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Daily Insurance Industry News
Tuesday 21st of November 2017
April 26, 2011

Chubb Q1 profits hit by global catastrophes

by Richard Kilner

Story link: Chubb Q1 profits hit by global catastrophes

The Chubb Corporation has reported its financial results for the first three months of 2011, including net income of $509m, equating to $1.70 per share.

This is an increase of approximately 10% from the corresponding period in 2010 when the firm made a net income of $464m ($1.39 per share).

However, both overall net income and income per share fell from Q4 2010, which saw net income of $620m and income per share of $2.02.

Operating income rose, year-on-year, from $381m to $405m, with operating income per share up from $1.14 to $1.35.

Net written premiums rose by 3% to $2.9bn, with premiums up 1% in the United States and up 10% elsewhere.

Chairman, President and Chief Executive officer John D. Finnegan highlighted the impact of global catastrophes on the insurance sector in Q1, and stated that Chubb had taken a $0.59 per share hit.

However, Finnegan went on to say that despite this the firm had still produced strong operating income and saw net written premiums increase.

 

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