Chubb Corporation reported a 39 percent increase in net income for the second quarter compared to the same period in 2004.
The Warren, N.J.-based property-casualty insurer reported second-quarter net income of $496 million compared to $356 million in the second quarter of 2004.
The combined ratio for the second quarter improved to 88.3 compared to 92.8 in 2004. Catastrophe losses dropped to $21 million compared to $46 million in the same period last year.
Investment income after taxes increased 13 percent to $514 million in the second quarter.
Premiums for the insurance business grew 8 percent, driven primarily by strong results in homeowners, which grew 10 percent with a combined ratio of 73.7.
Chubb Chief Executive Officer John Finnegan said the achievements in this quarter were noteworthy because they were achieved in a more competitive environment.
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