Chubb Corp., Now Owned By ACE, Reports $1.36 Billion Net Income in Third Quarter

The Chubb Corp. on Tuesday reported a record-setting net income of $1.36 billion for the third quarter of 2016, up 157.2% from the same period last year. Net income per share rose to $2.88 from $1.62, a 77.8% increase. Chubb attributes the huge increases to its acquisition by ACE Limited in January, which helped it "gain more steam," Chief Executive Officer Evan Greenberg said in a statement. Operating cash flow for the quarter was $1.7 billion. The property and casualty combined ratio was 86%. Globally, property and casualty underwriters for the expanded company wrote 78% more pr...