Chubb Corp. (CB) posted first-quarter results that topped expectations sending shares slightly higher after the bell on Thursday.
The company warned that it had included a 7 cent one-time charge in first-quarter results as a result of expenses related to health-care legislation.
The insurer said profit rose to $464 million, or $1.39 per share, compared with year-ago earnings of $341 million, or 95 cents a share, in the year-ago quarter. Operating income fell to $1.14 a share from $1.43 per share one year ago.
Net written premiums rose 1% to $2.77 billion, compared to last year’s net written premiums of $2.74 billion.
Analysts polled by Thomson Reuters had predicted earnings of 95 cents a share on net written premiums of $2.67 billion.
"The headline for the property and casualty insurance industry in the first quarter was the extraordinary level of natural catastrophes worldwide, including the earthquake in Chile, storms in Australia and Europe and several severe storms on the East Coast of the U.S.," said John D. Finnegan, Chairman, President and Chief Executive Officer. Finnegan said these catastrophes negatively impacted first-quarter earnings by 67 cents per share.
Shares of Chubb fell 3 cents, or 0.06%, to close Thursday’s session at $52.31. The stock gained 18 cents, or 0.34%, in after-hours trading.
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