Chubb Rises on 17% Profit Gain, Outlook

High-end property and casualty insurer Chubb(CB Quote) saw a 17% increase boosted by investment gains and lower underwriting losses and expenses and raised its full-year operating income outlook.

The news sent shares up 3% to $43.78 in after-hours trading.

During the quarter, the company earned $551 million, or $1.54 a share, compared with $469 million, or $1.27 a share.

Chubb operating earnings grew to $1.49 a share compared with $1.40 a share a year earlier. Analysts expected the insurer to earn $1.30 a share.

The company now expects raised 2009 operating income in the range of $5.20 and $5.50 a share.