Chubb sees profit of $594M in third quarter

Chubb Corp. reported 2014 third-quarter net income of $594 million, a 9.8% increase from the same period last year, the insurer said Thursday.

Warren, New Jersey-based Chubb noted that its catastrophe losses for the third quarter were $74 million compared with $92 million during the prior-year quarter.

Third-quarter net written premiums rose 4.6% to $3.17 billion. Chubb’s third-quarter combined ratio remained virtually flat at 85.8% vs. 85.7% during the same period in 2013.

For the first nine months of 2014, net income dropped 13.2% from the same period last year to $1.54 billion. Net written premiums rose 2.8% to $9.45 billion, while Chubb’s combined ratio for the first three quarters was 89.6% compared with 86.4% in 2013.

“Chubb had an outstanding third quarter,” Chubb Chairman, President and CEO John D. Finnegan said in a statement. “We produced record quarterly operating income per share of $2.17. Our combined ratio was an excellent 85.8%, reflecting strong underwriting performance in all our business units as well as relatively low catastrophe losses.”

Chubb saw mid-single-digit rate increases in the United States, along with high retention levels in all business segments, Mr. Finnegan added.