" SIZE="1" COLOR="#000000">(3) (in millions, except per share amounts) (Unaudited) 
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2006</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">665</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">182</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD>
<TD VALIGN="bottom" ALIGN="right">1.99</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (1)</TD>
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</TABLE> Net income for the year increased to $2.3 billion or $6.91 per share, compared with $1 billion or $3.31 per share
for 2005. For 2006, income excluding net realized gains and the cumulative effect of an accounting change(2) (1) ( 3) 
Page 1/7 
Years Ended (in millions, except per share amounts) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="right">2,305</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="top"> Cumulative effect, net of tax(2)<FO
SIZE="2" COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect, net of tax Evan Greenberg, President and Chief Executive Officer of ACE Limited, commented: The quarter was an
excellent finish to an outstanding year. Book value grew by over 20% and our return on equity exceeded 18%. While market conditions continue to soften and we remain firmly committed to underwriting discipline, we are a la
broad capability and tremendous geographic reach. This creates opportunity for growth without compromising our underwriting standards. We are well positioned to continue our growth in book value for the foreseeable future
STYLE="margin-top:18px;margin-bottom:0px">Other operating highlights were as follows: 
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<TD WIDTH="5%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top">P&C net premiums written increased 9% over the prior year quarter (4% after adjusting for a transaction described below) and full year was 2%. 
<TD ALIGN="left" VALIGN="top">P&C net premiums earned increased 6% over the prior year quarter and full year was 0.4%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">The combined ratio was 88.1% for the year compared with 99.5% in 2005; for the quarter, the combined ratio was 88.2%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">P&C underwriting income was $1.4 billion for the full year and $347 million for the fourth quarter. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Operating cash flow amounted to $4.1 billion for the year and $804 million for the fourth quarter. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Invested assets increased by $4.8 billion or 15% during the year to $37.2 billion. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Net investment income increased 21% for the quarter and 27% for the year to $1.6 billion. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Shareholders equity increased 21% for the year to $14.3 billion. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Tangible equity (1)&
an increase of 27% from year-end 2005. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Return on average equity for 2006 was 18.5%; excluding FAS 115, it was 19.2%. (3)
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD></TR></TABLE> Prior to the fourth quarter of 2006 we presented a Financial Ser
segment no longer represents a significant part of our operations, we no longer report it separately. We now report the financial solutions business of ACE Financial Solutions and ACE Financial Solutions International wit
American segment. In addition, our share of the earnings from Assured Guaranty has been reported in our Corporate results. Det
results for our business segments are available in the financial supplement. Key segment items include: 
<TR>
<TD ALIGN="left" VALIGN="top">Insurance-North American: Net premiums written increased 16% over the prior year quarter. Excluding one particularly large Risk Management account writte
5%. The combined ratio was 88.9%. </TD></TR></TABLE> 

<TR>
<TD ALIGN="left" VALIGN="top">Insurance-Overseas General: Net premiums written increased 4% over the prior year quarter. The combined ratio was 87.4%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Global Reinsurance: Net premiums written decreased 9% over the prior year quarter. The combined ratio was 74.7%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Life Insurance and Reinsurance: Net premiums written increased 16% over the prior year quarter. Income excluding net realized gains (losses) increased 75
prior year quarter. </TD></TR></TABLE> Please refer to the ACE Limited Financial Supplement dated December 31, 2006, which is
website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, inv
capital structure. The URL reference is: http://media.corporate-ir.net/media_files/nys/ace/reports/fin_supp_december_31_2006.xls. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink
browsers URL address field.) ACE will host its year-end, fourth quarter earnings conference call and webcast on Wednesda
beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com. Please refer to the Investor Information section and access Calendar of Events for details. Al
800-289-0572 (in the United States) or 913-981-5543 (international); passcode 9865344. A replay of the call will be available from approximately 11:30 a.m. ET on Wednesday, January 31, 2007 until Wednesday, February&
listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 9865344. The AC
global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a component of the Standard & Poors 500 stock index, the ACE Group conducts its business on a worldwide
subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.<FO
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SIZE="2" COLOR="#000000"> <HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1<
SIZE="2" COLOR="#000000"></TD>
<TD ALIGN="left" VALIGN="top">Non-GAAP Financial Measures: </TD></TR></TABLE> Operating Income or Income excluding net realized gains (losses) and cumulative effect, net of tax is a common performance measurement for insurance companies. We believe this presen
understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by
according to, the availability of market opportunities. We exclude the cumulative effect of a change in accounting principle net of tax because this amount resulted in a one-time adjustment to income. Underwriting income is calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and admi
premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other (income) expense, interest and income
realized gains (losses). We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. Tangible shareholders equity is shareholders equity less goodwill. See reconciliation of Non-GAAP Financial Measures on pag
supplement. These measures should not be viewed as a substitute for net income determined in accordance with generally accepted
(GAAP). 
<TR>
<TD ALIGN="left" VALIGN="top">The cumulative effect is a benefit resulting from the inclusion of a forfeiture rate on restricted
compensation expense calculations, as required under Financial Accounting Standard (FAS) 123R. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Book value per ordinary share is ordinary shareholders equity divided by the shares outstandi
</TD></TR></TABLE> 
Cautionary Statement Regarding Forward-Looking Statements: Any forward-looking statements made in this press release reflect the Companys current views with respect to future events and financ
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 fort
statements. For example, the Companys forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in
unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litig
developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, actual market developments, rating agency action, possible terr
effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to these factors, and other factors identified in the Companys filings with th
Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information, future events or otherwise. (tabl
 
ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, exce
 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2005</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Total investments</TD>
<TD VALIGN="bottom" ALIGN="right">31,842</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">512</TD></TR>
<TR>
<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable</TD>
<TR>
<TD VALIGN="top"> Other assets</TD>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD></TR>
<TD VALIGN="top"> Total assets</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
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<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
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<TD VALIGN="top"> Liabilities</TD>
<TD VALIGN="top"> Unpaid losses and loss expenses</TD>
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<TD VALIGN="top"> Unearned premiums</TD>
<TD VALIGN="top"> Other liabilities</TD>
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<TD VALIGN="top"> Total liabilities</TD>
<TD VALIGN="top"> Shareholders equity</TD>
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<TD VALIGN="top"> Total shareholders equity</TD>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Book value per ordinary share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">34.81</TD></TR>
</TABLE> 
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Three Months Ended<
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">December 31</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Year Ended 
<TD VALIGN="top"> Gross premiums written</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Net premiums written</TD>
<TD VALIGN="top"> Net premiums earned</TD>
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<TD VALIGN="top"> Losses and loss expenses</TD>
<TD VALIGN="top"> Life and annuity benefits</TD>
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<TD VALIGN="top"> Policy acquisition costs</TD>
<TD VALIGN="top"> Administrative expenses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Underwriting income (loss)(1)
<TD VALIGN="top"> Net investment income</TD>
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<TD VALIGN="top"> Net realized gains (losses)</TD>
<TD VALIGN="top"> Interest expense</TD>
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<TD VALIGN="top"> Other (income) expense</TD>
<TD NOWRAP VALIGN="bottom">)</TD></TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
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<TD VALIGN="top"> Cumulative effect, net of tax</TD>
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<TD> </TD>
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<TD VALIGN="top"> Preference shares dividend</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income available to holders of ordinary shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Diluted earnings per share:</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect</TD>
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<TR>
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<TD VALIGN="top"> Weighted average diluted shares outstanding</TD>
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<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD NOWRAP VALIGN="bottom">%</TD>
<TD NOWRAP VALIGN="bottom">%</TD></TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD VALIGN="top"> Combined ratio</TD>
</TABLE> Ratios exclude life insurance and reinsurance business 
FACE="Times New Roman" SIZE="2">Consolidated Supplemental Segment Information (in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Three Months Ended<
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Year Ended 
<TD VALIGN="top"> Gross Premiums Written</TD>
<TR>
<TD VALIGN="top"> Insurance - North American</TD>
<TD VALIGN="top"> Insurance - Overseas General</TD>
<TR>
<TD VALIGN="top"> Global Reinsurance</TD>
<TD VALIGN="top"> Life Insurance and Reinsurance</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> 
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
13 of 174
Roman" SIZE="2">Net Premiums Written</TD>
Roman" SIZE="2">Insurance - North American</TD>
Roman" SIZE="2">Insurance - Overseas General</TD>
Roman" SIZE="2">Global Reinsurance</TD>
Roman" SIZE="2">Life Insurance and Reinsurance</TD>
Roman" SIZE="2">Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
14 of 174
Roman" SIZE="2">Net Premiums Earned</TD>
Roman" SIZE="2">Insurance - North American</TD>
Roman" SIZE="2">Insurance - Overseas General</TD>
Roman" SIZE="2">Global Reinsurance</TD>
Roman" SIZE="2">Life Insurance and Reinsurance</TD>
Roman" SIZE="2">Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income Excluding Net Realized Gains (Losses) and Cumulative Effect (1)</TD>
<TR>
<TD VALIGN="top"> Insurance - North American</TD>
<TD VALIGN="top"> Insurance - Overseas General</TD>
<TR>
<TD VALIGN="top"> Life Insurance and Reinsurance</TD>
<TR>
<TD VALIGN="top"> Corporate</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>FOURTH QUARTER 2006 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Fourth Quarter 2006 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g59405image_001.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="bottom"> Financial Supplement December 31, 2006</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Investor Contact Helen M. Wilson Phone: (441) 299-9283
STYLE="margin-top:0px;margin-bottom:1px">Fax: (441) 292-8675</TD>
<TD VALIGN="top">This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, incl
Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
<TR>
<TR>
<TD VALIGN="top">email: investorrelations@ace.bm</TD>
<TD VALIGN="bottom">Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Any forward-looking statements made in this financial supplement reflect the Companys current views with respect to future events and financial performance a
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements.
Companys forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties
settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount
receivable and credit developments among reinsurers.</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">The Companys forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieve
changes in demand, actual market 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 spea
which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="bottom">
<IMG SRC="g59405image_002.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<TR>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Page</TD></TR>
<TR>
<TD VALIGN="top"> I.</TD>
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<TD VALIGN="bottom">Financial Highlights</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Financial Highlights</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> II.</TD>
<TD VALIGN="bottom">Consolidated Results</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Results - Consecutive Quarters</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2-3</TD></TR>
<TR>
<TD VALIGN="bottom">- Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Premiums by Line of Business</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 Insurance and Reinsurance</TD>
<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 per Ordinary Share</TD>
<TR>
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<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="middle" ROWSPAN="4">
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Financial Highlights</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share, per share data and ratios)</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(Unaudited)</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></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">Year ended December 31</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> % Change 4Q-06 vs. 4Q-05</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> % Change 2006 vs. 2005</TD>
<TR>
<TR>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect 
19 of 174
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<TD VALIGN="top"> Comprehensive income</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
21 of 174
Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Annualized ROE*</TD>
Roman" SIZE="2">Annualized ROE, excluding FAS 115*</TD>
Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
Roman" SIZE="2">Diluted earnings per share</TD>
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<TR>
<TR>
<TD VALIGN="top"> Book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Weighted average basic ordinary shares outstanding</TD>
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<TR>
<TD VALIGN="top"> Weighted average diluted ordinary shares outstanding</TD>
<TD VALIGN="top"> Debt/ total capitalization</TD>
</TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 25 Non-GAAP Financial Measures. </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) and cumulative effect of a change in accounting principle (cumulative effect) </TD><
<TR>
<TR>
<TD VALIGN="top"> Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Results - Consecutive Quarters</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars)</TD></TR>
<TR>
</TABLE> ACE Limited Consolidated
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px
23 of 174
solid #000000">4Q-06</TD>

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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2006</TD>
<TD VALIGN="top"> Property and Casualty (1)</TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Policy acquisition costs</TD>
Roman" SIZE="2">Administrative expenses</TD>
Roman" SIZE="2">P&C underwriting income (loss)</TD>
Roman" SIZE="2">Life underwriting income excluding investment income</TD>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Net investment income</TD>
Roman" SIZE="2">Net realized gains (losses)</TD>
Roman" SIZE="2">Interest expense</TD>
Roman" SIZE="2">Other (income) expense</TD>
Roman" SIZE="2">Income tax expense (benefit)</TD>
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<TD VALIGN="top"> Cumulative effect of a change in accounting principle, net of tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<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>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> % Change versus prior year period (1)<F
SIZE="2" COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Property and Casualty net premiums written</TD>
<TD VALIGN="bottom" ALIGN="right">-4</TD>
<TD VALIGN="top"> Property and Casualty net premiums earned</TD>
<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
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<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
<TR>
<TD VALIGN="top"> Combined ratio (1)</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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (1) Brandywine (asbestos, environmental and other run-off losses) 
<TD VALIGN="top"> Catastrophe and other large losses (before tax)</TD>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Property and casualty excluding Life is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. </TD></
STYLE="margin-top:0px;margin-bottom:-6px"> 
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Includes a provision for bad debt and unallocated loss adjustment expenses. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
<TR>
<TR>
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<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Results - Consecutive Quarters - 2</TD></TR>
<TR>
<TR>
</TABLE> ACE Limited Consolidated
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">3Q-05</TD>
<TD VALIGN="top"> Property and Casualty (1)</TD>
<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
34 of 174
Roman" SIZE="2">P&C underwriting income (loss)</TD>
Roman" SIZE="2">Life underwriting income excluding investment income</TD>
Roman" SIZE="2">Interest expense</TD>
Roman" SIZE="2">Other (income) expense</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income (loss)</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) and cumulative effect </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Combined ratio (1)</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Property and casualty excluding Life is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. </TD></
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<TR>
<TD ALIGN="left" VALIGN="top">See page 25 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Summary Consolidated Balance Sheets</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except per share data)</TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2006</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2006</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
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<TD VALIGN="top"> 
<TR>
<TR>
<TR>
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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>
SIZE="2">Insurance and reinsurance balances receivable</TD>
SIZE="2">Reinsurance recoverable</TD>
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<TR>
<TR>
<TR>
<TR>
39 of 174
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Prepaid reinsurance premiums</TD>
SIZE="2">Goodwill</TD>
SIZE="2">Deferred tax assets</TD>
SIZE="2">Investments in partially owned insurance companies</TD>
SIZE="2">Other assets</TD>
SIZE="2">Total assets</TD>
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<TR>
<TR>
<TR>
<TR>
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SIZE="2">Liabilities</TD>
SIZE="2">Unpaid losses and loss expenses</TD>
SIZE="2">Unearned premiums</TD>
SIZE="2">Future policy benefits for life and annuity contracts</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Deposit liabilities</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for securities purchased</TD>
SIZE="2">Accounts payable, accrued expenses and other liabilities</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
41 of 174
SIZE="2">Income taxes payable</TD>
SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
SIZE="2">Shareholders equity</TD>
SIZE="2">Total shareholders equity, excl. AOCI</TD>
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<TD VALIGN="top"> Accumulated other comprehensive income (AOCI)</TD>
<TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Book value per ordinary share (1) Tangible book value per ordinary share (1)</FO
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
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<TR>
<TD ALIGN="left" VALIGN="top">See page 25 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Premiums by Line of Business</TD></TR>
<TR>
<TR>
</TABLE> ACE Limited Consolidated 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> %
ALIGN="center">Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 4Q-06 vs. 4Q-05</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2006 vs. 2005</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
43 of 174
of Casualty</TD>
<TR>
<TD VALIGN="top"> Personal accident</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total P&C</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Property and all other</TD>
<TR>
<TD VALIGN="top"> Casualty</TD>
<TD VALIGN="top"> Personal accident</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total P&C</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Life</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top">Line of Business</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidating Statement of Operations</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Three months ended December 31, 2006 and 2005</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>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="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 P&C</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life Insurance & Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> December 31, 2006 </TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses)<S
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> December 31, 2005</TD>
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<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<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"> Segment 2006 Qtr</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidating Statement of Operations</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Year ended December 31, 2006 and 2005</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>
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<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 P&C</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life Insurance & Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> December 31, 2006 </TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) and cumulative effect </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> December 31, 2005</TD>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Segment 2006 YTD</TD>
</TABLE>
<TR>
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<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters</TD></TR>
<TR>
<TR>
SIZE="2">Insurance - North American 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Underwriting income</TD>
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<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>
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Roman" SIZE="2">Income tax expense (benefit)</TD>
Roman" SIZE="2">Net income</TD>
Roman" SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TD VALIGN="top"> Brandywine (asbestos, environmental and other run-off losses) 
<TD VALIGN="top"> Prior period development unfavorable (favorable)</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
76 of 174
Roman" SIZE="2">% Change versus prior year period</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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</TABLE>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Includes a provision for bad debt and unallocated loss adjustment expenses. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Insurance-North American</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Insurance - North American
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Underwriting income (loss)</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
80 of 174
Roman" SIZE="2">Income excluding net realized gains (losses) (1)
Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
8/12/11 4:48 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-North American 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Insurance - Overseas General
<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>
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<TR>
<TR>
<TR>
82 of 174
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income</TD>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
85 of 174
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
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<TR>
<TR>
<TR>
<TR>
88 of 174
Roman" SIZE="2">% Change versus prior year period</TD>
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<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-Overseas General</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Global Reinsurance
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TR>
<TR>
<TR>
90 of 174
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) <
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
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<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>
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Roman" SIZE="2">Large losses and other items</TD>
Roman" SIZE="2">Catastrophe and other large losses (before tax)</TD>
Roman" SIZE="2">Prior period development - unfavorable (favorable)</TD>
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<TR>
<TR>
<TR>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters - 2</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="top"> % Change versus prior year period</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
97 of 174
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">Global Reinsurance - By Division</TD>
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<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TD VALIGN="top"> Tempest Europe</TD>
<TD VALIGN="top"> Tempest USA</TD>
<TR>
<TD VALIGN="top"> Tempest Bermuda</TD>
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<TD> </TD>
<TD> </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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
101 of 174
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Tempest Europe</TD>
Roman" SIZE="2">Tempest USA</TD>
Roman" SIZE="2">Tempest Bermuda</TD>
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<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>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total NPW/GPW</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters - 3</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></TR>
<TR>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) <
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
107 of 174
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance 3</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
SIZE="2">Life Insurance and Reinsurance 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-06</TD>
<TR>
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<TR>
<TR>
109 of 174
Roman" SIZE="2">Life and annuity benefits</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life underwriting income (1)
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">We assess the performance of our Life Insurance and Reinsurance business based on life underwriting income which includes net investment income. <
<TR>
<TR>
<TR>
<TD VALIGN="top">Life</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Loss Reserve Rollforward</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>
<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">Total</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ongoing</TD>
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Run-off (1)</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Gross</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ceded</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net</TD>
<TD VALIGN="top"> Balance at December 31, 2004</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,483</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> 8,427</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" NOWRAP> Losses and loss expenses incurred</TD>
<TD VALIGN="top" NOWRAP> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(1,998</TD>
113 of 174
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<TR>
<TD VALIGN="top"> Other (incl. foreign exch. Revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2005</TD>
<TD VALIGN="bottom"> </TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" NOWRAP> 
116 of 174
SIZE="2">Balance at June 30, 2005</TD>
Roman" SIZE="2">Losses and loss expenses incurred</TD>
Roman" SIZE="2">Losses and loss expenses paid</TD>
SIZE="2">Other (incl. foreign exch. Revaluation)</TD>
8/12/11 4:48 PM

<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at September 30, 2005</TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
120 of 174
SIZE="2">Balance at March 31, 2006</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at June 30, 2006</TD>
<TR>
<TR>
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<TR>
<TD VALIGN="top"> Other (Randall Sale)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
123 of 174
SIZE="2">Balance at September 30, 2006</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">The run-off reserves primarily include the Brandywine group, the Commercial Insurance Service - Middle Market Workers Comp. reserves and the pre-19
reserves. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis</TD></TR>
<TR>
<TD VALIGN="middle" ALIGN="center">(in millions of U.S. dollars)</TD></TR>
<TR>
</TABLE> Net Reinsurance Recoverable by
Division 
<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="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</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>
<TR>
126 of 174
Roman" SIZE="2">Westchester Run-off</TD>
Roman" SIZE="2">Other Run-off</TD>
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
Roman" SIZE="2">Active operations</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>
127 of 174
Roman" SIZE="2">Brandywine</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
128 of 174
Roman" SIZE="2">Gross reinsurance recoverable</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
129 of 174
Roman" SIZE="2">Provision for uncollectible reinsurance</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
130 of 174
Roman" SIZE="2">Net reinsurance recoverable</TD>
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<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</TABLE> 
<TR>
<TR>
<TD VALIGN="top">Reinsurance Recoverable</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis - 2</TD></TR>
<TR>
<TR>
</TABLE> Reinsurance Recoverable for
Active Operations 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30, 2006</TD>
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<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">1.4</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
<TR>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,649</TD>
<TD VALIGN="bottom" ALIGN="right">527</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.9</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At September 30, 2006, $7.7
billion of the active operations recoverables were from rated reinsurers, of which 93.8% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $3.1 b
billion was matched and usable against existing recoverables. 
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2) Other Reinsurers Balances Greater Than $20 million (net of coll
(2)</TD></TR>
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<TR>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="bottom">AIOI Insurance Group</TD>
<TD VALIGN="bottom">IRB Brasil Resseguros S.A. Group</TD></TR>
<TR>
<TD VALIGN="top">American International Group (AIG)</TD>
<TD VALIGN="bottom">Allianz</TD>
<TD VALIGN="bottom">Liberty Mutual Insurance Companies</TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="bottom">Allied World Assurance Group</TD>
<TD VALIGN="bottom">Montpelier Reinsurance Ltd</TD></TR>
<TR>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="bottom">Arch Capital</TD>
<TD VALIGN="bottom">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="bottom">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="bottom">Platinum Underwriters</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)</TD>
<TD VALIGN="top">AXA</TD>
<TD VALIGN="bottom">PMA Capital Corp</TD></TR>
<TR>
<TD VALIGN="top">Lloyds Of London</TD>
<TD VALIGN="bottom">CIGNA</TD>
<TD VALIGN="bottom">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">Munich Re Group</TD>
<TD VALIGN="bottom">CNA Insurance Companies</TD>
<TD VALIGN="bottom">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="bottom">Converium Group</TD>
<TD VALIGN="bottom">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="bottom">Electric Insurance Company</TD>
<TD VALIGN="bottom">Sompo Japan Group</TD></TR>
<TR>
<TD VALIGN="bottom">Endurance Specialty Holdings Ltd</TD>
<TD VALIGN="bottom">St Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="bottom">Fairfax Financial</TD>
<TD VALIGN="bottom">Tawa UK Ltd</TD></TR>
<TR>
<TD VALIGN="bottom">Federal Crop Insurance Corp</TD>
<TD VALIGN="bottom">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="bottom">Gerling Global Group</TD>
<TD VALIGN="bottom">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="bottom">Independence Blue Cross Group</TD>
<TD VALIGN="bottom">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="bottom">ING Groep NV</TD>
<TD VALIGN="bottom">Zurich Financial Services Group</TD></TR>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our
uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory p
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Active</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">
<TR>
<TR>
133 of 174
SIZE="2">ACE Limited</TD></TR>
SIZE="2">Reinsurance Recoverable Analysis - 3</TD></TR>
SIZE="2">(in millions of U.S. dollars)</TD></TR>
SIZE="2">(Unaudited)</TD></TR>
8/12/11 4:48 PM
</TABLE> Consolidated Reinsurance
Recoverable 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30, 2006</TD>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
<TR>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">15,433</TD>
<TD VALIGN="bottom" ALIGN="right">704</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.6</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
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<TD> </TD></TR>
</TABLE> At September 30, 2006, $11.6
billion of ACE Limited recoverables were from rated reinsurers, of which 93.7% were rated the equivalent of A- or better by internationally recognized rating agencies. 
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2)</TD>
<TD VALIGN="bottom" COLSPAN="5" STYLE="border-bottom:1px solid #000000"> Other Reinsurers Balances Greater Than $20 million (net of coll
(2)</TD></TR>
<TR>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="bottom">AIOI Insurance Group</TD>
<TD VALIGN="bottom">Electric Insurance Company</TD>
<TD VALIGN="bottom">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">American International Group (AIG)</TD>
<TD VALIGN="top">Allianz</TD>
<TD VALIGN="top">Endurance Specialty Holdings Ltd</TD>
<TD VALIGN="top">Platinum Underwriters</TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="top">Allied World Assurance Group</TD>
<TD VALIGN="top">Equitas</TD>
<TD VALIGN="top">PMA Capital Corp</TD></TR>
<TR>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="top">Allstate Group</TD>
<TD VALIGN="top">Fairfax Financial</TD>
<TD VALIGN="top">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="top">Arch Capital</TD>
<TD VALIGN="top">Federal Crop Insurance Corp</TD>
<TD VALIGN="top">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover)</TD>
<TD VALIGN="top">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="top">FM Global Group</TD>
<TD VALIGN="top">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">Lloyds Of London</TD>
<TD VALIGN="top">AVIVA</TD>
<TD VALIGN="top">General Motors Corp</TD>
<TD VALIGN="top">Sompo Japan Group</TD></TR>
<TR>
<TD VALIGN="top">Munich Re Group</TD>
<TD VALIGN="top">AXA</TD>
<TD VALIGN="top">Gerling Global Group</TD>
<TD VALIGN="top">St Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="top">Castlewood Holdings Limited</TD>
<TD VALIGN="top">Hartford Insurance Group</TD>
<TD VALIGN="top">Tawa UK Ltd</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="top">CIGNA</TD>
<TD VALIGN="top">Independence Blue Cross Group</TD>
<TD VALIGN="top">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">CNA Insurance Companies</TD>
<TD VALIGN="top">ING Groep NV</TD>
<TD VALIGN="top">Trenwick Group</TD></TR>
<TR>
<TD VALIGN="top">Converium Group</TD>
<TD VALIGN="top">IRB - Brasil Resseguros S.A. Group</TD>
<TD VALIGN="top">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">Dominion Insurance Co Ltd</TD>
<TD VALIGN="top">Liberty Mutual Insurance Companies</TD>
<TD VALIGN="top">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="top">Dow Chemical Co</TD>
<TD VALIGN="top">Millea Holdings</TD>
<TD VALIGN="top">Zurich Financial Services Group</TD></TR>
<TR>
<TD VALIGN="top">Dukes Place Holdings</TD>
<TD VALIGN="top">Montpelier Reinsurance Ltd</TD>
<TD VALIGN="top"></TD></TR>
<TR>
135 of 174
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<TD ALIGN="left" VALIGN="top">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our
uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory p
<TR>
<TR>
<TD VALIGN="top">Reinsurance Rec-Consolidated</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis - 4</TD></TR>
<TR>
<TR>
</TABLE> Detail on Reinsurance
Recoverable on Paid Losses and Loss Expenses 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">General Collections (1)</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Other (2)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="top"> Gross balance at December 31, 2005</TD>
<TR>
<TD VALIGN="top"> Provision at 12/31/05</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2005</TD>
136 of 174
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
137 of 174
Roman" SIZE="2">Gross balance at March 31, 2006</TD>
Roman" SIZE="2">Provision at 3/31/06</TD>
Roman" SIZE="2">% of gross</TD>
Roman" SIZE="2">Net balance at March 31, 2006</TD>
Roman" SIZE="2">Gross balance at June 30, 2006</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
138 of 174
Roman" SIZE="2">Net balance at June 30, 2006</TD>
Roman" SIZE="2">Gross balance at September 30, 2006</TD>
Roman" SIZE="2">Net balance at September 30, 2006</TD>
Roman" SIZE="2">Gross balance at December 31, 2006</TD>
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<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2006 (3)</FON
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">General collections balances represent amounts in process of coll
of business, for which we have no indication of dispute or credit issues. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for B
operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">The current quarter split between general collections and other is estimated based on prior quarter balances. Balances are adjusted to ac
<TR>
<TR>
<TD VALIGN="top">Reinsurance Recoverable 4</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio</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></TR>
<TR>
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<TD VALIGN="top"> Market Value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Asset Allocation by Market Value</TD>
Roman" SIZE="2">Treasury</TD>
Roman" SIZE="2">Agency</TD>
Roman" SIZE="2">Corporate</TD>
Roman" SIZE="2">Mortgage-backed securities</TD>
Roman" SIZE="2">Asset-backed securities</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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Roman" SIZE="2">Municipal</TD>
Roman" SIZE="2">Non-US</TD>
Roman" SIZE="2">Short-term investments</TD>
Roman" SIZE="2">Credit Quality by Market Value</TD>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">AAA</TD>
Roman" SIZE="2">AA</TD>
Roman" SIZE="2">A</TD>
Roman" SIZE="2">BBB</TD>
Roman" SIZE="2">BB</TD>
Roman" SIZE="2">B</TD>
Roman" SIZE="2">Other</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Cost/Amortized Cost</TD>
Roman" SIZE="2">Fixed maturities available for sale</TD>
Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short term investments</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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Roman" SIZE="2">Subtotal</TD>
Roman" SIZE="2">Equity securities</TD>
Roman" SIZE="2">Other investments</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Avg. duration of fixed maturities, adjusted for int. rate swaps</TD>
<TD VALIGN="bottom" ALIGN="right">3.3 years</TD>
<TR>
<TD VALIGN="top"> Avg. market yield of fixed maturities</TD>
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio</TD></TR>
<TR>
<TR>
</TABLE> Investment portfolio
 Top 10 Exposures - Fixed Maturity I
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> December 31, 2006</TD>
<TD VALIGN="bottom"> December 31, 2005</TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> General Electric Co</TD>
<TD VALIGN="bottom">General Electric Co</TD>
<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
<TD VALIGN="bottom">Citigroup Inc</TD>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="bottom">HSBC Holdings Plc</TD>
<TR>
<TD VALIGN="top"> Morgan Stanley</TD>
<TD VALIGN="bottom">Morgan Stanley</TD>
<TD VALIGN="top"> Bank of America Corp</TD>
<TD VALIGN="bottom">JP Morgan Chase & Co</TD>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="bottom">Bank of America Corp</TD>
<TD VALIGN="top"> Comcast Corp</TD>
<TD VALIGN="bottom">Wells Fargo & Co</TD>
<TR>
<TD VALIGN="top"> Wells Fargo & Co</TD>
<TD VALIGN="bottom">Verizon Communications Inc</TD>
<TD VALIGN="top"> Wachovia Corp</TD>
<TD VALIGN="bottom">Comcast Corp</TD>
<TR>
<TD VALIGN="top"> Lehman Brothers Holdings Inc</TD>
<TD VALIGN="bottom">Lehman Brothers Holdings Inc</TD>
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Net Realized and Unrealized Gains (Losses)</TD></TR>
<TR>
<TR>
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<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended December 31, 2006</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 2006</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>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
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<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes impairments of $12M for fixed maturities and $1M for equities. Year to date includes impairments of $198M for fixed maturities, $10M
other investments. </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 endedDecember 31, 2005</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 2005</TD>
<TR>
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<TD VALIGN="top"> Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<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"> Total inv. portfolio gains (losses)</TD>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes impairments of $40M for fixed maturities, $10M for equities and $2M for other investments. Year to date includes impairments of $68M
for equities and $4M for other investments. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Capital Structure</TD></TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt </TD>
<TD VALIGN="top"> Total debt</TD>
<TR>
<TR>
<TD VALIGN="top"> Total trust preferreds</TD>
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<TR>
<TR>
<TR>
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SIZE="2">Perpetual preferred</TD>
SIZE="2">Ordinary shareholders equity</TD>
SIZE="2">Total shareholders equity</TD>
SIZE="2">Total capitalization</TD>
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<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">12.8%</TD>
<TD VALIGN="bottom" ALIGN="right">16.3%</TD></TR>
<TR>
<TR>
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SIZE="2">Tangible shareholders equity (1)</FO
SIZE="2">Leverage ratios</TD>
SIZE="2">Debt/ total capitalization</TD>
SIZE="2">Debt plus trust preferreds/ total capitalization</TD>
SIZE="2">Debt/ tangible equity</TD>
SIZE="2">Debt plus trust preferreds/ tangible equity</TD>
SIZE="2">Debt plus total preferred stock/ total capitalization</TD>
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<TR>
<TD ALIGN="left" VALIGN="top">Tangible equity is equal to shareholders equity less goodwill. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Capital Structure</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Computation of Basic and Diluted Earnings Per Share</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</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="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">Year ended December 31</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income to ordinary shares, excl. net realized gains (losses) and cumulative effect</TD>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares excluding cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Rollforward of ordinary shares</TD>
<TR>
<TD VALIGN="top"> Ordinary shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">325,956,542</TD>
<TD VALIGN="top"> Issued (Public Offering)</TD>
<TR>
<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TD VALIGN="top"> Stock (cancelled) granted</TD>
<TR>
<TD VALIGN="top"> Issued for option exercises</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Ordinary shares - end of period</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Denominator</TD>
SIZE="2">Weighted average shares outstanding</TD>
SIZE="2">Effect of other dilutive securities</TD>
SIZE="2">Adj. wtd. avg. shares outstanding and assumed conversions</TD>
SIZE="2">Basic earnings per share</TD>
8/12/11 4:48 PM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
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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 VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Non-GAAP Financial Measures</TD></TR>
<TR>
<TR>
</TABLE> Regulation G - Non-GAAP
Financial Measures In pre
included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations; however, they should
substitute for measures determined in accordance with GAAP. A reconciliation of book value per share is provided on page 26. In presenting our segment operating results we have shown our performance with reference to underwriting results. Underwriting
subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of ou
impact of certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses). &
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">The following non-GAAP measure is a common performance measurement and is defined as income (loss) excluding net realized gain
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(benefit) on net realized gains (losses) and cumulative effect of a change in accounting principle, net of tax. We believe this presentation enhances the understanding of our results of operations by highlighting the unde
insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We exclude the
effect of a change in accounting principle, net of tax, because this benefit resulted in a one time adjustment to income. We believe these amounts are largely independent of our business and including them would distort t
Income excluding net realized gains (losses) and cumulative effect should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). 
<TD></TD>
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<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">Full Year 2005</TD></TR>
<TD VALIGN="top"> Net income, as reported</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TR>
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<TD VALIGN="bottom" ALIGN="right"> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
<TR>
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<TD VALIGN="bottom" ALIGN="center">Book Value per Ordinary Share</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD></TR>
<TR>
</TABLE> Reconciliation of Book Value per
Ordinary Share 
<TR>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> June 30 March 31 Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Proceeds from issuance of preferred shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Numerator for book value per share calculation</TD>
<TR>
<TD VALIGN="top"> Less: goodwill</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>
<TD VALIGN="top"> Denominator</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Book value per ordinary share</TD>
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<TR>
<TD VALIGN="top"> Tangible book value per ordinary share</TD>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Comprehensive Income</TD></TR>
<TR>
<TR>
</TABLE> Consolidated Statement of
Comprehensive Income 
<TR>
<TD></TD>
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<TD></TD></TR>
<TR>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Net unrealized appreciation (depreciation) on investments</TD>
Roman" SIZE="2">Unrealized appreciation (depreciation) on investments</TD>
Roman" SIZE="2">Reclassification adjustment for net realized gains (losses) included in net income</TD>
Roman" SIZE="2">Change in cumulative translation adjustment</TD>
Roman" SIZE="2">Minimum pension liability adjustment</TD>
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<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> </TD></TR>
<TR>
<TD VALIGN="top"> Other comprehensive income (loss)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Comprehensive income</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Glossary</TD></TR>
</TABLE> Annualized return on ordinary
shareholders equity (ROE): Income (loss) excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity for the period. To a
multiply by four. Book value per ordinary share
shareholders equity divided by the shares outstanding. The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio for the property and casualty business. Calculated on a GAAP basis. Cumulative effect: The cumulative effect of a change in accounting principle is a benefit resulting from
rate on the restricted stock under Financial Accounting Standard 123R Share-Based Payment. Effective tax rate: Income tax expense divided by the sum of income tax expense and income (loss) excluding net realized gains (losses) and cumulative effect. FAS 115: Unrealized gains (losses) on investments and the
included in shareholders equity. Life und
premium earned and net investment income less future policy benefits, acquisition costs and administrative expenses. NM: Not meaningful. Ordinary shareholders equity: Shareholders equity less perpetual preferred shares. P&C: Property and casualty. Combined ratios: Loss and loss expense ratios, policy acquisition cost ratios and administrative expense ratios excluding life reinsura
a GAAP basis. Return on ordinary shareholders&#
Income (loss) excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity. Tangible book value per ordinary share: Ordinary shareholders equity less goodwill divided by the s
 Tangible equity: Shareholders equity
 Total capitalization: Short-term debt, long-term debt,
preferred shares and shareholders equity. 
<TR>
<TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
174 of 174
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2007-1-31 ACE Limited (NYSE: ACE) 8-K

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http://www.sec.gov/Archives/edgar/data/896159/000119312507016572/0001193125-07-0165...

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

<IMG SRC="g59405img001.jpg" ALT="LOGO"></B></FONT></TD>

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

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

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

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

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

STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31</B></FONT></P></TD>

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,794</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

<IMG SRC="g59405image_002.jpg" ALT="LOGO"></TD>

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

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

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

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

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

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

solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>4Q-06</B></FONT></TD>

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

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

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

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

Roman" SIZE="2">P&amp;C underwriting income (loss)</FONT></P></TD>

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

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

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

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">124</FONT></TD>

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

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

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

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

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

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

Roman" SIZE="2">P&amp;C underwriting income (loss)</FONT></P></TD>

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

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>

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

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

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

SIZE="2">Short-term investments, at fair value</FONT></P></TD>

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

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

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

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

STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December 31</B></FONT></P></TD>

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

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

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

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

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

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

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

Roman" SIZE="2">P&C underwriting income (loss)</FONT></P></TD>

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

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

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

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

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

Roman" SIZE="2">P&C underwriting income (loss)</FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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