Chubb Q4 Profit Tops Estimate; Announces New $1.5 Bln Stock Buyback Program

(RTTNews) - Chubb Corp. [CB] reported net income for the fourth quarter of $569 million or $2.24 per share, compared to $102 million or $0.38 per share for the year-ago quarter.

Operating income for the fourth quarter was $526 million or $2.07 per share, compared to $44 million or $0.16 per share in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to earn $2.04 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net written premiums for the fourth quarter increased 4% to $3.0 billion from $2.9 billion a year earlier. Premiums were up 7% in the U.S. and down 3% outside the U.S.

Based on management's current outlook, Chubb expects to achieve 2014 operating earnings in the range of $7.10 to $7.40 per share. Analysts currently expect the company to earn $7.60 per share for the full year 2014.

Separately, Chubb said its board has authorized a new share repurchase program of up to $1.5 billion of the company's common stock.  The program has no expiration date. 

The company's prior repurchase program, which was approved by the Board last January and provided for the repurchase of up to $1.3 billion of common stock, has been completed.