Chubb: Quarterly Profits Up 43 Pct.

Chubb: Quarterly Profits Up 43 Pct.

NU Online News Service, July 30, 11:59 a.m. EST? Chubb Corporation reported second-quarter profit bounced up 43 percent, propelled by double digit premium growth across most of the company's insurance lines.

Warren, New Jersey-based Chubb said its net income for the latest quarter rose to $210.2 million, or $1.20 a share, from $146.8 million, or 83 cents a share, a year ago.

Excluding realized gains and losses from investments, the company reported earnings of $1.05 per share, up from 80 cents a year earlier.

"Chubb commercial insurance is on a roll," said Dean O'Hare, Chubb's chairman and chief executive in a statement.

Mr. O'Hare is scheduled to retire within the next nine months and Chubb plans to name a successor and complete a transition to a new leader by year's end.

Chubb said it anticipates full-year earnings, excluding changes in the value of investments, of $4.60 per share. Chubb's property and casualty net premiums written increased 29 percent to $2.1 billion, driven by double-digit growth across the personal, specialty and commercial insurance businesses.