S&P 500 (NYSE:SPY) component Chubb Corporation (NYSE:CB) reported its results for the second quarter. The Chubb Corporation is a holding company that provides property and casualty insurance business to a wide range of customers.
Chubb Earnings Cheat Sheet for the Second Quarter
Results: Net income for Chubb Corporation fell to $419 million ($1.42 per share) vs. $518 million ($1.59 per share) a year earlier. This is a decline of 19.1% from the year earlier quarter.
Actual vs. Wall St. Expectations: CB beat the mean analyst estimate of $1.02 per share.
Quoting Management: “We produced very good results this quarter, even though Chubb and the industry both experienced record second quarter U.S. catastrophe losses,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Although catastrophes had an adverse impact on our second quarter financial results of $0.72 per share, we still generated operating income per share of $1.27 and net income per share of $1.42 for the quarter.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 22 cents in the first quarter, by 12 cents in the fourth quarter of the last fiscal year, and by 29 cents in the third quarter of the last fiscal year.
Net income has dropped 6% year over year on average across the last five quarters. Performance was hurt by a 19.1% decline in the most recent quarter from the year earlier quarter.
Competitors to Watch: American Financial Group (NYSE:AFG), The Travelers Companies, Inc. (NYSE:TRV), CNA Financial Corporation (NYSE:CNA), White Mountains Insurance Group, Ltd. (NYSE:WTM), RLI Corp. (NYSE:RLI), Loews Corporation (NYSE:L), HCC Insurance Hldgs., Inc. (NYSE:HCC), W.R. Berkley Corporation (NYSE:WRB), American Insurance Group (NYSE:AIG), OneBeacon Insurance Group, Ltd. (NYSE:OB), and Arch Capital Group Ltd. (NASDAQ:ACGL).
(Source: Xignite Financials)