WARREN, N.J.--The Chubb Corporation today reported that net income in the third quarter of 2004 was $364.0 million or $1.88 per share, compared to $259.8 million ($1.37 per share) in the third quarter of 2003.
Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased to $332.3 million from $220.5 million in the third quarter of 2003. Operating income per share increased 48% to $1.72 from $1.16.
Property and casualty net premiums written in the third quarter of 2004 grew 6% to $3.0 billion. Excluding Chubb Re, premium growth was 8%. U.S. premiums grew 6%. Non-U.S. premiums grew 11%, or 4% in local currencies.
The combined loss and expense ratio for the third quarter was 93.3% in 2004 and 96.6% in 2003. Including $180 million in hurricane losses, catastrophe losses in the 2004 third quarter were $196.1 million, accounting for 6.7 percentage points of the combined ratio, compared to $96.0 million (3.7 points) in the third quarter of 2003. The expense ratio for the third quarter was 29.4% in 2004 and 30.9% in 2003.
