) reported third-quarter operating earnings of $2.06 per share,
way ahead of the Zacks Consensus Estimate of $1.84 per share.
Earnings also increased 4% year over year.
Including after-tax realized investment gains and losses net
income was $2.10 per share, up 6% year over year.
Net written premium for the reported quarter was up 4% year
over year to $3.0 billion.
Property and casualty investment income after tax slumped 6%
year over year to $280 million.
Chubb incurred catastrophe loss of $92 million, compared with
$17 million in the year ago quarter.
Combined ratio for the quarter improved 60 basis points year
over year to 85.7%.
Book value per share, a measure of net worth, was $62.04, up
1.7% year over year.
segment, net written premium increased 4% year over year to $1.3
billion during the reported quarter. The combined ratio improved
by 200 basis points year over year to 85.2%.
's net written premiums improved 5% year over year to $670
million due to higher premiums written in the professional
liability lines. The combined ratio improved 960 basis points
year over year to 82.3%.
segment's net written premiums were up by 4% year over year to
$1.1 billion. The increase was driven by higher premium from
Homeowners as well as Personal Automobile. Due to catastrophes
the combined ratio deteriorated by 550 basis points year over
year to 88.3%.
During the quarter Chubb repurchased 3.8 million shares of its
common stock at a total cost of $326 million. The company had
remaining authorization worth $433 million as of Sep 30,
Management upped its 2013 earnings guidance after witnessing
better than expected earnings for the first nine months of 2013.
Chubb now expects earnings in the range of $7.90 to $8.00 per
share, compared to the previous expectation of $7.30 to $7.50 per
share. The company also expects 259 million average diluted
shares outstanding for the year which remains unchanged from the
Chubb carries a Zacks Rank #2 (Buy).
Chubb has been posting favorable earnings performance for the
past several quarters. The company is benefitting from hardening
insurance rates coupled with lower losses. We expect the company
maintain its positive earnings trends as insurance pricing
continues to improve.
Among other property and casualty players,
Cincinnati Financial Corp.
) with Zacks Rank #1(Strong Buy),
The Travelers Companies, Inc.
) both with Zacks Rank #2 (Buy) reported third quarter earnings
ahead of the Zacks Consensus Estimates.
ASSURANT INC (AIZ): Free Stock Analysis
CHUBB CORP (CB): Free Stock Analysis Report
CINCINNATI FINL (CINF): Free Stock Analysis
TRAVELERS COS (TRV): Free Stock Analysis
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