(Bloomberg) — Chubb Corp., the insurer of corporate boards and mega-yachts, said second-quarter profit fell 14% and lowered its 2014 forecast after margins worsened on claims costs tied to fires.
Net income was $499 million, or $2.03 a share, compared with $579 million, or $2.21, a year earlier, the Warren, New Jersey-based company said today in a statement. Profit excluding some investment results was $1.70 a share, missing the $1.90 average estimate of 20 analysts surveyed by Bloomberg.
Results were hurt by "severe weather in the United States as well as an unusually high level of homeowners' and commercial fire losses," Chief Executive Officer John Finnegan, 65, said in the statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
