Annual Report 2005 - Chubb Group of Insurance Companies

Item 8. Consolidated Financial Statements and Supplementary Data
Consolidated Ñnancial statements of the Corporation at December 31, 2005 and 2004 and for each
of the three years in the period ended December 31, 2005 and the report thereon of our independent
registered public accounting Ñrm, and the Corporation's unaudited quarterly Ñnancial data for the
two-year period ended December 31, 2005 are listed in Item 15(a) of this report.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
As of December 31, 2005, an evaluation of the eÅectiveness of the design and operation of the
Corporation's disclosure controls and procedures was performed under the supervision and with the
participation of the Corporation's management, including the chief executive oÇcer and chief
Ñnancial oÇcer. Based on that evaluation, Chubb's chief executive oÇcer and chief Ñnancial oÇcer
concluded that the Corporation's disclosure controls and procedures were eÅective as of the
evaluation date.
During the three month period ended December 31, 2005, there were no changes in internal
control over Ñnancial reporting that have materially aÅected, or are reasonably likely to materially
aÅect, the Corporation's internal control over Ñnancial reporting.
Management's Report on Internal Control over Financial Reporting
Management of the Corporation is responsible for establishing and maintaining adequate internal
control over Ñnancial reporting, as such term is deÑned in Rule 13a-15(f) of the Securities Exchange
Act of 1934. The Corporation's internal control over Ñnancial reporting was designed under the
supervision of and with the participation of the Corporation's management, including Chubb's chief
executive oÇcer and chief Ñnancial oÇcer, to provide reasonable assurance regarding the reliability of
the Corporation's Ñnancial reporting and the preparation and fair presentation of published Ñnancial
statements in accordance with U.S. generally accepted accounting principles.
Because of its inherent limitations, internal control over Ñnancial reporting may not prevent or
detect all misstatements. Therefore, even those systems determined to be eÅective can provide only
reasonable assurance with respect to Ñnancial statement preparation and presentation.
Management conducted an assessment of the eÅectiveness of the Corporation's internal control
over Ñnancial reporting as of December 31, 2005. In making this assessment, management used the
framework set forth in Internal Control ÌIntegrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this assessment, management has determined
that, as of December 31, 2005, the Corporation's internal control over Ñnancial reporting is
eÅective.
Management's assessment of the eÅectiveness of internal control over Ñnancial reporting as of
December 31, 2005 has been audited by Ernst & Young LLP, the independent registered public
accounting Ñrm who also audited the Corporation's consolidated Ñnancial statements. Their attestation
report on management's assessment of the Corporation's internal control over Ñnancial reporting is
shown on page 61.
Item 9B. Other Information
None.
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