Chubb records rise in Q2 profits

by Richard Kilner

Story link: Chubb records rise in Q2 profits

The Chubb Corporation [NYSE: CB] has announced that in the second quarter of the year it made a net income of $551m, equivalent to $1.54 per share.

It marks a substantial improvement on the Q2 2008 performance which included a net income of $469m, or $1.27 per share.

Operating income was up by $15m to $533m, with operating income per share rising by 6%.

Total net written premiums fell by 7% to $2.8bn.

Chairman, president and CEO John D. Finnegan has described the firm’s results as excellent, saying that Chubb has shown itself capable of withstanding a challenging operating environment to deliver top quality service to its customers.

The increase in net income is particularly pleasing as the first quarter’s financial results saw Chubb incurring a decline in net income of 49% to $341m.