The Chubb Corp. has announced that first quarter net income was $664 million, down 6.5 percent from the $710 million reported for the period last year.

John D. Finnegan, chairman, president, and chief executive officer of the Warren, N.J.-based company, noted a “competitive market environment” that exists in the industry, but said he was pleased with the company's results.

Chubb reported operating income, defined as net income excluding after-tax realized investment gains and losses, at $620 million, down two percent from $634 million in the first quarter of 2007.

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