Chubb Posts Dip in 1st Quarter Profit
The Warren, New Jersey-based insurer posted net income of $664 million, or $1.77 a share, down from $710 million, or $1.71 a share, in the year-earlier quarter.
Chubb said operating earnings, which analysts use to measure performance because it excludes investments, were $620 million, or $1.63 a share, compared with $634 million, or $1.53 a share, in the year-ago quarter, on fewer shares outstanding.
Analysts, on average, had expected the insurer to earn $1.55 a share, according to Reuters Estimates.
Net written premiums declined 2 percent to $2.9 billion.
Investment income rose about 7 percent in the quarter to $410 million.
(Reporting by Lilla Zuill; editing by Jeffrey Benkoe, Richard Chang)