Chubb Corp. Q3 Profit Tops Estimates; Lifts 2014 Operating EPS Outlook

(RTTNews) - The Chubb Corp. (CB) reported that its third-quarter net income increased to $594 million from $541 million in the third quarter of 2013. Net income per share was $2.47 compared to $2.10. Net income for the third quarter of 2014 reflected net realized investment gains of $110 million before tax ($0.30 per share after tax), compared to $18 million before tax ($0.04 per share after tax) in the third quarter of 2013. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $522 million or $2.17 per share in the third quarter of 2014.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.95 for the quarter. Analysts' estimates typically exclude special items.

Net written premiums increased to $3.17 billion from $3.03 billion. Analysts expected revenue of $3.11 billion for the quarter.

The company increased its full year 2014 operating income per share guidance to a range of $7.35 to $7.45 from the $6.75 to $6.95 range provided in July 2014. The revised guidance is based on operating income per share of $5.35 for the first nine months and an estimated range of $2.00 to $2.10 for the fourth quarter. Analysts expect the company to report full year profit per share of $7.17, and fourth-quarter profit per share of $2.07.