Chubb’s Q1 profits dip

The Chubb Corporation [NYSE: CB] reported a 2008 Q1 net income of US$644 million, a decrease from 2007 Q1’s net income of US$710 million.
Net written premiums increased 2% to US$2.9 billion, a Chubb release says.
The combined loss and expense ratio for 2008 Q1 was 83.9%, up marginally from the 83.7% reported for the same period of 2007.
The impact of catastrophes accounted for 1.8 percentage points of the combined ratio in the 2008 Q1, compared to 2.5% in the 2007 Q1, the release continues. The expense ratio for 2008 Q1 was 30.5% (it was 30.4% in 2007).
In the company’s personal insurance operations, net written premiums grew 4% in Q1 to US$877 million. The unit had a combined ratio of 84.8% this year, compared to 79.3% for 2007 Q1, the company release says.
Chubb Commercial Insurance’s net written premiums increased 3% to US$1.3 billion. The combined ratio for the quarter was 87.2% (88.0% in 2007 Q1).
And in the company’s specialty insurance line, net written premiums grew 3% in Q1 to US$703 million. The combined ratio was 78.1%, compared to 2007 Q1’s 83.1%.
“We are pleased with Chubb’s solid first quarter performance in a competitive market environment,” said John D. Finnegan, Chairman, president and chief executive officer. “These results reflect the strong underwriting discipline that has long been a hallmark of Chubb’s culture.”