Chubb Affirms Full-Year Target

Insurance company Chubb (CB Quote) on Friday reaffirmed its full-year earnings guidance, a profit forecast that ranges around analysts' estimates.

The company expects to earn $4.60 to $5 a share for the year, compared to last year's earnings of $1.16 a share. Analysts, on average, expect the company to earn $4.87.

Chubb also said its preliminary estimate for after-tax catastrophe losses in the two months ended May 31 is $49 million, or 28 cents a share. In the three months ended June 30, 2002, catastrophe losses were $7 million, or 4 cents a share, after taxes.

In the second quarter, the company said it expects to take an after-tax charge of $17 million as a result of a recent adverse arbitration decision rendered against an insurance pool. Chubb was formerly a 5.5% participant in the pool. Analysts expect the company to earn $1.16 a share in the second quarter.

Shares of Chubb were dropping 86 cents in afternoon trading to $60.03.