Chubb 3Q earnings rise 22 percent |
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Tue, 23 Oct 2007 21:48
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WARREN, N.J. (AP) - Property and casualty insurance provider Chubb Corp. said Tuesday its third-quarter net income rose 22 percent due to increasing personal net premiums written.Net income rose to $738 million, or $1.87 per share, from $604 million, or $1.43 per share, during the same quarter a year ago.Operating income, which excludes after-tax investment gains and losses, rose to $662 million, or $1.68 per share, from $579 million, or $1.37 per share.Analysts polled by Thomson Financial, on average, forecast earnings of $1.44 per share for the quarter. Analysts frequently do not include special gains or charges in their estimates.Net premiums written in Chubb's personal insurance division rose 7 percent to $977 million. Within the division, Chubb reported an 8 percent increase in homeowners' insurance premiums underwritten.Chubb's combined ratio improved to 81.6 from 85.5 during the same quarter last year. Combined ratio represents the amount of money an insurer pays in claims compared with how much it receives in underwriting premiums. A ratio above 100 means the company paid out more in claims that it took in from premiums.Shares of Chubb fell 25 cents to $53.55 in Tuesday's trading. In aftermarket activity, the stock rebounded $1.20, or 2.2 percent, to $54.75.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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