The Chubb Corporation reported lower operating earnings and net income for the first quarter of 2000, partially a result of weather-related losses in the homeowners’ business. In addition, there were a number of large losses in the property and marine business compared to unusually few large losses in the first quarter of 1999.
Although standard commercial lines are still unprofitable, margins have improved since the fourth quarter of 1999. Rate increases on renewed policies averaged 9.9 percent during the first quarter, compared with last year’s figures of 1.6 percent in the first quarter and 6.2 percent in the fourth quarter.
First quarter operating earnings, excluding realized investment gains, were $149.9 million or $0.85 per share compared with $166.4 million or $1.02 per share in 1999. Net income in first quarter 2000 was $153.7 million compared with $186.9 million last year.
Personal lines produced strong premium growth of 12.5 percent and a combined ratio of 97.5 percent in the first quarter.
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