Chubb Q1 Profit Misses Estimates - Quick Facts

(RTTNews) - The Chubb Corporation (CB) reported that net income in the first quarter of 2014 was $449 million, compared to $656 million in the first quarter of 2013. Net income per share was $1.80 compared to $2.48 in 2013.

Chubb's results for the first quarter of 2014 were adversely affected by catastrophe losses of $199 million before tax ($0.52 per share after tax) related mostly to severe winter weather in the United States. In the first quarter of 2013, the adverse impact of catastrophes was $18 million before tax ($0.04 per share after tax).

Net income for the first quarter of 2014 reflected net realized investment gains of $116 million before tax ($0.30 per share after tax). Net income for the first quarter of 2013 reflected net realized investment gains of $138 million before tax ($0.34 per share after tax).

Operating Income was $1.50, compared to $2.14, prior year.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.56 for the quarter. Analysts' estimates typically exclude special items.

Net written premiums were $3.06 billion, flat compared to the first quarter of 2013. Excluding the effect of foreign currency translation, premiums were up approximately 1%. Analysts expected revenue of $3.14 billion for the quarter.