Chubb profits drop in first half of 2012

WARREN, N.J—Chubb Corp. reported first-half net income of $910 million on Friday, a 1.9% drop from net income reported during first half of 2011, Chubb reported Thursday.

However, net written premiums for the first six months of 2012 increased 2% to $6.0 billion, and Chubb’s combined ratio for the first six months of 2012 was 92.0%, improving over the 94.3% combined ratio the company posted in the first half of 2011.

For the second quarter, net income dropped 3.6% to $404 million, while net written premiums were essentially flat at $3.1 billion. The company’s combined ratio for the second quarter improved to 93.8% from the 94.9% recorded in the same period last year.

“Chubb produced strong results in the second quarter of 2012 despite a high level of catastrophe losses,” Chubb Chairman, President and CEO John D. Finnegan said in a statement. “We are also encouraged by the continued upward momentum of rate increases in all our businesses.”