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Member, Beacon International Group, Ltd.
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.
The Chubb Group of Insurance Cos. on Tuesday said it has appointed Jalil Rehman as CEO of its European operations.