Chubb Corp. Beats; Reaffirms Guidance (CB)

The Chubb Corporation CB reports Q2 EPS $1.59 vs consensus of $1.40. The Chubb Corporation reports Q2 revenue $2.90 billion vs consensus of $2.80 billion. Net income per share increased 3% year over year to $1.59 from $1.54. Net written premiums for the second quarter of 2010 were $2.9 billion, an increase of 1% year over year. The second quarter combined loss and expense ratio was 90.4% in 2010, compared to 85.9% in 2009. Chubb affirmed 2010 operating income per share guidance of $5.15 to $5.55 "Chubb's second quarter operating income per share of $1.41 is an outstanding result given the competitive pressures in the insurance marketplace and the $0.38 per share negative impact of catastrophe losses," said John D. Finnegan, Chairman, President and Chief Executive Officer. He added, "Results were again driven by solid underwriting performance in each of our business units, producing an overall combined ratio excluding catastrophes of 83.5%. This is consistent with our first quarter performance, resulting in a combined ratio excluding catastrophes of 82.4% for the first six months of 2010, a 3.4 point improvement over the first half of 2009. Shares of CB were bid slightly lower in the after-hours.