Property and casualty insurer Chubb Corp. raised its full-year forecast after reporting a stronger-than-expected 43 percent rise in second-quarter profit as it benefited from rising insurance rates and lower losses.
The company, whose shares were up 2 percent in after-hours trading, said it expects operating earnings of $7.30 to 7.50 per share for the full year, up from $6.40 to $6.80 per share. Analysts on average expect earnings of $6.80 per share.
Rising insurance rates continue to benefit property and casualty insurers after almost half a decade of soft pricing.
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