WASHINGTON (dpa-AFX) - The Chubb Corporation (CB) reported that its second-quarter net income decreased to $499 million or $2.03 per share, from $579 million or $2.21 per share, last year. The company noted that its second-quarter net income reflected net realized investment gains of $125 million before tax ($0.33 per share after-tax), compared to $179 million before tax ($0.44 per share after-tax) in the second quarter of 2013.
Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, was $418 million or $1.70 per share, for the quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.90 for the quarter. Analysts' estimates typically exclude special items.
Net Premiums Written increased to $3.22 bllion from $3.10 billion, a year ago. Analysts expected revenue of $3.17 billion for the quarter. Excluding the effect of currency fluctuation, premiums grew 5%.
Chubb also announced a revision of full year 2014 operating income per share guidance to a range of $6.75 to $6.95 from the $7.10 to $7.40 range provided in its January 2014 guidance. The revised guidance assumes a 2% to 4% increase in net written premiums. Analysts expect the company to report full year profit per share of $7.34.
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