Chubb's nine-month revenues up 17.7%
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Chubb Corp.’s net income for the first nine months of 2012 rose 17.7% to $1.44 billion, the Warren, N.J.-based insurer announced Thursday.
Net written premiums rose 1.9% over those of the first nine months of 2011 to $8.96 billion. Chubb noted that the impact of catastrophes during the first nine months of the year was $264 million, compared with $1.0 billion during the same period in 2011. The combined ratio improved to 90.1% during the first nine months of this year from 97.1% during the same period last year.
For the third quarter, net income rose 78.9% from that of the same period a year earlier to $533 million. Net written premiums for the first nine months of the year rose 1.2% to $2.91 billion. Chubb said catastrophes had an impact of only $17 million during the third quarter of this year, a significant drop from the $420 million during the same period a year earlier. The combined ratio for this year’s third quarter improved to 86.3% from 102.6% during the third quarter of 2011.
In a statement announcing the results, Chubb Chairman, President and CEO John D. Finnegan attributed “strong underlying underwriting performance” as well as “unusually low catastrophe losses” for the insurer’s performance. He added that “we’re also encouraged by the rate increases we continued to obtain in all of our business units.”
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