2008-2-6 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312508020657/0001193125-08-0206...
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<SEC-DOCUMENT>0001193125-08-020657.txt : 20080206
<SEC-HEADER>0001193125-08-020657.hdr.sgml : 20080206
<ACCEPTANCE-DATETIME>20080205174924
ACCESSION NUMBER:
0001193125-08-020657
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20080205
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20080206
DATE AS OF CHANGE:
20080205
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
08578298
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
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<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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P O BOX HM 1015
HAMITON BERMUDA
D0
00000
 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
2008 ACE LIMITED 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Exact name of registrant as specified in its charter) 
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
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<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) Check the appropriate box b
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): <FON
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> 
<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition On February 5, 2008, ACE Limited issued a press release rep
2007 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. Financial Statements, Pro Fo
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" NOWRAP ALIGN="center"> Exhibit Number </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP ALIGN="center">99.1</TD>
<TD VALIGN="top"> Press release, dated February 5, 2008, reporting fourth quarter results</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">99.2</TD>
<TD VALIGN="bottom">Fourth Quarter 2007 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /s/ Philip V. Bancroft </TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
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<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: February 5, 2008 
EXHIBIT INDEX 
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> Number </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Method of Filing </TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="bottom">Press release, dated February 5 2008, reporting fourth quarter results</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Fourth Quarter 2007 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 5, 2008
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated February 5, 2008</TITLE>
</HEAD>
Exhibit 99.1 
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<TD VALIGN="top" ROWSPAN="4">
<IMG SRC="g86656newsrelease.jpg" ALT="LOGO"></TD></TR>
<TR>
<TD VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top">
<IMG SRC="g86656ace.gif" ALT="LOGO"></TD>

<TD VALIGN="top"> ACE Limited ACE Global Headquarters 17 Woodbourne
STYLE="margin-top:0px;margin-bottom:0px">Hamilton HM 08 Bermuda</TD>
<TD VALIGN="top"> PO Box HM 1015 Hamilton HM D
STYLE="margin-top:0px;margin-bottom:0px">Bermuda <F
SIZE="1">441 295-5200 main 441 292-8675 fax 
STYLE="margin-top:0px;margin-bottom:1px">www.acelimited.com </TD>
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</TABLE> FOR IMMEDIATE RELEASE
 
<TR>
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<TD VALIGN="top" ALIGN="right">Investor Contact:</TD>
<TD VALIGN="top"> Helen M. Wilson (441) 299-92
helen.wilson@ace.bm</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="right">Media Contact: </TD>
<TD VALIGN="top"> Robert T. Grieves (212) 827STYLE="margin-top:0px;margin-bottom:1px">robert.grieves@ace-ina.com</TD></TR>
</TABLE> ACE REPORTS FOURTH QUARTER 2007 NET INCOME OF $572 MILLION, FULL YEAR 2007 NET INCOME INCREASES 12% TO RECORD $2,578 MILLION, </FON
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">OPERATING INCOME UP 15% TO RECORD $2,712 MILLION 
STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:3px;line-Height:95%; vertical-align:top">HAMILTON, Bermuda, February 5, 2008 ACE Limited (NYSE: ACE) today re
fourth quarter ended December 31, 2007, of $1.69 per common share after payment of preferred dividends, compared with $1.99 per share for the same quarter last year. Income excluding net realized gains (losses) for t
per share, compared with $1.92 per share for the same quarter of last year.(1) Book value increased 4% for the quarter, and annualized return on average equity was 17.2%.(2) The net realized and unre
$15 million for the quarter. The overall mark-to-market impact on our investment portfolio was a pre-tax gain of $106 million. Fourth Quarter Summary (in millions, except per share amounts) (Unaudited) 
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center">(Per Share Diluted)</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2007</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">572</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(14</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)%</TD>
<TD VALIGN="bottom" ALIGN="right">1.69</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(15</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">(121</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">(0.36</TD>
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<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax(1)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">8</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
</TABLE> 
Page 1/7 
Net income for the year was $7.66 per share, an increase of 11%
over prior year. For 2007, income excluding net realized gains (losses) and cumulative effect of an accounting change(3) was $8.07 per share, compared with $7.05 per share for 2006.(1) The combined r
compared with 88.1% for 2006. Book value increased 17% and return on equity for the year was 17.9%.( 2) Full Year Summary (in millions, except per share
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
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<TD VALIGN="bottom" COLSPAN="9" ALIGN="center">(Per Share Diluted)</TD>
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<TD VALIGN="bottom" ALIGN="right">2,578</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="top"> Cumulative effect, net of tax(3)</TD>
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<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(1)</TD>
</TABLE> Evan Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: ACE had a strong fourth quarter that capped an excellent year for the Company. All areas of the Co
the financial markets crisis had a relatively modest impact on our results. For the year, we achieved record net income and net operating income, which increased 12% and 15%, respectively, while book value per share
In December we announced two acquisitions that will further diversify and contribute to ACEs future earnings. Looking ahead, we are well positioned to manage through an increasingly difficult environment marked by c
financial markets, deteriorating economic fundamentals and a softening property and casualty market. Other operating highlights were as follows: 
<TD WIDTH="4%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> Net premiums written declined 1.3% over the prior year quarter and 0.4% over the full year. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Net premiums earned increased 1% over the prior year quarter and 4% over the full year. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> The P&C combined ratio for the quarter was 88.1% compared with 88.2% in the prior year quarter; for the full year the P&C combin
with 88.1% for 2006. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> P&C underwriting income was $351 million for the quarter and $1.4 billion for the full year. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Operating cash flow amounted to $823 million for the quarter and $4.7 billion for the full year. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Invested assets increased by $5.1 billion or 14% during the year to $42.3 billion. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Net loss reserves increased 8% for the full year to $22.7 billion. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Net investment income increased 18% over the prior year quarter and 20% for the year to $1.9 billion. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Shareholders equity increased 17% for the year to $16.7 billion. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:3px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top"> Tangible equity (1) rose to nearly $14 billion, an increase of 21% from year
</TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Return on average equity for 2007 was 17.9%; excluding FAS 115, it was 18.6%.
(2)</TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Book value per share increased 4% from September 30, 2007, and 16% for the year to $48.
</TD></TR></TABLE> Details of our financial results
are available in the financial supplement. Key segment items include: 

<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written decreased 7% over the prior year quarter. The combined ratio was 89.1%. </TD><
STYLE="margin-top:0px;margin-bottom:-6px"> 
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<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written increased 10% over the prior year quarter. The combined ratio was 87.5%. </T
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<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written decreased 31% over the prior year quarter. The combined ratio was 73.6%. </TD></TR><
<TR>
<TD ALIGN="left" VALIGN="top"> Life Insurance and Reinsurance: Net premiums written increased 42% over the prior year quarter. Income excluding net realized gains (los
million over the prior year quarter. Net realized losses of $108 million are primarily attributable to the mark-to-market impact of our guaranteed minimum income benefit liabilities that are accounted for as der
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Corporate and Other: Net realized losses of $73 million are attributable to our investment in Assured Guaranty Ltd. and their reported u
loss on derivatives associated with financial guaranties written as credit default swaps. </TD></TR></TABLE> Please refer to the ACE Limited Financial Supplement dated December 31, 2007, which is posted on the Companys website in the Investor Information section, and access Financial Re
information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and capital structure. The URL reference is:
http://media.corporate-ir.net/media_files/nys/ace/reports/fin_supp_december_31_2007.xls. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browsers URL ad
STYLE="margin-top:0px;margin-bottom:0px"> ACE will host its fourth quarter earnings conference call and web
February 6, 2008, beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 888-819-8006 (within the United States) or 913-312passcode 6462453. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately one month. To listen to the
(in the United States) or 719-457-0820 (international); passcode 6462453. The ACE Group of Companies is a 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 Gr
its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com. 1 Non-GAAP Financial Measures: Operating Income or Income excluding net realized gains (losses) a
tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance busin
gains (losses) and net realized gains (losses) included in Other (income) expense related to partially-owned insurance companies because the amount of these gains (losses) is heavily influenced by, and fluctuates in part
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 administrative expenses from net premiums earned. W
and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other (income) expense, interest and income tax expense and net realized gains (losses)
these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. is shareholders equity less goodwill. See reconciliation of Non-GAAP Financial Measures beginning on page 24 in the financial supplement. These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). 2 Calculated using income excluding net realized
gains (losses). 3 The cumulative effect is a benefit r
of a forfeiture rate on restricted stock in our stock compensation expense calculations, as required under Financial Accounting Standard (FAS) 123R. 4 Book value per ordinary share is ordinary shareholders equity
outstanding. Tangible book value per ordinary share is ordinary shareholders equity less goodwill divided by the shares outstanding. </FON
STYLE="margin-top:0px;margin-bottom:0px"> Cautionary Statement Regarding Forward-Looking Statement
 Forward-looking statements made in this press release refle
current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and unc
actual results to differ materially from those set forth in these statements. For example, the Companys forward-looking statements could be affected by competition, pricing and policy term trends, the levels of
achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legisl
governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, actual m
agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to these factors, and other fa
Companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.&nbsp
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(tables to follow) 
 ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, except per share data) 
<TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2006</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> Total investments</TD>
<TD VALIGN="bottom" ALIGN="right">36,601</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">565</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>
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<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD></TR>

<TD VALIGN="top"> Total assets</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
<TR>
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<TD VALIGN="top"> Liabilities</TD>
<TD VALIGN="top"> Unpaid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Unearned premium</TD>
<TD VALIGN="top"> Other Liabilities</TD>
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<TD VALIGN="top"> Total liabilities</TD>
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<TD VALIGN="top"> Shareholders equity</TD>
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<TD VALIGN="top"> Total shareholders equity</TD>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
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<TD VALIGN="top"> Book value per ordinary share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">42.03</TD></TR>
</TABLE> 
SIZE="2">ACE Limited Summary Consolidated Financial Data (in millions of U.S. dollars, except per share data, and ratios) 
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<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>
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<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>
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<TD VALIGN="top"> </TD>
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<TD NOWRAP VALIGN="bottom">)</TD></TR>
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Roman" SIZE="2">Administrative expenses</TD>
Roman" SIZE="2">Underwriting income (loss) (1)</TD>
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>
8/12/11 4:57 PM

<TR>
<TD VALIGN="top"> Cumulative effect, net of tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Preferred share 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>
<TR>
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<TR>
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<TD NOWRAP VALIGN="bottom">%</TD>
<TD NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
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Roman" SIZE="2">Diluted earnings per share:</TD>
Roman" SIZE="2">Income excluding net realized gains (losses) and cumulative effect (1)</TD>
Roman" SIZE="2">Net income</TD>
Roman" SIZE="2">Weighted average diluted shares outstanding</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>
Roman" SIZE="2">Combined ratio</TD>
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SIZE="2">ACE Limited Consolidated Supplemental Information (in millions of U.S. dollars) (Unaudited) </F
STYLE="margin-top:0px;margin-bottom:0px"> 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended December 31</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year Ended December 31</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Gross Premiums Written</TD>
<TR>
<TD VALIGN="top"> Insurance North American</TD>
<TR>
<TD VALIGN="top"> Insurance Overseas General</TD>
<TD VALIGN="top"> Global Reinsurance</TD>
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<TD> </TD>
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<TD> </TD>
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Roman" SIZE="2">Life Insurance and Reinsurance</TD>
Roman" SIZE="2">Total</TD>
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>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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Roman" SIZE="2">Net Premiums Earned</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
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Roman" SIZE="2">Global Reinsurance</TD>
Roman" SIZE="2">Income Excluding Net Realized Gains (Losses) and Cumulative Effect (1)</TD>
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<TR>
<TD VALIGN="top"> Life Insurance and Reinsurance</TD>
<TD VALIGN="top"> Corporate</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<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 2007 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Fourth Quarter 2007 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g86656img01.jpg" ALT="LOGO"> 
<TR>
<TR>
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<TD VALIGN="bottom"> Financial Supplement December 31, 2007</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" NOWRAP>email: investorrelations@ace.bm</TD>
<TD VALIGN="bottom">Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom"> Forward-looking statements made in this financial supplement reflect the Companys current views with respect to
performance and are made 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
these statements. For example, the Companys forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, ac
uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and a
amount and timing of reinsurance receivable and credit developments among reinsurers. <F
SIZE="2">The Companys forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual m
agency action, possible terrorism or the outbreak and effects of war, and changes in the financial, securities, and capital markets and the investment community. Readers are cautioned not to place undue reliance on these
which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
<IMG SRC="g86656img02.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Page</TD></TR>
<TR>
<TD VALIGN="bottom">I.</TD>
<TD VALIGN="bottom">Financial Highlights</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Financial Highlights</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">II.</TD>
<TD VALIGN="bottom">Consolidated Results</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom">- Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Premiums by Line of Business</TD>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">5-6</TD></TR>
<TR>
<TD VALIGN="bottom">- Financial Institutions Portfolio</TD>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
<TD VALIGN="bottom">- Insurance - North American</TD>
<TR>
<TD VALIGN="bottom">- Insurance - Overseas General</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">9</TD></TR>
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<TR>
<TD VALIGN="bottom">- Global Reinsurance</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">10-11</TD></TR>
<TR>
<TD VALIGN="bottom">- Life Insurance and Reinsurance</TD>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">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>
<TD VALIGN="bottom" NOWRAP ALIGN="right">14-17</TD></TR>
<TR>
<TD VALIGN="bottom">- Investment Portfolio</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">18-20</TD></TR>
<TR>
<TD VALIGN="bottom">- Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom">- Capital Structure</TD>
<TR>
<TD VALIGN="bottom">- Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">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>
<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="middle" ROWSPAN="4">

<TD VALIGN="top" ROWSPAN="4" ALIGN="center"> ACE Limited Consolidated Financial Highlights (in millions of U.S. dollars, except
ratios) (Unaudited)</TD></TR>
<TR>
<TR>
<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></TR>
<TR>
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<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-07 vs. 4Q-06</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2007 vs. 2006</TD>
<TR>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect (1)</TD>
<TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
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Roman" SIZE="2">Underwriting and administrative expense ratio</TD>
Roman" SIZE="2">Annualized ROE*</TD>
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<TR>
<TD VALIGN="top"> Annualized ROE, excluding FAS 115*</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect(1)</TD>
<TR>
<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>
<TD VALIGN="top"> Weighted average basic ordinary shares outstanding</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted ordinary shares outstanding</TD>
<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 24 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="top" ALIGN="right">Page 1</TD></TR>
</TABLE>
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<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top">

<TD VALIGN="top" COLSPAN="17" ALIGN="center"> ACE Limited Consolidated Results - Consecutive Quarters (in millions of U.S. dollar
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Unaudited)</TD></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>
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<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-07</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2007</TD>
<TD VALIGN="top"> Property and Casualty</TD>
<TR>
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<TR>
<TR>
25 of 171
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Policy acquisition costs</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> P&C underwriting income</TD>
<TR>
<TD VALIGN="top"> Life underwriting income excluding investment income</TD>
<TR>
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<TD VALIGN="top"> Net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Interest expense</TD>
<TD VALIGN="top"> Other (income) expense (1)</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
<TD VALIGN="top"> Cumulative effect of a change in accounting principle, net of tax</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net
<TR>
<TR>
<TD VALIGN="top"> Tax
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income</TD>
realized gains (losses)</TD>
realized gains (losses) in other (income) expense (1)</TD>
expense (benefit) on net realized gains (losses)</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect (2)</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(3)</TD>
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<TD VALIGN="top"> -3</TD>
<TR>
<TR>
<TR>
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New Roman" SIZE="2">Property and Casualty net premiums written</TD>
New Roman" SIZE="2">Property and Casualty net premiums earned</TD>
New Roman" SIZE="2">Other ratios</TD>
New Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
Roman" SIZE="2">Combined ratio (3)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Expense ratio P&C</TD>
<TR>
<TD VALIGN="top"> Expense ratio excluding A&H</TD>
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<TR>
<TD VALIGN="top"> Large losses and other items (3)</TD>
<TR>
<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">Includes $57 million and $38 million of net realized investment and derivative losses related to our unconsolidated insurance affiliates for quarter 4 20
respectively. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">See page 24 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<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></
<TR>
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
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<TR>
<TR>

<TD VALIGN="top" ROWSPAN="3"> ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, except per share data)</TD></TR>
<TR>
<TR>
</TABLE>
<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 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2006</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
<TD VALIGN="top"> Short-term investments, at fair value</TD>
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<TR>
<TD VALIGN="top"> 
<TR>
<TR>
<TR>
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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>
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Prepaid reinsurance premiums</TD>
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<TR>
<TR>
<TR>
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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>
SIZE="2">Liabilities</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
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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>
SIZE="2">Income taxes payable</TD>
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<TR>
<TR>
<TR>
<TR>
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SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
SIZE="2">Shareholders equity</TD>
SIZE="2">Total shareholders equity, excl. AOCI</TD>
SIZE="2">Accumulated other comprehensive income (AOCI)</TD>
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<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)</TD>
<TD VALIGN="top"> Tangible book value per ordinary share (1)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">See page 24 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
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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></TR>
<TR>
<TD VALIGN="middle">

<TD VALIGN="top" COLSPAN="21" ALIGN="center"> ACE Limited Consolidated Premiums by Line of Business (in millions of U.S. dollars)
</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>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 4Q-07 vs. 4Q-06</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Year 2006</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 2007 vs. 2006</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
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<TD VALIGN="top"> Casualty</TD>
<TR>
<TD VALIGN="top"> Personal accident (A&H)</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 (A&H)</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> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> 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>

FACE="Times New Roman" SIZE="2">Consolidating Statement of Operations Three months ended December
2006 (in millions of U.S. dollars) (Unaudited)</TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD ROWSPAN="3" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North
FACE="Times New Roman" SIZE="1">American</TD>
<TD VALIGN="bottom" ROWSPAN="3"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas<
FACE="Times New Roman" SIZE="1">General</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</FO
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other<
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated P&C</
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life Insurance & Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> December 31, 2007</TD>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
<TR>
<TR>
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<TD VALIGN="top"> Other (income) expense</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income (loss)</TD>
<TR>
<TR>
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<TD VALIGN="top"> Net realized gains (losses) in other (income) expense</TD>
<TR>
<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) (1)</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<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>
<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>
<TR>
<TR>
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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>
<TR>
<TR>
<TD VALIGN="top"> Segment 2007 Qtr</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="middle">

<TD VALIGN="top" ALIGN="center"> ACE Limited <F
SIZE="2">Consolidating Statement of Operations Year ended December 31, 2007 and 2006(in millions of U.S. dollars) (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>
<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, 2007 </TD>
<TR>
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<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<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 VALIGN="top"> Net realized gains (losses) in other (income) expense</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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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>
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<TD> </TD>
<TD> </TD></TR>
<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>
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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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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Segment 2007 YTD</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Consolidated ResultsFinancial Institutions PortfolioU.S. Exposed (Unaudited)</TD></TR>
<TR>
<TR>
<TR>
</TABLE> 
<TR>
<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">Net Premiums Written</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Average Net Limit</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Average Attachment</TD>
<TD VALIGN="top"> Directors and Officers (D&O)</TD>
<TR>
<TD VALIGN="top"> A-Side</TD>
<TD VALIGN="top"> ABC</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">94.2</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
67 of 171
SIZE="2">Errors and Omissions (E&O)</TD>
SIZE="2">Bankers Professional</TD>
SIZE="2">Insurance Companies</TD>
SIZE="2">Investment Management</TD>
SIZE="2">Rating Agencies</TD>
SIZE="2">Mortgage Bankers / Brokers</TD>
SIZE="2">Broker/Dealers</TD>
8/12/11 4:57 PM
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total*</TD>
<TD NOWRAP VALIGN="bottom">*</TD></TR>
<TD> </TD>
<TD> </TD></TR>
</TABLE> Additional Facts: 
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">U.S. Exposed D&O includes International Companies with U.S. Securities and Exchange Commission (SEC) / American Depository Receipts (ADR) exposure. <
<TR>
<TD ALIGN="left" VALIGN="top">D&O includes Capital Markets, Commercial Banks, Consumer Finance, Diversified Financials, Insurance, REITS, Thrifts&Mortgage, Rating Agencies </F
<TR>
<TD ALIGN="left" VALIGN="top">All premium is net of treaty reinsurance. Net to gross ratio is 76.4% for U.S. exposed business. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">All coverage is claims made. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Defense costs are included within policy limits. </TD></TR></TABLE> <
STYLE="margin-top:0px;margin-bottom:0px">* Excludes Mortgage Bankers/Brokers 
<TR>
<TR>
<TD VALIGN="top"> Financial Institutions</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="4">

FACE="Times New Roman" SIZE="2">Segment Results - Consecutive Quarters (in millions of U.S. dollars)
<TR>
<TR>
</TABLE> Insurance - North American 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
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<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Underwriting income</TD>
Roman" SIZE="2">Net realized gains (losses)</TD>
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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>
<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>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Combined ratio</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>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
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<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-North American</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="4">

<TR>
<TR>
<TR>
</TABLE> Insurance - Overseas General
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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></TR>
<TR>
<TR>
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Roman" SIZE="2">Underwriting income</TD>
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<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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realized gains (losses) in other (income) expense</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
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<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TR>
84 of 171
New Roman" SIZE="2">Net premiums written</TD>
New Roman" SIZE="2">Net premiums earned</TD>
New Roman" SIZE="2">Other ratios</TD>
New Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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<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>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">4Q-07</TD>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
86 of 171
Roman" SIZE="2">Losses and loss expenses</TD>
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<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>
<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>
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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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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
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<TR>
<TR>
<TR>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Segment Results - Consecutive Quarters - 2 (in millions of U.S. dollars
<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>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2007</TD>
<TR>
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<TR>
<TR>
<TR>
<TR>
93 of 171
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">Global Reinsurance - By Division</TD>
8/12/11 4:57 PM
<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TD VALIGN="top"> ACE Tempest Re Bermuda</TD>
<TD VALIGN="top"> ACE Tempest Re USA</TD>
<TR>
<TD VALIGN="top"> ACE Tempest Re Europe</TD>
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<TD VALIGN="top"> ACE Tempest Re Canada</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net premiums written</TD>
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<TR>
<TD VALIGN="top"> ACE
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
96 of 171
Tempest Re Bermuda</TD>
Tempest Re USA</TD>
Tempest Re Europe</TD>
Tempest Re Canada</TD>
8/12/11 4:57 PM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
97 of 171
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">ACE Tempest Re Bermuda</TD>
Roman" SIZE="2">ACE Tempest Re USA</TD>
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<TR>
<TD VALIGN="top"> ACE Tempest Re Europe</TD>
<TD VALIGN="top"> ACE Tempest Re Canada</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
99 of 171
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">ACE Tempest Re Bermuda</TD>
Roman" SIZE="2">ACE Tempest Re USA</TD>
Roman" SIZE="2">ACE Tempest Re Europe</TD>
Roman" SIZE="2">ACE Tempest Re Canada</TD>
8/12/11 4:57 PM

<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance 2</TD>
</TABLE>
<TR>
<TR>

<TR>
<TR>
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<TR>
</TABLE> 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>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Gross premiums written (1)</TD>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
102 of 171
Roman" SIZE="2">Life and annuity benefits</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life underwriting income (2)</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
104 of 171
realized gains (losses) in other (income) expense</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from premium revenue. For the qu
December 31, 2007, September 30, 2007, and June 30, 2007, premiums or deposits collected on investment and universal life contracts that are excluded from premium revenue above aggregated to $27.2 mill
million, respectively. Previous to Q2-07, premiums collected on such contracts were inconsequential. </TD></TR></TABLE> 
<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>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Loss Reserve Rollforward (in millions of U.S. dollars) <
<TR>
<TR>
<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>
105 of 171
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ongoing</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Run-off (1)</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, 2005</TD>
<TD VALIGN="bottom" ALIGN="right"> 35,055</TD>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
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<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(1,686</TD>
<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="bottom"> Balance at March 31, 2006</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">35,508</TD>
107 of 171
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<TR>
<TR>
<TR>
<TD> </TD>
108 of 171
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="bottom"> Balance at June 30, 2006</TD>
<TR>
<TR>
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<TR>
<TD VALIGN="top"> Other (Sale of certain run-off subsidiaries) (2)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="bottom"> Balance at September 30, 2006</TD>
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<TR>
<TR>
<TR>
111 of 171
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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"> Balance at December 31, 2006</TD>
<TR>
<TR>
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<TD VALIGN="bottom"> Other (incl. foreign exch. revaluation)</TD>
<TD VALIGN="bottom" ALIGN="right">(44)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at March 31, 2007</TD>
<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>
<TD VALIGN="bottom"> Balance at June 30, 2007</TD>
<TR>
<TR>
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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"> Balance at September 30, 2007</TD>
<TR>
<TR>
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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"> Balance at December 31, 2007</TD>
<TD VALIGN="bottom" ALIGN="right">$37,112</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 ALIGN="left" VALIGN="top">The run-off reserves primarily include the Brandywine group, the Commercial Insurance ServiceMiddle Market Workers Comp. reserves and the pre
reserves. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">During the third quarter of 2006, ACE Limited completed the sale of three run-off reinsurance subsidiaries, ACE American Reinsurance Company, Brandywine
and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter Investment Holdings Limited. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top">Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis (in millions of U.S. dollars)</FON
<TR>
<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="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2007</TD>
<TD VALIGN="top"> Reinsurance recoverable on paid losses and loss expenses</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
119 of 171
Roman" SIZE="2">Active operations</TD>
Roman" SIZE="2">Brandywine</TD>
Roman" SIZE="2">Westchester Run-off</TD>
Roman" SIZE="2">Other Run-off</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
120 of 171
Roman" SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
121 of 171
Roman" SIZE="2">Gross reinsurance recoverable</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>
122 of 171
Roman" SIZE="2">Provision for uncollectible reinsurance</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>
123 of 171
Roman" SIZE="2">Net reinsurance recoverable</TD>
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<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<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>
<TR>
<TR>
<TD VALIGN="top">Reinsurance Recoverable</TD>
</TABLE>
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<TR>
<TR>

FACE="Times New Roman" SIZE="2">Reinsurance Recoverable Analysis - 2 (in millions of U.S. dollars)<
<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, 2007</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</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">1.3</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>
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<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">430</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.1</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At September 30, 2007, $7.7
billion of the active operations recoverables were from rated reinsurers, of which 93.7% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $3.3 b
billion was matched and usable against existing recoverables. 
<TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Top 10 Reinsurers (net of collateral) (2)</TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="border-bottom:1px solid #000000"> Other Reinsurers Balances Greater Than $20 million (net of coll
</TD></TR>
<TR>
<TD VALIGN="top" ROWSPAN="15" NOWRAP> AGRI General Ins Co American International Group (AIG) Berkshire Hathaway Insurance Group Chubb Insurance Group Federal Crop Insurance Corp HDI Haftpflichtverband Der
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"> Industrie Vag (Hannover) Lloyds Of London Munich Re Group Swiss Re Group XL Capital Group</TD>
<TD VALIGN="top" ROWSPAN="15" NOWRAP> AIOI Insurance Group Allianz Allied World Assurance Group Arch Capital Aspen Insurance Holdings Ltd AXA <
SIZE="2">CIGNA Dow Chemical Co Electric Insurance Company Group Equitas Everest Re Group Fairfax Financial Hartford Insurance Group Independence Blue Cross Group IRB - Brasil Resseguros S
<TD VALIGN="top" ROWSPAN="15" NOWRAP> Liberty Mutual Insurance Companies Partner Re Platinum Underwriters PMA Capital Corp Power Corp Of Canada Renaissance Re Holdings Ltd Royal & Sun Alliance In
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em">SCOR Group Sompo Japan Group Toa Reinsurance Company Travelers Companies Inc White Mountains Insurance Group WR Berkley Corp<
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em">Zurich Financial Services Group</TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Other principally includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our esti
uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-beneficiary trusts and parental guarantees.
<TR>
<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntar
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Active</TD>
</TABLE>
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<TR>
<TR>

<TR>
<TR>
<TR>
</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, 2007</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</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>
127 of 171
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<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.4</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At September 30, 2007, $11.2
billion of ACE Limited recoverables were from rated reinsurers, of which 93.8% were rated the equivalent of A- or better by internationally recognized rating agencies. 
<TR>
<TR>
<TD VALIGN="bottom" NOWRAP> 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
</TD></TR>
<TR>
<TD VALIGN="top" ROWSPAN="15"> AGRI General Ins Co American International Group (AIG) Berkshire Hathaway Insurance Group Chubb Insurance Group Federal Crop Insurance Corp HDI Haftpflichtverband Der
(Hannover) Lloyds Of London Munich Re Group Swiss Re Group XL Capital Group</TD>
<TD VALIGN="top" ROWSPAN="15" NOWRAP> AIOI Insurance Group Allianz Allied World Assurance Group Allstate Group
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em">Arch Capital Aspen Insurance Holdings Ltd AVIVA Plc AXA <
SIZE="2">CIGNA CNA Insurance Companies Dominion Insurance Co Ltd Dow Chemical Co Dukes Place Holdings</TD>
<TD VALIGN="top" ROWSPAN="15" NOWRAP> Electric Insurance Company Group Enstar Group Ltd Equitas Everest Re Group Fairfax Financial FM Global Group Globale Rueckversicherungs-AGHartford Insurance Group Independence Blue Cross Group ING Groep NV <
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em">IRB - Brasil Resseguros S.A. Group Liberty Mutual Insurance Companies Millea Holdings</TD>
<TD VALIGN="top" ROWSPAN="15"> Partner Re Platinum Underwriters PMA Capital Corp Power Corp Of Canada Renaissance Re Holdings Ltd Royal & Sun Alliance Insurance Group SCOR Group</FO
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em">Sompo Japan Group Tawa UK Ltd Toa Reinsurance Company Travelers Companies Inc Trenwick Group White Mountains Insurance Group</
STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em">WR Berkley Corp Zurich Financial Services Group</TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Other principally includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our esti
uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as multi-beneficiary trusts and parental guarantees.
<TR>
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<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntar
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Consolidated</TD>
</TABLE>
<TR>
<TR>

<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" ALIGN="center" STYLE="border-bottom:1px solid #000000">General Collections (1)</TD>
<TD VALIGN="bottom" COLSPAN="2" 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, 2006</TD>
<TR>
<TD VALIGN="top"> Provision at 12/31/06</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2006</TD>
<TD> </TD>
129 of 171
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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>
130 of 171
Roman" SIZE="2">Gross balance at March 31, 2007</TD>
Roman" SIZE="2">Provision at 3/31/07</TD>
Roman" SIZE="2">% of gross</TD>
Roman" SIZE="2">Net balance at March 31, 2007</TD>
Roman" SIZE="2">Gross balance at June 30, 2007</TD>
8/12/11 4:57 PM
<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>
131 of 171
Roman" SIZE="2">Net balance at June 30, 2007</TD>
Roman" SIZE="2">Gross balance at September 30, 2007</TD>
Roman" SIZE="2">Net balance at September 30, 2007</TD>
Roman" SIZE="2">Gross balance at December 31, 2007</TD>
8/12/11 4:57 PM

<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2007(3)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or c
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Other principally includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brand
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 multi-be
parental guarantees. </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 actual in the next
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Paid</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Investment Portfolio (in millions of U.S. dollars) 
<TR>
<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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px
132 of 171
solid #000000">December 31 2007</TD>

solid #000000">September 30 2007</TD>
solid #000000">June 30 2007</TD>
solid #000000">March 31 2007</TD>
solid #000000">December 31 2006</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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Roman" SIZE="2">Market Value</TD>
Roman" SIZE="2">Fixed maturities available for sale</TD>
Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short-term investments</TD>
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<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>
Roman" SIZE="2">Municipal</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">Non-U.S.</TD>
Roman" SIZE="2">Credit Quality by Market Value</TD>
Roman" SIZE="2">AAA</TD>
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<TR>
<TR>
<TR>
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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>
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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">3.5 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>

FACE="Times New Roman" SIZE="2">Investment Portfolio - 2 (in millions of U.S. dollars) <
<TR>
<TR>
<TR>
</TABLE> Investment portfolio 
 Top 10 Exposures - Fixed Maturity Investmen
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">December 31, 2007</TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"> December 31, 2006
<TD VALIGN="top"> General Electric Co</TD>
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<TD VALIGN="bottom">General Electric Co</TD>
<TR>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="bottom">HSBC Holdings Plc</TD>
<TD VALIGN="top"> Morgan Stanley</TD>
<TD VALIGN="bottom">Citigroup Inc</TD>
<TR>
<TD VALIGN="top"> Bank of America Corp</TD>
<TD VALIGN="bottom">Morgan Stanley</TD>
<TD VALIGN="top"> Lehman Brothers Holdings Inc</TD>
<TD VALIGN="bottom">Bank of America Corp</TD>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="bottom">JP Morgan Chase & Co</TD>
<TD VALIGN="top"> Goldman Sachs Group Inc</TD>
<TD VALIGN="bottom">Comcast Corp</TD>
<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
<TD VALIGN="bottom">Wells Fargo & Co</TD>
<TD VALIGN="top"> Comcast Corp</TD>
<TD VALIGN="bottom">Wachovia Corp</TD>
<TR>
<TD VALIGN="top"> AT&T Inc</TD>
<TD VALIGN="bottom">Lehman Brothers Holdings Inc</TD>
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Investment Portfolio - 3 (in millions of U.S. dollars) <
<TR>
<TR>
<TR>
</TABLE> Mortgage-backed and
Asset-backed Fixed Income Portfolio Ma
December 31, 2007 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="23" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">S&P Credit Rating</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">AAA</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">AA</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">A</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">BBB</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">BB</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">B</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Other</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD></TR>
<TD VALIGN="top" NOWRAP> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top" NOWRAP> Residential mortgage-backed (RMBS)</TD>
<TD VALIGN="top" NOWRAP> GNMA</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">395</TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> FNMA</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,330</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,330</TD></TR>
<TD VALIGN="top" NOWRAP> Freddie Mac</TD>
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<TR>
<TD VALIGN="top" NOWRAP> Total agency RMBS</TD>
<TD VALIGN="top" NOWRAP> Non-agency RMBS</TD>
<TR>
<TD VALIGN="top" NOWRAP> Total residential mortgage-backed</TD>
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<TR>
<TD VALIGN="top" NOWRAP> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top" NOWRAP>Total mortgage-backed securities</TD>
<TD VALIGN="top" NOWRAP> Asset-backed securities</TD>
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<TR>
<TD VALIGN="top" NOWRAP> Sub-prime</TD>
<TD VALIGN="top" NOWRAP> Credit cards</TD>
<TR>
<TD VALIGN="top" NOWRAP> Autos</TD>
<TD VALIGN="top" NOWRAP> Other</TD>
<TR>
<TD VALIGN="top" NOWRAP>Total asset-backed securities</TD>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top">Insured municipal bonds represent $848 million, or 46% of our municipal bond holdings. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Insured asset-backed securities represent $222 million, or 19% of our asset-backed security holdings. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Additional details were provided in a press release on December 18, 2007, none of the information provided has changed significantly. </TD></
<TR>
<TR>
<TD VALIGN="top"> Investments 3</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Net Realized and Unrealized Gains (Losses) (in millions of U.S. dollars
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended December 31, 2007</TD>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 2007</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 VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact 
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</TD>
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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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Other FAS 133 adjustments (2)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned insurance companies (3)</TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes impairments of $60M for fixed maturities and $9M for equities. The full year includes impairments of $123M for fixed maturities, $16
other investments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Other FAS 133 adjustments for the fourth quarter includes $105 million of realized losses primarily on the guaranteed minimum income benefit derivatives
operations. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized and unrealized gains (losses) on partially-owned insurance companies that meet the requirements for equity accounting. The net income or los
(income) expense. The fourth quarter includes $73 million in net realized losses on derivatives from our investment in Assured Guaranty Ltd., carried at $392 million at December 31, 2007. </TD></TR></TABLE> 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended December 31, 2006</TD>
<TD VALIGN="bottom" COLSPAN="9" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Year ended December 31, 2006</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>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TD VALIGN="top"> Sale of run-off reinsurance subsidiaries</TD>
<TR>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></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. The full year includes impairments of $198M for fixed maturities, $10
other investments. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Capital Structure (in millions of U.S. dollars) 
<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>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2007</TD>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Perpetual preferred shares</TD>
<TR>
<TD VALIGN="top"> Ordinary shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Total shareholders equity</TD>
Roman" SIZE="2">Total capitalization</TD>
Roman" SIZE="2">Tangible shareholders equity (1)</TD>
Roman" SIZE="2">Leverage ratios</TD>
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<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible equity</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ tangible equity</TD>
<TD VALIGN="top"> Debt plus total preferred stock/ total capitalization</TD>
<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>
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</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Computation of Basic and Diluted Earnings Per Share (in millions of U.S
per share data) (Unaudited)</TD></TR>
<TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></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>
<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>
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<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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Rollforward of Ordinary Shares</TD>
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<TR>
<TD VALIGN="top"> Ordinary Shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">329,460,367</TD>
<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TR>
<TD VALIGN="top"> Shares (cancelled) granted</TD>
<TD VALIGN="top"> Issued for option exercises</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Ordinary Shares - end of period</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Denominator</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">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>
SIZE="2">Income excluding net realized gains (losses) and cumulative effect(1)</TD>
SIZE="2">Net realized gains (losses), net of income tax</TD>
8/12/11 4:57 PM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Non-GAAP Financial Measures (in millions of U.S. dollars)
<TR>
<TR>
</TABLE> Regulation G - Non-GAAP
Financial Measures In pres
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 25. In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwritin
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 o
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 excluding net realized gains (loss
(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 und
insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in other (income) expense related to partially owned insurance companies because the amount of these gains (losses) is he
fluctuates in part according to, the availability of market opportunities. We exclude the benefit of the cumulative effect of a change in accounting principle, net of tax, because this benefit resulted in a one time adjus
these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) and cumulative effect should not be viewed as a substitute for ne
accordance with generally accepted accounting principles (GAAP). 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TD VALIGN="top"> Net income, as reported</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses) in other (income) expense (1)</TD>
<TR>
<TD VALIGN="top"> Income 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) and cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Realized gains (losses) on partially-owned insurance companies that meet the requirements for equity accounting. The net income or loss is included in ot
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
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FACE="Times New Roman" SIZE="2">Book Value per Ordinary Share (in millions of U.S. dollars, except shar
 (Unaudited)</TD></TR>
<TR>
<TR>
<TR>
</TABLE> Reconciliation of Book Value
per Ordinary Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 2007</T
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2007</
<TD VALIGN="top"> Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Proceeds from issuance of perpetual 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>
<TR>
<TD VALIGN="top"> Denominator</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<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>
</TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>

FACE="Times New Roman" SIZE="2">Comprehensive Income (in millions of U.S. dollars) 
<TR>
<TR>
</TABLE> Consolidated Statement of
Comprehensive Income 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TR>
<TR>
<TR>
167 of 171
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 adjustments</TD>
Roman" SIZE="2">Change in minimum pension liability</TD>
8/12/11 4:57 PM

<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>

FACE="Times New Roman" SIZE="2">Glossary</TD></TR>
<TR>
</TABLE> Annualized return on ordinary
shareholders equity (ROE): Income excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity for the period. To annualiz
by four. Book value per ordinary share: Ord
equity divided by the shares outstanding. Combi
the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis. &nbs
STYLE="margin-top:0px;margin-bottom:0px">Cumulative effect: The benefit resulting from the accrual of a forfeiture rate on the restricted stock under Financial Accounting Stand
Payment. Effective tax rate: Income t
sum of income tax expense and income excluding net realized gains (losses) and cumulative effect. FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administra
 NM: Not meaningful. Ordinary shareholders equity: Shareholders equity less perpetual preferred shares. P&C: Property and casualty. Tangible book value per ordinary share: Ordinary sharehold
goodwill divided by the shares outstanding. Tan
Shareholders equity less goodwill. To
Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders equity. YTD: Year to date. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
</TABLE>
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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
171 of 171
8/12/11 4:57 PM

2008-2-6 ACE Limited (NYSE: ACE) 8-K

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http://www.sec.gov/Archives/edgar/data/896159/000119312508020657/0001193125-08-0206...

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

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

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

<IMG SRC="g86656ace.gif" ALT="LOGO"></TD>

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

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

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

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

<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>

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

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

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

Roman" SIZE="2">Underwriting income (loss) <SUP>(1)</SUP></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>

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

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

<TD HEIGHT="16" COLSPAN="4"></TD></TR>

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

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

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

Roman" SIZE="2">Loss and loss expense ratio</FONT></P></TD>

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">88.2</FONT></TD>

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

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

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

Roman" SIZE="2">Insurance &#151; North American</FONT></P></TD>

Roman" SIZE="2">Insurance &#151; Overseas General</FONT></P></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">251</FONT></TD>

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

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

Roman" SIZE="2">Insurance &#151; North American</FONT></P></TD>

Roman" SIZE="2">Insurance &#151; Overseas General</FONT></P></TD>

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

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

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

Roman" SIZE="2">Insurance &#151; North American</FONT></P></TD>

Roman" SIZE="2">Insurance &#151; Overseas General</FONT></P></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">187</FONT></TD>

<IMG SRC="g86656img02.jpg" ALT="LOGO"></TD>

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<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">Loss and loss expense ratio</FONT></P></TD>

Roman" SIZE="2">Underwriting and administrative expense ratio</FONT></P></TD>

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

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

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

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

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

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">344</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

Roman" SIZE="2">Insurance Overseas General</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"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

SIZE="2"><B>Errors and Omissions (E&O)</B></FONT></P></TD>

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

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