Exhibit 99.2

Investor Contact		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, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Helen M. Wilson
Phone: (441) 299-9283 email: investorrelations@acegroup.com
		Cautionary Statement Regarding Forward-Looking Statements:
		Any forward-looking statements made in this financial supplement reflect ACE’s 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 uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
		Our forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

		ACE Limited
		Financial Supplement Table of Contents

				Page
I.		Financial Highlights
		- Consolidated Financial Highlights			1
II.		Consolidated Results
		- Consolidated Results—Consecutive Quarters			2
		- Summary Consolidated Balance Sheets			3
		- Consolidated Premiums and Operating Income by Line of Business			4
III.		Global P&C Results
		- Global P&C Results—Consecutive Quarters			5
IV.		Segment Results
		- Insurance – North American P&C			6
		- Insurance – North American Agriculture			7
		- Insurance – Overseas General			8
		- Global Reinsurance			9
		- Life			10
V.		Balance Sheet Details
		- Loss Reserve Rollforward			11
		- Reinsurance Recoverable Analysis			12
		- Investment Portfolio			13 - 16
		- Net Realized and Unrealized Gains (Losses)			17
		- Capital Structure			18
		- Computation of Basic and Diluted Earnings Per Share			19
VI.		Other Disclosures
		- Non-GAAP Financial Measures			20 - 21
		- Book Value and Book Value per Common Share			22
		- Glossary			23

		ACE Limited
		Consolidated Financial Highlights
		(in millions of U.S. dollars, except share, per share data, and ratios)
		(Unaudited)

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

										% Change								Constant $ % Change
		Three months ended March 31								1Q-14 vs.				Constant $				1Q-14 vs.
		2014				2013				1Q-13				2013 (1)				1Q-13 (1)
Gross premiums written		$	5,374			$	4,963				8.3	%		$	4,884				10.0	%
Net premiums written		$	4,185			$	3,798				10.2	%		$	3,735				12.1	%
P&C net premiums written (2)		$	3,691			$	3,296				12.0	%		$	3,247				13.7	%
Global P&C net premiums written (3)		$	3,497			$	3,183				9.9	%		$	3,134				11.6	%
Net premiums earned		$	3,970			$	3,573				11.1	%		$	3,501				13.4	%
Net investment income		$	553			$	531				4.1	%
Operating income		$	777			$	746				4.2	%
Net income		$	734			$	953				-23.0	%
Comprehensive income		$	1,108			$	716				54.7	%
Operating cash flow		$	1,250			$	913
P&C combined ratio
Loss and loss expense ratio			57.7	%			57.1	%
Underwriting and administrative expense ratio			31.1	%			31.1	%
Combined ratio			88.8	%			88.2	%
Operating return on equity (ROE)			11.2	%			11.9	%
ROE			10.1	%			13.7	%
Operating effective tax rate			11.5	%			10.8	%
Effective tax rate			11.3	%			11.3	%
Diluted earnings per share
Operating income		$	2.27			$	2.17				4.6	%
Net income		$	2.14			$	2.77				-22.7	%
																		% Change
														December 31				1Q-14 vs.
														2013				4Q-13
Book value per common share		$	86.90			$	82.17				5.8	%		$	84.83				2.4	%
Tangible book value per common share		$	70.97			$	67.74				4.8	%		$	68.93				3.0	%
Tangible book value per common share excluding 2013 acquisitions (4)		$	72.71			$	67.74				7.3	%
Weighted average basic common shares outstanding			338.9				340.8
Weighted average diluted common shares outstanding			342.0				343.9
Debt plus trust preferred securities/ tangible capital			20.1	%			20.7	%							20.4	%

(1) Prior periods on a constant dollar basis.

(2) P&C net premiums written is defined as consolidated net premiums written excluding net premiums written of the company’s Life segment. See non-GAAP financial measures.

(3) Global P&C net premiums written is defined as consolidated net premiums written excluding net premiums written of the company’s Life and Insurance – North American Agriculture segments. See non-GAAP financial measures.

(4) For 2014, tangible book value per common share excludes the impact from goodwill and intangibles relating to the acquisitions of ABA Seguros (May 2013) and Fianzas Monterrey (April 2013) of $394 million and $192 million, respectively.

Financial Highlights Page 1

		ACE Limited
		Consolidated Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

																						Full Year
ACE Limited Consolidated		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				2013
Consolidated Results (Including Corporate) Excluding Life Segment (1)
Gross premiums written		$	4,852			$	4,936			$	5,863			$	5,518			$	4,435			$	20,752
Net premiums written			3,691				3,712				4,141				3,904				3,296				15,053
Net premiums earned			3,486				3,882				4,143				3,587				3,096				14,708
Adjusted losses and loss expenses (2)			2,012				2,378				2,515				2,105				1,769				8,767
Policy acquisition costs			617				605				592				570				534				2,301
Administrative expenses			467				483				478				478				429				1,868
Underwriting income			390				416				558				434				364				1,772
Net investment income			489				493				461				471				468				1,893
Interest expense			68				67				68				69				56				260
Other income (expense)—operating (3)			(23	)			(23	)			(29	)			(31	)			(22	)			(105	)
Income tax expense			88				81				140				91				78				390
Operating income (including Corporate) excluding Life segment			700				738				782				714				676				2,910
Life segment operating income			77				86				75				76				70				307
Consolidated operating income			777				824				857				790				746				3,217
Adjusted net realized gains (losses) (2)			(102	)			154				41				104				206				505
Net realized gains (losses) related to unconsolidated entities			51				25				22				12				33				92
Income tax expense (benefit) on adjusted net realized gains (losses)			(8	)			5				4				15				32				56
Consolidated net income		$	734			$	998			$	916			$	891			$	953			$	3,758
% Change versus prior year period (1)
Net premiums written as reported			12.0	%			18.2	%			-2.0	%			7.1	%			6.9	%			6.8	%
Net premiums earned as reported			12.6	%			15.5	%			-1.0	%			8.4	%			6.4	%			6.9	%
Net premiums written constant $			13.7	%
Net premiums earned constant $			14.8	%
Other ratios
Net premiums written/gross premiums written (1)			76	%			75	%			71	%			71	%			74	%			73	%
Operating effective tax rate			11.5	%			9.2	%			14.9	%			11.2	%			10.8	%			11.6	%
P&C combined ratio
Loss and loss expense ratio			57.7	%			61.3	%			60.7	%			58.7	%			57.1	%			59.6	%
Policy acquisition cost ratio			17.7	%			15.6	%			14.3	%			15.9	%			17.2	%			15.7	%
Administrative expense ratio			13.4	%			12.4	%			11.5	%			13.3	%			13.9	%			12.7	%
Combined ratio			88.8	%			89.3	%			86.5	%			87.9	%			88.2	%			88.0	%
Combined ratio excluding catastrophe losses and PPD			88.9	%			91.5	%			89.8	%			89.2	%			89.4	%			90.0	%
P&C expense ratio			31.1	%			28.0	%			25.8	%			29.2	%			31.1	%			28.4	%
P&C expense ratio excluding A&H			27.5	%			24.0	%			21.9	%			25.7	%			27.4	%			24.5	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax		$	—			$	1			$	2			$	—			$	—			$	3
Catastrophe losses—pre-tax		$	53			$	37			$	80			$	81			$	32			$	230
Favorable prior period development (PPD)—pre-tax (4)		$	(62	)		$	(122	)		$	(210	)		$	(128	)		$	(70	)		$	(530	)
Loss and loss expense ratio excluding catastrophe losses and PPD			57.5	%			63.5	%			64.1	%			60.0	%			58.3	%			61.8	%

(1) Presented excluding the Life segment. This is a non-GAAP financial measure.

(2) Losses from fair value changes on crop derivatives are reclassified from Adjusted net realized gains (losses) to Adjusted losses and loss expenses for this presentation. Crop derivative losses for Q1 2014 were $2 million.

(3) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

(4) For Q1 2014, favorable prior period development includes $35 million of favorable net earned premium adjustments, all related to the Insurance – North American Agriculture segment.

Consolidated Results Page 2

		ACE Limited
		Summary Consolidated Balance Sheets
		(in millions of U.S. dollars, except per share data)
		(Unaudited)

		March 31				December 31
		2014				2013
Assets
Fixed maturities available for sale, at fair value		$	49,611			$	49,254
Fixed maturities held to maturity, at amortized cost			5,887				6,098
Equity securities, at fair value			851				837
Short-term investments, at fair value			2,526				1,763
Other investments			3,170				2,976
Total investments			62,045				60,928
Cash			847				579
Securities lending collateral			1,550				1,632
Insurance and reinsurance balances receivable			4,761				5,026
Reinsurance recoverable on losses and loss expenses			10,755				11,227
Deferred policy acquisition costs			2,402				2,313
Value of business acquired			517				536
Prepaid reinsurance premiums			1,721				1,675
Goodwill and other intangible assets			5,382				5,404
Deferred tax assets			516				616
Investments in partially-owned insurance companies			466				470
Other assets			4,217				4,104
Total assets		$	95,179			$	94,510
Liabilities
Unpaid losses and loss expenses		$	36,866			$	37,443
Unearned premiums			7,791				7,539
Future policy benefits			4,632				4,615
Insurance and reinsurance balances payable			3,734				3,628
Securities lending payable			1,551				1,633
Accounts payable, accrued expenses, and other liabilities			5,218				4,810
Short-term debt			1,901				1,901
Long-term debt			3,808				3,807
Trust preferred securities			309				309
Total liabilities			65,810				65,685
Shareholders’ equity
Total shareholders’ equity, excl. AOCI			27,843				27,673
Accumulated other comprehensive income (AOCI)			1,526				1,152
Total shareholders’ equity			29,369				28,825
Total liabilities and shareholders’ equity		$	95,179			$	94,510
Book value per common share		$	86.90			$	84.83
% change over prior quarter			2.4	%			2.2	%
Tangible book value per common share		$	70.97			$	68.93
% change over prior quarter			3.0	%			3.0	%

Consol Bal Sheet Page 3

		ACE Limited
		Consolidated Premiums and Operating Income by Line of Business
		(in millions of U.S. dollars)
		(Unaudited)

ACE Limited Consolidated

																										Constant $
						% of								% of				% Change								% Change
						Total								Total				1Q-14 vs.				Constant $				1Q-14 vs.
		1Q-14				Consolidated				1Q-13				Consolidated				1Q-13				1Q-13 (2)				1Q-13
Net premiums written
Property and all other		$	1,372				33	%		$	1,222				32	%			12.3	%
Casualty			1,455				35	%			1,308				35	%			11.2	%
Subtotal			2,827				68	%			2,530				67	%			11.8	%		$	2,504				12.9	%
Agriculture			194				4	%			113				3	%			72.1	%			113				72.1	%
Personal accident (A&H) (1)			917				22	%			914				24	%			0.3	%			886				3.5	%
Life			247				6	%			241				6	%			2.4	%			232				6.2	%
Total consolidated		$	4,185				100	%		$	3,798				100	%			10.2	%		$	3,735				12.1	%
Net premiums earned
Property and all other		$	1,252				31	%		$	1,067				30	%			17.4	%
Casualty			1,480				37	%			1,353				38	%			9.5	%
Subtotal			2,732				68	%			2,420				68	%			12.9	%		$	2,384				14.6	%
Agriculture			103				3	%			52				1	%			96.8	%			52				96.8	%
Personal accident (A&H) (1)			894				23	%			874				25	%			2.3	%			845				5.8	%
Life			241				6	%			227				6	%			5.8	%			220				9.3	%
Total consolidated		$	3,970				100	%		$	3,573				100	%			11.1	%		$	3,501				13.4	%
Operating income (loss)
Property, casualty, and all other		$	645				82	%		$	581				78	%			11.0	%		$	576				12.0	%
Agriculture			(25	)			-3	%			7				1	%			NM				7				NM
Personal accident (A&H) (1)			114				15	%			124				16	%			-8.2	%			121				-5.9	%
Life			43				6	%			34				5	%			28.2	%			34				27.4	%
Total consolidated		$	777				100	%		$	746				100	%			4.2	%		$	738				5.3	%

(1) For purposes of this schedule only, A&H results from our Combined North American and International businesses, normally included in the Life and Insurance – Overseas General segments, respectively, are included in the Personal Accident (A&H) line items above.

(2) Prior periods on a constant dollar basis.

Line of Business Page 4

		ACE Limited
		Global P&C Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Global P&C includes the company’s Insurance – North American P&C segment (refer to page 6), Insurance – Overseas General segment (refer to page 8), Global Reinsurance segment (refer to page 9), and Corporate (not separately disclosed in the Financial Supplement). Global P&C excludes the Insurance – North American Agriculture and Life segments.

																						Full Year
Global P&C (Including Corporate)		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				2013
Gross premiums written		$	4,618			$	4,719			$	4,417			$	4,769			$	4,186			$	18,091
Net premiums written			3,497				3,456				3,336				3,451				3,183				13,426
Net premiums earned			3,383				3,456				3,294				3,236				3,044				13,030
Losses and loss expenses			1,884				1,925				1,768				1,812				1,737				7,242
Policy acquisition costs			612				608				560				550				530				2,248
Administrative expenses			466				485				473				475				424				1,857
Underwriting income			421				438				493				399				353				1,683
Net investment income			482				486				455				464				462				1,867
Interest expense			68				66				68				69				56				259
Other income (expense)—operating (1)			(15	)			(15	)			(21	)			(23	)			(14	)			(73	)
Income tax expense			95				85				127				83				76				371
Global P&C operating income			725				758				732				688				669				2,847
Net realized gains (losses)			(26	)			—				(3	)			67				79				143
Net realized gains (losses) related to unconsolidated entities			53				27				24				8				28				87
Income tax expense (benefit) on net realized gains (losses)			(5	)			6				4				14				31				55
Global P&C net income		$	757			$	779			$	749			$	749			$	745			$	3,022
Additional Global P&C financial data
% Change versus prior year period
Net premiums written as reported			9.9	%			13.1	%			8.9	%			9.5	%			7.3	%			9.7	%
Net premiums earned as reported			11.2	%			11.6	%			9.1	%			10.7	%			6.8	%			9.6	%
Net premiums written constant $			11.6	%
Net premiums earned constant $			13.4	%
Other ratios
Net premiums written/gross premiums written			76	%			73	%			76	%			72	%			76	%			74	%
Combined ratio
Loss and loss expense ratio			55.7	%			55.7	%			53.7	%			56.0	%			57.1	%			55.6	%
Policy acquisition cost ratio			18.1	%			17.6	%			17.0	%			17.0	%			17.4	%			17.3	%
Administrative expense ratio			13.8	%			14.1	%			14.3	%			14.7	%			13.9	%			14.2	%
Combined ratio			87.6	%			87.4	%			85.0	%			87.7	%			88.4	%			87.1	%
Combined ratio excluding catastrophe losses and PPD			89.0	%			89.9	%			88.9	%			89.2	%			89.5	%			89.4	%
Expense ratio			31.9	%			31.7	%			31.3	%			31.7	%			31.3	%			31.5	%
Expense ratio excluding A&H			28.4	%			27.9	%			27.6	%			28.3	%			27.7	%			27.9	%
Catastrophe reinstatement premiums (expensed) collected—pre-tax		$	—			$	1			$	2			$	—			$	—			$	3
Catastrophe losses—pre-tax		$	52			$	35			$	78			$	78			$	32			$	223
Favorable prior period development (PPD)—pre-tax (2)		$	(100	)		$	(122	)		$	(200	)		$	(128	)		$	(67	)		$	(517	)
Loss and loss expense ratio excluding catastrophe losses and PPD			57.1	%			58.3	%			57.7	%			57.6	%			58.1	%			58.0	%

(1) Excludes portion of net realized investment gains and losses related to unconsolidated entities.

(2) For Q1 2014, favorable prior period development is net of $2 million of profit-sharing commissions that are included in the expense ratio.

Global P&C Page 5

		ACE Limited
		Segment Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Insurance – North American P&C

																						Full Year
		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				2013
Gross premiums written		$	2,024			$	2,439			$	2,135			$	2,327			$	1,819			$	8,720
Net premiums written			1,418				1,602				1,500				1,529				1,284				5,915
Net premiums earned			1,487				1,511				1,444				1,428				1,338				5,721
Losses and loss expenses			940				985				963				950				878				3,776
Policy acquisition costs			159				153				159				142				143				597
Administrative expenses			161				164				153				159				125				601
Underwriting income			227				209				169				177				192				747
Net investment income			270				266				254				250				251				1,021
Interest expense			3				1				3				3				(2	)			5
Other income (expense)—operating			—				1				(3	)			(4	)			1				(5	)
Income tax expense			83				73				75				79				85				312
Operating income			411				402				342				341				361				1,446
Net realized gains (losses)			(9	)			9				9				28				26				72
Net realized gains (losses) related to unconsolidated entities			20				19				16				14				14				63
Income tax expense on net realized gains (losses)			—				10				4				12				9				35
Net income		$	422			$	420			$	363			$	371			$	392			$	1,546
Combined ratio
Loss and loss expense ratio			63.2	%			65.2	%			66.7	%			66.6	%			65.6	%			66.0	%
Policy acquisition cost ratio			10.7	%			10.1	%			11.1	%			9.9	%			10.7	%			10.4	%
Administrative expense ratio			10.8	%			10.9	%			10.5	%			11.1	%			9.4	%			10.5	%
Combined ratio			84.7	%			86.2	%			88.3	%			87.6	%			85.7	%			86.9	%
Combined ratio excluding catastrophe losses and PPD			87.1	%			87.2	%			88.3	%			87.3	%			87.7	%			87.6	%
Catastrophe reinstatement premiums expensed—pre-tax		$	—			$	—			$	—			$	(1	)		$	—			$	(1	)
Catastrophe losses—pre-tax		$	32			$	12			$	21			$	50			$	11			$	94
Favorable prior period development (PPD)—pre-tax (1)		$	(68	)		$	(28	)		$	(19	)		$	(47	)		$	(40	)		$	(134	)
Loss and loss expense ratio excluding catastrophe losses and PPD			65.7	%			66.3	%			66.9	%			66.5	%			67.6	%			66.8	%
% Change versus prior year period
Net premiums written			10.5	%			11.8	%			9.3	%			11.8	%			9.3	%			10.6	%
Net premiums earned			11.2	%			12.3	%			10.6	%			12.7	%			8.9	%			11.1	%
Other ratios
Net premiums written/gross premiums written			70	%			66	%			70	%			66	%			71	%			68	%

(1) For Q1 2014, favorable prior period development is net of $2 million of profit-sharing commissions that are included in the expense ratio.

Insurance - North American P&C Page 6

		ACE Limited
		Segment Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Insurance – North American Agriculture

		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				Full Year 2013
Gross premiums written		$	234			$	217			$	1,446			$	749			$	249			$	2,661
Net premiums written			194				256				805				453				113				1,627
Net premiums earned			103				426				849				351				52				1,678
Losses and loss expenses			126				453				746				293				32				1,524
Losses from fair value changes on crop derivatives (1)			2				—				1				—				—				1
Policy acquisition costs			5				(3	)			32				20				4				53
Administrative expenses			1				(2	)			5				3				5				11
Underwriting income (loss) (2)			(31	)			(22	)			65				35				11				89
Net investment income			7				7				6				7				6				26
Interest expense			—				1				—				—				—				1
Other income (expense)—operating			(8	)			(8	)			(8	)			(8	)			(8	)			(32	)
Income tax expense (benefit)			(7	)			(4	)			13				8				2				19
Operating income (loss)			(25	)			(20	)			50				26				7				63
Net realized gains (losses) excluding losses from fair value changes on crop derivatives (1)			—				—				1				1				—				2
Net realized gains (losses) related to unconsolidated entities			—				—				—				—				—				—
Income tax expense on net realized gains (losses)			—				—				1				—				—				1
Net income (loss)		$	(25	)		$	(20	)		$	50			$	27			$	7			$	64
Combined ratio
Loss and loss expense ratio			124.6	%			106.3	%			88.0	%			83.4	%			61.9	%			90.9	%
Policy acquisition cost ratio			4.5	%			-0.5	%			3.8	%			5.6	%			7.5	%			3.2	%
Administrative expense ratio			1.2	%			-0.6	%			0.5	%			0.9	%			9.9	%			0.6	%
Combined ratio			130.3	%			105.2	%			92.3	%			89.9	%			79.3	%			94.7	%
Combined ratio excluding catastrophe losses and PPD			88.9	%			104.8	%			93.3	%			89.1	%			85.4	%			95.1	%
Catastrophe reinstatement premiums—pre-tax		$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses—pre-tax		$	1			$	2			$	2			$	3			$	—			$	7
Unfavorable (favorable) prior period development (PPD)—pre-tax (3)		$	38			$	—			$	(10	)		$	—			$	(3	)		$	(13	)
Loss and loss expense ratio excluding catastrophe losses and PPD			78.3	%			105.8	%			88.9	%			82.6	%			67.9	%			91.3	%
% Change versus prior year period
Net premiums written			72.1	%			203.6	%			-30.8	%			-8.0	%			-5.1	%			-12.5	%
Net premiums earned			96.8	%			62.3	%			-27.2	%			-8.8	%			-11.1	%			-10.4	%
Other ratios
Net premiums written/gross premiums written			83	%			118	%			56	%			60	%			45	%			61	%

(1) Losses from fair value changes on crop derivatives are reclassified from Net realized gains (losses) for this presentation.

(2) We assess the performance of our Insurance – North American Agriculture segment based on underwriting income which includes losses from fair value changes on crop derivatives.

(3) For Q1 2014, unfavorable prior period development is net of $35 million of favorable net earned premium adjustments and $1 million of favorable profit-sharing commissions.

Insurance - North American Agriculture Page 7

		ACE Limited
		Segment Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Insurance – Overseas General

		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				Full Year 2013
Gross premiums written		$	2,261			$	2,126			$	2,018			$	2,097			$	2,073			$	8,314
Net premiums written			1,771				1,699				1,571				1,630				1,620				6,520
Net premiums earned			1,612				1,700				1,611				1,563				1,459				6,333
Losses and loss expenses			817				835				712				768				747				3,062
Policy acquisition costs			386				405				349				360				339				1,453
Administrative expenses			250				258				263				251				236				1,008
Underwriting income			159				202				287				184				137				810
Net investment income			132				143				128				136				132				539
Interest expense			1				1				1				2				1				5
Other income (expense)—operating			(9	)			(13	)			(16	)			(14	)			(5	)			(48	)
Income tax expense			42				52				78				48				24				202
Operating income			239				279				320				256				239				1,094
Net realized gains (losses)			(10	)			(16	)			(8	)			8				34				18
Net realized gains (losses) related to unconsolidated entities			15				4				2				(3	)			6				9
Income tax expense (benefit) on net realized gains (losses)			(5	)			(4	)			—				2				22				20
Net income		$	249			$	271			$	314			$	259			$	257			$	1,101
Combined ratio
Loss and loss expense ratio			50.7	%			49.2	%			44.2	%			49.1	%			51.2	%			48.4	%
Policy acquisition cost ratio			23.9	%			23.8	%			21.6	%			23.0	%			23.2	%			22.9	%
Administrative expense ratio			15.5	%			15.1	%			16.4	%			16.1	%			16.2	%			15.9	%
Combined ratio			90.1	%			88.1	%			82.2	%			88.2	%			90.6	%			87.2	%
Combined ratio excluding catastrophe losses and PPD			90.5	%			91.6	%			89.4	%			90.5	%			90.7	%			90.5	%
Catastrophe reinstatement premiums expensed—pre-tax		$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses—pre-tax		$	17			$	17			$	33			$	17			$	21			$	88
Favorable prior period development (PPD)—pre-tax		$	(23	)		$	(76	)		$	(149	)		$	(52	)		$	(22	)		$	(299	)
Loss and loss expense ratio excluding catastrophe losses and PPD			51.1	%			52.6	%			51.4	%			51.3	%			51.3	%			51.7	%
% Change versus prior year period
Net premiums written as reported			9.3	%			15.1	%			13.5	%			10.5	%			6.0	%			11.2	%
Net premiums earned as reported			10.4	%			13.5	%			12.5	%			10.1	%			4.9	%			10.3	%
Net premiums written constant $			12.3	%
Net premiums earned constant $			14.6	%
Other ratios
Net premiums written/gross premiums written			78	%			80	%			78	%			78	%			78	%			78	%

Insurance - Overseas General Page 8

		ACE Limited
		Segment Results—Consecutive Quarters
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Global Reinsurance

		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				Full Year 2013
Gross premiums written		$	333			$	154			$	264			$	345			$	294			$	1,057
Net premiums written			308				155				265				292				279				991
Net premiums earned			284				245				239				245				247				976
Losses and loss expenses			126				104				93				93				106				396
Policy acquisition costs			67				49				52				48				48				197
Administrative expenses			14				14				12				12				12				50
Underwriting income			77				78				82				92				81				333
Net investment income			77				71				66				71				72				280
Interest expense			1				1				2				1				1				5
Other income (expense)—operating			1				2				1				1				—				4
Income tax expense			10				5				16				7				8				36
Operating income			144				145				131				156				144				576
Net realized gains (losses)			(8	)			7				(5	)			31				20				53
Net realized gains (losses) related to unconsolidated entities			18				4				6				(3	)			8				15
Income tax expense on net realized gains (losses)			—				—				—				—				—				—
Net income		$	154			$	156			$	132			$	184			$	172			$	644
Combined ratio
Loss and loss expense ratio			44.4	%			42.5	%			38.9	%			37.7	%			43.0	%			40.5	%
Policy acquisition cost ratio			23.5	%			20.4	%			21.7	%			19.9	%			19.3	%			20.3	%
Administrative expense ratio			5.0	%			5.5	%			5.2	%			4.6	%			5.0	%			5.1	%
Combined ratio			72.9	%			68.4	%			65.8	%			62.2	%			67.3	%			65.9	%
Combined ratio excluding catastrophe losses and PPD			75.1	%			73.6	%			71.0	%			70.0	%			69.2	%			70.9	%
Catastrophe reinstatement premiums collected—pre-tax		$	—			$	1			$	2			$	1			$	—			$	4
Catastrophe losses—pre-tax		$	3			$	6			$	24			$	11			$	—			$	41
Favorable prior period development (PPD)—pre-tax		$	(9	)		$	(18	)		$	(32	)		$	(29	)		$	(5	)		$	(84	)
Loss and loss expense ratio excluding catastrophe losses and PPD			46.5	%			47.7	%			44.6	%			45.3	%			44.8	%			45.6	%
% Change versus prior year period
Net premiums written as reported			10.3	%			5.5	%			-13.6	%			-5.3	%			6.1	%			-3.3	%
Net premiums earned as reported			15.5	%			-3.7	%			-15.0	%			3.6	%			7.3	%			-2.6	%
Net premiums written constant $			10.5	%
Net premiums earned constant $			15.4	%
Other ratios
Net premiums written/gross premiums written			92	%			101	%			100	%			85	%			95	%			94	%

Global Reinsurance Page 9

		ACE Limited
		Segment Results—Consecutive Quarters
		(in millions of U.S. dollars)
		(Unaudited)

Life

		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				Full Year 2013
Gross premiums written		$	522			$	526			$	510			$	512			$	528			$	2,076
Net premiums written			494				504				479				487				502				1,972
Net premiums earned			484				481				467				480				477				1,905
Losses and loss expenses			151				139				141				145				157				582
Policy benefits (1)			114				136				138				110				131				515
(Gains) losses from fair value changes in separate account assets (1)			6				(9	)			(14	)			11				(4	)			(16	)
Policy acquisition costs			111				97				86				95				80				358
Administrative expenses			68				87				85				86				85				343
Net investment income			64				64				61				63				63				251
Life underwriting income (2)			98				95				92				96				91				374
Interest expense			3				3				4				4				4				15
Other income (expense)—operating (1)			(5	)			(4	)			(2	)			(7	)			(5	)			(18	)
Income tax expense			13				2				11				9				12				34
Operating income			77				86				75				76				70				307
Net realized gains (losses):
Mark-to-market on guaranteed living benefits derivative (net of related hedges)			(67	)			149				39				33				78				299
Foreign exchange gains (losses) and all other			(9	)			5				4				3				49				61
Net realized gains (losses) related to unconsolidated entities			(2	)			(2	)			(2	)			4				5				5
Income tax expense (benefit) on net realized gains (losses)			(3	)			(1	)			(1	)			1				1				—
Net income		$	2			$	239			$	117			$	115			$	201			$	672
% Change versus prior year period
Net premiums written as reported			-1.6	%			-2.6	%			-1.9	%			0.2	%			3.0	%			-0.4	%
Net premiums earned as reported			1.3	%			-1.5	%			-2.7	%			0.9	%			1.1	%			-0.6	%
Net premiums written constant $ (3)			1.1	%
Net premiums earned constant $			4.0	%

(1) (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP are reclassified from Other income (expense) for purposes of presenting Life underwriting income. The offsetting movement in the separate account liabilities is included in Policy benefits.

(2) We assess the performance of our Life business based on Life underwriting income which includes Net investment income and (Gains) losses from fair value changes in separate account assets.

(3) Net premiums written and deposits breakdown:

										Constant $
										% Change
						Constant $				1Q-14 vs.
		1Q-14				1Q-13				1Q-13
Life excluding life reinsurance (4)		$	629			$	610				3.2	%
Life reinsurance including variable annuity			67				74				-10.3	%
Total Life		$	696			$	684				1.7	%

(4) Includes deposits collected on universal life and investment contracts of $202 million for Q1 2014 and $196 million for Q1 2013 on a constant-dollar basis. Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.

Life Page 10

		ACE Limited
		Loss Reserve Rollforward
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

		Unpaid Losses												Net Paid to
		Gross				Ceded				Net				Incurred Ratio
Balance at December 31, 2012		$	37,946			$	11,399			$	26,547
Losses and loss expenses incurred			2,483				557				1,926
Losses and loss expenses paid			(2,987	)			(932	)			(2,055	)			107	%
Other (incl. foreign exch. revaluation)			(360	)			(106	)			(254	)
Balance at March 31, 2013		$	37,082			$	10,918			$	26,164
Losses and loss expenses incurred			3,007				757				2,250
Losses and loss expenses paid			(2,797	)			(941	)			(1,856	)			83	%
Other (incl. foreign exch. revaluation)			51				4				47
Balance at June 30, 2013		$	37,343			$	10,738			$	26,605
Losses and loss expenses incurred			3,617				962				2,655
Losses and loss expenses paid			(3,285	)			(942	)			(2,343	)			88	%
Other (incl. foreign exch. revaluation)			207				61				146
Balance at September 30, 2013		$	37,882			$	10,819			$	27,063
Losses and loss expenses incurred			3,322				805				2,517
Losses and loss expenses paid			(3,716	)			(993	)			(2,723	)			108	%
Other (incl. foreign exch. revaluation)			(45	)			(19	)			(26	)
Balance at December 31, 2013		$	37,443			$	10,612			$	26,831
Losses and loss expenses incurred			2,462				301				2,161
Losses and loss expenses paid			(3,059	)			(762	)			(2,297	)			106	%
Other (incl. foreign exch. revaluation)			20				16				4
Balance at March 31, 2014		$	36,866			$	10,167			$	26,699
Add net recoverable on paid losses			—				588				(588	)
Balance including net recoverable on paid losses		$	36,866			$	10,755			$	26,111

Loss Reserve Rollforward Page 11

		ACE Limited
		Reinsurance Recoverable Analysis
		(in millions of U.S. dollars)
		(Unaudited)

Net Reinsurance Recoverable by Division

		March 31				December 31
		2014				2013
Reinsurance recoverable on paid losses and loss expenses
Active operations		$	351			$	376
Brandywine and Other Run-off			357				356
Total		$	708			$	732
Reinsurance recoverable on unpaid losses and loss expenses
Active operations		$	9,184			$	9,576
Brandywine and Other Run-off			1,249				1,309
Total		$	10,433			$	10,885
Gross reinsurance recoverable
Active operations		$	9,535			$	9,952
Brandywine and Other Run-off			1,606				1,665
Total		$	11,141			$	11,617
Provision for uncollectible reinsurance (1)
Active operations		$	(249	)		$	(251	)
Brandywine and Other Run-off			(137	)			(139	)
Total		$	(386	)		$	(390	)
Net reinsurance recoverable
Active operations		$	9,286			$	9,701
Brandywine and Other Run-off			1,469				1,526
Total		$	10,755			$	11,227

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance recoverables, net of approximately $2.3 billion of collateral.

Reinsurance Recoverable Page 12

		ACE Limited
		Investment Portfolio
		(in millions of U.S. dollars)
		(Unaudited)

		March 31								December 31
		2014								2013
Market Value
Fixed maturities available for sale		$	49,611							$	49,254
Fixed maturities held to maturity			6,080								6,263
Short-term investments			2,526								1,763
Total fixed maturities		$	58,217							$	57,280
Asset Allocation by Market Value
Treasury		$	2,411				4	%		$	2,327				4	%
Agency			1,349				2	%			1,454				3	%
Corporate and asset-backed			19,650				34	%			19,475				34	%
Mortgage-backed			12,277				21	%			12,273				21	%
Municipal			4,599				8	%			4,500				8	%
Non-U.S.			15,405				27	%			15,488				27	%
Short-term investments			2,526				4	%			1,763				3	%
Total fixed maturities		$	58,217				100	%		$	57,280				100	%
Credit Quality by Market Value
AAA		$	9,410				16	%		$	8,677				15	%
AA			21,652				37	%			21,520				38	%
A			11,112				19	%			11,168				19	%
BBB			7,306				12	%			7,193				12	%
BB			4,451				8	%			4,418				8	%
B			3,965				7	%			3,940				7	%
Other			321				1	%			364				1	%
Total fixed maturities		$	58,217				100	%		$	57,280				100	%
Cost/Amortized Cost
Fixed maturities available for sale		$	48,282							$	48,406
Fixed maturities held to maturity			5,887								6,098
Short-term investments			2,526								1,763
Subtotal fixed maturities			56,695								56,267
Equity securities			845								841
Other investments			2,823								2,671
Total investment portfolio		$	60,363							$	59,779
Avg. duration of fixed maturities			4.0 years								4.0 years
Avg. market yield of fixed maturities			2.8	%							3.0	%
Avg. credit quality			A/Aa								A/Aa
Avg. yield on invested assets			3.7	%							3.8	%

Investments Page 13

		ACE Limited
		Investment Portfolio—2
		(in millions of U.S. dollars)
		(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

		S&P Credit Rating
		AAA				AA				A				BBB				BB and below				Total
Market Value at March 31, 2014
Agency residential mortgage-backed (RMBS)		$	—			$	10,125			$	—			$	—			$	—			$	10,125
Non-agency RMBS			50				8				22				13				132				225
Commercial mortgage-backed			1,897				13				14				3				—				1,927
Total mortgage-backed securities at market value		$	1,947			$	10,146			$	36			$	16			$	132			$	12,277

U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at March 31, 2014

		S&P Credit Rating
		Investment Grade
		AAA				AA				A				BBB				Total
Asset-backed		$	477			$	95			$	—			$	—			$	572
Banks			—				—				2,301				350				2,651
Basic Materials			—				—				97				324				421
Communications			—				51				488				811				1,350
Consumer, Cyclical			—				98				315				372				785
Consumer, Non-Cyclical			53				540				875				662				2,130
Diversified Financial Services			—				78				238				114				430
Energy			32				35				193				704				964
Industrial			—				357				359				295				1,011
Utilities			—				11				600				464				1,075
All Others			55				126				591				525				1,297
Total		$	617			$	1,391			$	6,057			$	4,621			$	12,686

Market Value at March 31, 2014

		S&P Credit Rating
		Below Investment Grade
		BB				B				CCC				Total
Asset-backed		$	—			$	4			$	16			$	20
Banks			1				4				—				5
Basic Materials			143				130				7				280
Communications			574				462				12				1,048
Consumer, Cyclical			459				655				14				1,128
Consumer, Non-Cyclical			569				892				33				1,494
Diversified Financial Services			104				75				—				179
Energy			743				300				31				1,074
Industrial			371				382				26				779
Utilities			275				21				—				296
All Others			247				399				15				661
Total		$	3,486			$	3,324			$	154			$	6,964

Investments 2 Page 14

		ACE Limited
		Investment Portfolio—3
		(in millions of U.S. dollars)
		(Unaudited)

Non-U.S. Fixed Income Portfolio

March 31, 2014

Non-U.S. Government Securities

		Market Value by S&P Credit Rating
		AAA				AA				A				BBB				BB and below				Total
United Kingdom		$	1,077			$	—			$	—			$	—			$	—			$	1,077
Republic of Korea			—				664				35				—				—				699
Canada			542				—				—				—				—				542
United Mexican States			—				2				324				118				—				444
Germany			336				4				—				—				—				340
Province of Ontario			—				326				—				—				—				326
Japan			—				300				—				—				—				300
Federative Republic of Brazil			—				—				208				66				—				274
Kingdom of Thailand			—				—				202				62				—				264
Province of Quebec			—				—				246				—				—				246
Other Non-U.S. Government Securities			751				1,116				226				249				305				2,647
Total		$	2,706			$	2,412			$	1,241			$	495			$	305			$	7,159

Non-U.S. Corporate Securities

		Market Value by S&P Credit Rating
		AAA				AA				A				BBB				BB and below				Total
United Kingdom		$	98			$	65			$	765			$	365			$	201			$	1,494
Canada			155				123				291				394				169				1,132
Australia			55				99				311				107				64				636
United States			7				125				105				211				168				616
France			62				54				200				129				77				522
Netherlands			18				265				120				89				29				521
Germany			156				37				131				109				51				484
Euro Supranational			194				51				—				1				—				246
Switzerland			2				22				54				114				47				239
Sweden			53				99				67				3				8				230
Other Non-U.S. Corporate Securities			97				272				754				608				395				2,126
Total		$	897			$	1,212			$	2,798			$	2,130			$	1,209			$	8,246

Non-U.S. Corporate Investment Portfolio

Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Investments 3 Page 15

		ACE Limited
		Investment Portfolio—4
		(in millions of U.S. dollars)
		(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

		March 31, 2014		Market Value				Rating
1		JP Morgan Chase & Co		$	513			A
2		General Electric Co			418			AA+
3		Goldman Sachs Group Inc			367			A-
4		Wells Fargo & Co			283			A+
5		Citigroup Inc			277			A-
6		Verizon Communications Inc			272			BBB+
7		Morgan Stanley			271			A-
8		Bank of America Corp			255			A-
9		HSBC Holdings Plc			238			A+
10		Comcast Corp			203			A-

Investments 4 Page 16

		ACE Limited
		Net Realized and Unrealized Gains (Losses)
		(in millions of U.S. dollars)
		(Unaudited)

		Three months ended March 31, 2014
		Net Realized				Net Unrealized
		Gains				Gains				Net
		(Losses) (1)				(Losses)				Impact
Fixed maturities		$	11			$	461			$	472
Fixed income derivatives			(25	)			—				(25	)
Total fixed maturities			(14	)			461				447
Public equity			(5	)			10				5
Private equity			56				42				98
Total equity			51				52				103
Mark-to-market losses from derivative transactions (2)			(67	)			—				(67	)
Foreign exchange losses (2)			(9	)			—				(9	)
Other			(7	)			—				(7	)
Partially-owned entities (3)			(5	)			—				(5	)
Income tax expense (benefit)			(8	)			93				85
Net gains (losses)		$	(43	)		$	420			$	377

(1) Other-than-temporary impairments for the quarter includes $5 million for fixed maturities and $6 million for public equity.

(2) Includes $67 million of realized losses from variable annuity reinsurance for the quarter which comprises $48 million in mark-to-market losses from derivative transactions and $19 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange losses for the quarter were $2 million.

(3) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

		Three months ended March 31, 2013
		Net Realized				Net Unrealized
		Gains				Gains				Net
		(Losses) (4)				(Losses)				Impact
Fixed maturities		$	36			$	(191	)		$	(155	)
Fixed income derivatives			18				—				18
Total fixed maturities			54				(191	)			(137	)
Public equity			(1	)			14				13
Private equity			28				25				53
Total equity			27				39				66
Mark-to-market gains from derivative transactions (5)			78				—				78
Foreign exchange gains (5)			76				—				76
Other			—				1				1
Partially-owned entities (6)			4				—				4
Income tax expense (benefit)			32				(56	)			(24	)
Net gains (losses)		$	207			$	(95	)		$	112

(4) Other-than-temporary impairments for the quarter includes $1 million for fixed maturities, $1 million for public equity, and $1 million for private equity.

(5) Includes $78 million of realized gains from variable annuity reinsurance for the quarter which comprises $328 million in mark-to-market gains from derivative transactions, net of $250 million of losses on applicable hedges. The variable annuity reinsurance foreign exchange gains for the quarter were $41 million.

(6) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

Investment Gains (Losses) Page 17

		ACE Limited
		Capital Structure
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

		March 31				December 31				December 31
		2014				2013				2012
Total short-term debt (1)		$	1,901			$	1,901			$	1,401
Total long-term debt			3,808				3,807				3,360
Total debt		$	5,709			$	5,708			$	4,761
Total trust preferred securities		$	309			$	309			$	309
Total shareholders’ equity		$	29,369			$	28,825			$	27,531
Total capitalization		$	35,387			$	34,842			$	32,601
Tangible capital (2)		$	30,005			$	29,438			$	27,626
Leverage ratios
Debt/ total capitalization			16.1	%			16.4	%			14.6	%
Debt plus trust preferred securities/ total capitalization			17.0	%			17.3	%			15.6	%
Debt/ tangible capital			19.0	%			19.4	%			17.2	%
Debt plus trust preferred securities/ tangible capital			20.1	%			20.4	%			18.4	%

Note: As of March 31, 2014, there was $1.2 billion usage of credit facilities on a total commitment of $1.9 billion.

(1) Repurchase agreements in the amount of $426 million matured during the quarter, and there were new repurchase agreements in the amount of $426 million.

(2) Tangible capital is equal to total capitalization less goodwill and other intangible assets.

Capital Structure Page 18

		ACE Limited
		Computation of Basic and Diluted Earnings Per Share
		(in millions of U.S. dollars, except share and per share data)
		(Unaudited)

		Three months ended March 31
		2014				2013
Numerator
Operating income to common shares		$	777			$	746
Adjusted net realized gains (losses), net of income tax			(43	)			207
Net income		$	734			$	953
Rollforward of Common Shares Outstanding
Shares—beginning of period			339,793,935				340,321,534
Repurchase of shares (1)			(3,487,882	)			(1,808,300	)
Shares issued, excluding option exercises			1,176,596				947,536
Issued for option exercises			491,995				584,486
Shares—end of period			337,974,644				340,045,256
Denominator
Weighted average shares outstanding			338,869,562				340,778,142
Effect of other dilutive securities			3,171,174				3,128,226
Adj. wtd. avg. shares outstanding and assumed conversions			342,040,736				343,906,368
Basic earnings per share
Operating income		$	2.29			$	2.19
Adjusted net realized gains (losses), net of income tax			(0.13	)			0.61
Net income		$	2.16			$	2.80
Diluted earnings per share
Operating income		$	2.27			$	2.17
Adjusted net realized gains (losses), net of income tax			(0.13	)			0.60
Net income		$	2.14			$	2.77

(1) For the period April 1, 2014 through April 28, 2014 we repurchased 475 thousand shares totaling $47 million, pursuant to a plan adopted under SEC Rule 10b5-1 and in accordance with the provisions of SEC Rule 10b-18.

Earnings per share Page 19

ACE Limited Non-GAAP Financial Measures (in millions of U.S. dollars) (Unaudited)

Regulation G—Non-GAAP Financial Measures

In presenting our results, we 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 and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

We provide financial measures such as gross premiums written, net premiums written, net premiums earned, and operating income on a constant-dollar basis. We believe it is useful to evaluate the trends in these measures exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net realized gains (losses) is a non-GAAP financial measure that excludes realized gains and losses from fair value changes on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results.We view changes in the fair value of these derivatives as part of the results of our underwriting operations and therefore realized gains and losses from these derivatives are reclassified to Adjusted losses and loss expenses (a non-GAAP financial measure). Adjusted losses and loss expenses include gains and losses from fair value changes on crop derivatives.

In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). P&C underwriting income is a non-GAAP financial measure which includes Adjusted losses and loss expenses. Insurance – North American Agriculture underwriting income includes gains (losses) from fair value changes on crop derivatives. Life underwriting income includes net investment income and gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Operating income or income excluding adjusted net realized gains (losses), net of tax, is a common performance measurement for insurance companies and non-GAAP financial measure. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Operating income or income excluding adjusted net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP.

Other income (expense) – operating is a non-GAAP financial measure and excludes the portion of net realized gains and losses related to unconsolidated entities from other income (expense). These gains and losses are reported as Net realized gains (losses) and represent the non-operating activities of entities where we hold more than an insignificant percentage of the investee’s shares. We exclude these gains and losses from other income (expense) to enhance the understanding of our core results of operations as they are heavily influenced by, and fluctuate in part according to market conditions.

Combined ratio excluding catastrophe losses and prior period development (PPD) is a non-GAAP financial measure. The ratio numerator includes losses and loss expenses, policy acquisition costs, and administrative expenses adjusted to exclude catastrophe losses and PPD. The ratio denominator includes net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected and net earned premium adjustments on loss sensitive policies. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

Loss and loss expense ratio excluding the impact of catastrophe losses and PPD is a non-GAAP financial measure. The loss ratio numerator includes Losses and loss expenses adjusted to exclude catastrophe losses and PPD. The loss ratio denominator includes Net premiums earned adjusted to exclude the amount of reinstatement premiums (expensed) collected. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net earned premiums when calculating this ratio. We believe that excluding the impact of catastrophe losses and PPD provides a better evaluation of our core underwriting performance and enhances the understanding of the trends in our property & casualty business that may be obscured by these items.

P&C expense ratio excluding accident and health (A&H) is a non-GAAP financial measure and excludes the impact of our A&H business from our consolidated expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

Global P&C performance metrics are non-GAAP financial measures and comprise consolidated operating results (including corporate) and exclude the operating results of the company’s Life and Insurance – North American Agriculture segments. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s global P&C operations which are the most economically similar. We exclude the Insurance – North American Agriculture and Life segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Life net premiums written and deposits collected, excluding life reinsurance, is a non-GAAP financial measure. Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our Life business because new life deposits are an important component of production and key to our efforts to grow our business. However, we exclude results associated with life reinsurance as there is no new life reinsurance business currently being written.

Operating return on equity (ROE) or ROE calculated using operating income is an annualized non-GAAP financial measure and is calculated as operating income divided by average shareholders’ equity, as adjusted, for the period. To annualize a quarterly rate, multiply by four. Operating ROE is a useful measure as it enhances the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity excluding the effect of unrealized gains and losses on our investments.

Operating effective tax rate is a non-GAAP financial measure. The numerator excludes tax on adjusted net realized gains (losses). The denominator excludes adjusted net realized gains (losses), before tax. We exclude adjusted net realized gains (losses) and the related tax impact because these amounts are heavily influenced by, and fluctuate in part according to, the availability of market opportunities. Operating effective tax rate should not be viewed as a substitute for effective tax rate determined in accordance with GAAP.

Book value excluding unrealized gains (losses) on investments, or shareholders’ equity, as adjusted, is a non-GAAP financial measure and is shareholders’ equity excluding unrealized gains (losses) on investments, net of tax. We believe this measure is useful as it removes the effect of changing prices on invested assets which is heavily influenced by market conditions.

Tangible book value per common share is a non-GAAP financial measure and is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. A reconciliation of tangible book value per share is provided on page 22. Tangible book value per common share excluding 2013 acquisitions is shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding. The numerator adds back the goodwill and other intangible assets related to the 2013 acquisitions of Fianzas Monterrey and ABA Seguros in order to adjust for the distortive effect of acquisitions.

Reconciliation Non-GAAP Page 20

		ACE Limited
		Non-GAAP Financial Measures—2
		(in millions of U.S. dollars, except ratios)
		(Unaudited)

Regulation G—Non-GAAP Financial Measures (continued)

The following table presents the reconciliation of Net income to Operating income:

																						Full Year
		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				2013
Net income, as reported		$	734			$	998			$	916			$	891			$	953			$	3,758
Adjusted net realized gains (losses)			(102	)			154				41				104				206				505
Net realized gains (losses) related to unconsolidated entities (1)			51				25				22				12				33				92
Income tax expense (benefit) on adjusted net realized gains (losses)			(8	)			5				4				15				32				56
Operating income		$	777			$	824			$	857			$	790			$	746			$	3,217

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net income or loss is included in other income (expense).

The following table presents the reconciliation of effective tax rate to the operating effective tax rate:

																						Full Year
		1Q-14				4Q-13				3Q-13				2Q-13				1Q-13				2013
Tax expense, as reported		$	93			$	88			$	155			$	115			$	122			$	480
Tax expense (benefit) on adjusted net realized gains (losses)			(8	)			5				4				15				32				56
Tax expense, adjusted		$	101			$	83			$	151			$	100			$	90			$	424
Income before tax, as reported		$	827			$	1,086			$	1,071			$	1,006			$	1,075			$	4,238
Less: adjusted realized gains (losses)			(102	)			154				41				104				206				505
Less: realized gains (losses) related to unconsolidated entities			51				25				22				12				33				92
Operating income before tax		$	878			$	907			$	1,008			$	890			$	836			$	3,641
Effective tax rate			11.3	%			8.1	%			14.4	%			11.5	%			11.3	%			11.3	%
Adjustment for tax impact of adjusted net realized gains (losses)			0.2	%			1.1	%			0.5	%			-0.3	%			-0.5	%			0.3	%
Operating effective tax rate			11.5	%			9.2	%			14.9	%			11.2	%			10.8	%			11.6	%

The following table presents the reconciliation of ROE to Operating ROE:

										Full Year
		1Q-14				1Q-13				2013
Net income		$	734			$	953			$	3,758
Operating income		$	777			$	746			$	3,217
Equity—beginning of period, as reported		$	28,825			$	27,531			$	27,531
Less: unrealized gains (losses) on investments, net of deferred tax			1,174				2,633				2,633
Equity—beginning of period, as adjusted		$	27,651			$	24,898			$	24,898
Equity—end of period, as reported		$	29,369			$	27,942			$	28,825
Less: unrealized gains (losses) on investments, net of deferred tax			1,594				2,538				1,174
Equity—end of period, as adjusted		$	27,775			$	25,404			$	27,651
Average equity, as reported		$	29,097			$	27,737			$	28,178
Average equity, as adjusted		$	27,713			$	25,151			$	26,275
Operating ROE			11.2	%			11.9	%			12.2	%
ROE			10.1	%			13.7	%			13.3	%

Reconciliation Non-GAAP 2 Page 21

		ACE Limited
		Book Value and Book Value per Common Share
		(in millions of U.S. dollars, except share and per share data)
		(Unaudited)

Reconciliation of Book Value per Common Share

		March 31				December 31				March 31
		2014				2013				2013
Shareholders’ equity		$	29,369			$	28,825			$	27,942
Less: goodwill and other intangible assets			5,382				5,404				4,909
Numerator for tangible book value per share		$	23,987			$	23,421			$	23,033
Book value—% change over prior quarter			1.9	%			2.2	%			1.5	%
Tangible book value—% change over prior quarter			2.4	%			2.9	%			2.1	%
Denominator			337,974,644				339,793,935				340,045,256
Book value per common share		$	86.90			$	84.83			$	82.17
Tangible book value per common share		$	70.97			$	68.93			$	67.74
Reconciliation of Book Value
Shareholders’ equity, beginning of quarter		$	28,825			$	28,218			$	27,531
Operating income			777				824				746
Adjusted net realized gains (losses), net of tax			(43	)			174				207
Net unrealized gains (losses), net of tax			420				(145	)			(95	)
Repurchase of shares			(332	)			(57	)			(154	)
Dividend declared on common shares (1)			(256	)			(174	)			(168	)
Cumulative translation, net of tax			(41	)			(66	)			(156	)
Pension liability			(5	)			(11	)			14
Other (2)			24				62				17
		$	29,369			$	28,825			$	27,942

(1) The March 31, 2014 amount includes a $0.12 per share increase related to the Q4 2013 dividend installment approved by our shareholders on January 10, 2014.

(2) Other primarily includes proceeds from exercise of stock options and stock compensation.

Reconciliation Book Value Page 22

ACE Limited Glossary

ACE Limited Consolidated comprises all segments including Corporate.

Operating return on equity (ROE) or ROE calculated using income excluding adjusted net realized gains (losses): Operating income or income excluding adjusted net realized gains (losses), net of tax, divided by average shareholders’ equity for the period excluding unrealized gains (losses) on investments, net of tax. To annualize a quarterly rate multiply by four.

Book value per common share: Shareholders’ equity divided by the shares outstanding.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business.

Operating effective tax rate: Income tax expense excluding tax expense (benefit) on adjusted net realized gains (losses) divided by income excluding adjusted net realized gains (losses) before tax.

Life underwriting income: Net premiums earned and net investment income less losses and loss expenses, policy benefits, acquisition costs, and administrative expenses. In addition, Life underwriting income includes gains/losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.

Tangible book value per common share: Shareholders’ equity less goodwill and other intangible assets divided by the shares outstanding.

Average market yield of fixed maturities: Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date.

Average yield on invested assets: Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities.

Tangible capital: Total capitalization less goodwill and other intangible assets.

Total capitalization: Short-term debt, long-term debt, trust preferreds, and shareholders’ equity.

NM: Not meaningful.

Glossary Page 23