"Our operating income--which we define as net income excluding after-tax realized gains and losses on investments--was $220.5 million. In the 2002 third quarter, we had an operating loss of $270.7 million," Mr. Finnegan noted.

Mr. Finnegan commented that in Chubb's property-casualty businesses, third-quarter results reflect "growth in net written premiums and in force policy count, higher rates, and an improved combined ratio of 96.6 percent compared to 99.9 percent, excluding the asbestos and environmental charge, in last year's third quarter."

The insurer's net written premiums for the quarter were $2.85 billion, some 23 percent higher than $ 2.32 billion reported during the year-ago period.

"Average renewal rates continued to increase in each of our business units. Substantial premium growth resulted in exceptionally strong cash flow at our operating companies," Mr. Finnegan said.

The insurer's latest earnings figures included $96 million in catastrophe losses, including $40 million for Hurricane Isabel, he also observed, which added 3.7 points to the combined ratio. In comparison, the company had posted $51.6 million in catastrophe losses during the year-ago period.

Breaking down earnings figures by line, Chubb's commercial insurance premiums, which accounted for 36 percent of the company's third-quarter net written premiums, grew 18 percent to reach $1.02 billion. Its combined ratio improved to 90.6 from 175.6 percent last year, which included the $625 million pre-tax charge for asbestos-and-environmental reserve increases.

The company's specialty insurance premiums, which accounted for 40 percent of Chubb's third-quarter premiums, rose 37 percent to reach $1.14 billion compared to last year, with a combined ratio of 100.6 percent. But the company noted its results were hurt by the challenging environment in the directors and officers and errors and omissions insurance market.

The personal insurance premiums, which included auto and homeowners and accounted for 24 percent of Chubb's total premiums, rose 11 percent to reach $689 million, with a 99.9 combined ratio, the company said.

Headquartered in Warren, N.J., Chubb last year posted $9 billion in net premiums written and $222.9 million in net income.

Chubb is one of the largest insurers in the U.S. directors and officers liability market, and is a major insurer of high-value homes and valuable articles, such as fine arts and jewelry.