Chubb reports 2007 Q1 income increase

The Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.
Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased 1% in the U.S. and increased 7% outside the U.S. (1% in local currencies).
The 2007 Q1 combined loss and expense ratio was 83.4% in 2007, compared to 82.9% in 2006.
The impact of catastrophes accounted for 2.5 percentage points of the combined ratio in the first quarter of 2007, compared to an impact of 0.1 percentage points in the first quarter of 2006, the company noted in a press release.
The overall results include the operations of Chubbs three individual business units Chubb Personal Insurance (CPI), Chubb Commercial Insurance (CCI) and Chubb Specialty Insurance (CSI).
All three business units made substantial contributions to first quarter earnings, said John D. Finnegan, chairman, president and CEO. We continued to produce superior earnings in a challenging insurance market by maintaining our underwriting standards while competing effectively to retain existing accounts and write new business at adequate rates.
CPIs first-quarter combined ratio was 78.0% in 2007. CCIs 2007 Q1 combined ratio was 88.0%, whereas CSIs was 83.1%.