Chubb net income falls less than 1% in first quarter

WARREN. N.J.—Chubb Corp.’s net income for the first quarter of this year reached $506 million, a drop of less than 1% from the $509 million reported during the same period last year, Chubb said Thursday.

Net written premiums increased 3.1% over those of the same period of 2011 to $2.95 billion. Investment income dropped $1 million to $380 million.

Chubb’s first-quarter 2012 combined ratio improved to 90.2% from 93.7% during the first quarter of 2011.

“Chubb is off to a strong start in 2012,” said John D. Finnegan, chairman, president and CEO of Chubb, in a statement. “We are especially encouraged by the momentum of renewal rate increases we experienced during the quarter in both standard and specialty lines, as well as the continued rate improvement in personal lines.”