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Chubb earnings decline in Q2

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The Chubb Corporation on Thursday announced net income for its fiscal second quarter declined 8 percent, to $2.03 a share, from $2.21 in the year-ago period.

The Warren-based insurance company said in a news release that total net income was $499 million, compared with $579 million in the second quarter of 2013.

"Chubb produced solid results in the second quarter of 2014, with operating income of $1.70 per share and net income of $2.03," John D. Finnegan, chairman, president and CEO, said in the release. “Our results benefited from strong premium growth and retention as well as excellent performance in our long-tail lines of business such as professional liability, casualty and workers' compensation. However, our results this quarter were adversely impacted by catastrophe and non-catastrophe losses related to severe weather in the United States as well as an unusually high level of homeowners' and commercial fire losses.”


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