Chubb Corp. reported that first-quarter operating profits increased 15 percent, mainly due to higher premiums and reduced costs for its commercial insurance.
Net written premiums grew 9 percent, or 11 percent excluding the effects of currency fluctuation. U.S. premiums grew 10 percent, and non-U.S. premiums grew 16 percent in local currencies. The combined ratio for the first quarter was 99.9 percent, compared with 101.9 percent in the corresponding year-earlier quarter.
The company reported total operating earnings for January-March of 2001 at $172.7 million, an increase from $149.9 million for the same period a year ago.
Chubb Personal Insurance and Chubb Specialty Insurance, which together account for 62 percent of net written premium, experienced premium growth of 14 percent and 16 percent, respectively, during the quarter. Although Chubb Commercial Insurance had flat premiums overall, the multiple peril and workers’ compensation lines had solid growth, offset by a decline in casualty premiums and flat premiums for property & marine.
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