* First-quarter adjusted earnings $1.50/share vs est. $1.56
* Underwriting income down 57 pct
(Adds details, analysts' estimate)
April 24 Property and casualty insurer Chubb
Corp reported a weaker-than-expected first-quarter
profit, hurt by higher catastrophe losses related to severe
winter in the United States.
On an operating basis, Chubb earned $1.50 per share, below
analysts' average estimate of $1.56 per share, according to
Thomson Reuters I/B/E/S.
"Results were adversely impacted by several factors,
including catastrophe and non-catastrophe losses related to
severe winter weather in the United States. Chubb also suffered
an unusually high level of homeowners' fire losses...," Chief
Executive John D. Finnegan said in a statement.
Chubb's combined loss and expense ratio for the first
quarter was 93.2 percent, compared with 84.6 percent a year
Combined ratio is an indicator of the total claims and
expenses incurred over net earned premiums. A combined ratio
over 100 indicates that an insurer has an underwriting loss.
The company's underwriting income fell 57 percent to $208
U.S. property and casualty insurer Travelers Cos Inc
reported a 17 percent rise in first-quarter profit, helped by
higher underwriting gains and an increase in net investment
Chubb's net income fell to $449 million, or $1.80 per share,
for the quarter ended March 31, from $656 million, or $2.48 per
share, a year earlier.
Shares of the Warren, New Jersey-based insurer were down
about 3 percent in extended trading, after closing at $91.73 on
the New York Stock Exchange.
(Reporting by Neha Dimri in Bangalore; Editing by Savio D'Souza
and Simon Jennings)