Chubb Reports 10.7% Growth in Quarterly Profit

The Chubb Corp. on Tuesday reported net income in the second quarter of 2006 of $548 million, a 10.7% increase from the $495 million in net earnings reported for the same period a year ago. Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, increased to $571 million from $461 million a year ago. Chubb said its second-quarter combined loss and expense ratio improved to 85.2% in 2006 from 88.3% in 2005. Catastrophe losses for the second quarter of 2006 were $80 million, accounting for 2.7 percentage points of the combined ra...