S&P 500 (NYSE:SPY) component Chubb Corporation (NYSE:CB) reported net income above Wall Street’s expectations for the first 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 First Quarter
Results: Net income for the property and casualty insurance company rose to $509 million ($1.70/share) vs. $464 million ($1.39/share) YoY. A rise of 9.7% from the year earlier quarter.
Actual vs. Wall St. Expectations: CB beat the mean analyst estimate of $1.21/share. Estimates ranged from 85 cents per share to $1.49 per share.
Quoting Management: “The big story for the property and casualty insurance industry in the first quarter was the high level of natural catastrophes around the globe,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Although these catastrophes had a negative impact of $0.59 per share on Chubb’s first quarter results, we still produced strong operating income per share of $1.35 and net income per share of $1.70.”
Last quarter’s profit increase breaks a streak of three consecutive quarters of year-over-year profit decreases. In the fourth quarter of the last fiscal year, net income fell 10.8% from the year earlier while the figure dropped 4% three quarters ago and 6% four quarters ago.
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 Intl. Group, Inc. (NYSE:AIG), and Arch Capital Group Ltd. (NASDAQ:ACGL).
Today’s Performance: Shares of CB are flat in after hours trading.