Chubb Corporation sees premiums, net income decline in 2009 Q1

The Chubb Corporation [NYSE: CB] reported its net income dropped from US$664 million in 2008 Q1 to US$341 million in 2009 Q1.Net written premiums for 2009 Q1 decreased 7% to US$2.7 billion.”Excluding the effect of currency fluctuation, premiums were down 2%,” the company said in a press release. “Premiums declined 5% in the U.S. and 12% outside the U.S. (increased 5% in local currencies).”   The 2009 Q1 combined loss and expense ratio was 88.1%, compared to 83.9% in 2008 Q1.Property and casualty investment income after taxes for 2009 Q1 declined 6% — from US$327 million in 2008 to US$306 million in 2009 — due largely to currency fluctuation, the company reported. Chubb Personal Insurance (CPI) net written premiums declined 4% in 2009 Q1 to US$843 million. CPI’s combined ratio for the quarter was 90%, compared to 84.8% in 2008 Q1.  In the homeowners’ segment, net written premiums declined 5%, and the combined ratio was 88.2%.  Personal automobile net written premiums declined 8%, and the combined ratio was 89.8%. Chubb Commercial Insurance (CCI) net written premiums in 2009 Q1 declined 6% to US$1.3 billion. The combined ratio for the quarter was 90.2% in 2009 Q1.Chubb Specialty Insurance (CSI) net written premiums were down 10% in 2009 Q1 to US$630 million. Its combined ratio was 85.1%, compared to 78.1% in 2008 Q1.