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CHUBB REPORTS RESULTS

 CHUBB REPORTS RESULTS
 WARREN, N.J., Feb. 3 /PRNewswire/ -- Chubb Corporation (NYSE: CB)


today issued the following statement of earnings:
 Net income for the year ended Dec. 31, 1991 was $552.0 million or $6.32 per share compared with $522.1 million or $6.07 per share for the like period of 1990. These amounts include realized investment gains after taxes of $43.4 million or $.49 per share in 1991 and $30.2 million or $.35 per share in 1990. Net income in 1990 includes the one-time benefit of a $14.0 million or $.16 per share elimination of deferred income taxes relating to estimated salvage and subrogation recoverable as a result of the Revenue Reconciliation Act of 1990. Net income for the fourth quarter of 1991 was $139.3 million or $1.58 per share compared with $154.9 million or $1.81 per share for the fourth quarter of 1990. Net income for the quarter includes realized investment gains after taxes of $18.7 million or $.21 per share in 1991 and $6.0 million or $.07 per share in 1990. Net income for the fourth quarter of 1990 includes the $14.0 million or $.16 per share one-time tax benefit.
 Property and casualty underwriting income after taxes amounted to $18.6 million for the year 1991 compared with $20.7 million in 1990. The 1990 underwriting results include the one-time tax benefit. Net premiums written were $3.1 billion in 1991, an increase of 6.6 percent compared with 1990. The combined loss and expense ratio was 99.5 percent for the year 1991 compared with 99.7 percent for 1990. Catastrophe losses for the year 1991 amounted to $71.6 million which represented 2.4 percentage points of the combined loss and expense ratio compared with $35.8 million or 1.3 percentage points in 1990. The fourth quarter combined loss and expense ratio was 101.8 percent in 1991 compared with 97.6 ?in 1990. Catastrophe losses in the fourth quarter of 1991, resulting primarily from the Oakland, Calif. fire, amounted to $33.3 million or 4.3 percentage points of the combined loss and expense ratio for the quarter compared with $9.7 million or 1.3 percentage points in 1990.
 Property and casualty investment income after taxes was $397.6 million for the year 1991 compared with $371.4 million in 1990, an increase of 7.1 percent.
 Life and health insurance operations resulted in income after taxes of $51.1 million for the year 1991 compared with $45.1 million in 1990.
 Real estate operations contributed income after taxes of $25.0 million for the year 1991 compared with $40.0 million in 1990.
 These preliminary amounts are unaudited but include such adjustments as management considers necessary for a fair presentation.
 CHUBB CORPORATION
 (In millions)
 Periods ended: Fourth quarter Twelve months
 Dec. 31: 1991 1990 1991 1990
 Net income $139.3 $154.9 $ 552.0 $ 522.1
 Per share 1.58 1.81 6.32 6.07
 Property and casualty
 net premiums written 763.5 745.0 3,112.3 2,919.7
 Underwriting income (loss)
 after taxes (4.0) 27.0(B) 18.6 20.7(B)
 Investment income
 after taxes(A) 100.9 97.5 397.6 371.4
 Combined loss & expense
 ratio after
 policyholders' dividends
 (as a percent) 101.8 97.6 99.5 99.7
 Life and health
 income after taxes $ 11.6 $ 10.7 $ 51.1 $ 45.1
 Real estate income
 after taxes 5.7 7.7 25.0 40.0
 Realized investment gains
 after taxes 18.7 6.0 43.4 30.2
 (A) -- Does not include investment income related to corporate invested assets, which was $10.4 million and $8.0 million for the fourth quarters of 1991 and 1990, respectively, and $30.1 million and $24.3 million for the years 1991 and 1990, respectively.
 (B) -- Includes the one-time benefit of a $14.0 million or $.16 per share elimination of deferred income taxes relating to estimated property and casualty salvage and subrogation recoverable as a result of the Revenue Reconciliation Act of 1990.
 Property and Casualty Product Mix
 Net Premiums Combined Loss and
 Written Expense Ratios
 Twelve months ended
 Dec. 31: 1991 1990 1991 1990
 (in millions) (As a percnet)
 Personal Insurance
 Automobile $ 189.6 $ 192.4 105.7 105.6
 Homeowners 433.0 409.2 105.7 103.8
 Other 188.7 180.5 91.5 94.2
 Total 811.3 782.1 102.4 102.1
 Standard Commercial Insurance
 Automobile 96.6 91.1 97.4 95.6
 Multiple Peril 497.4 476.9 103.3 103.7
 Casualty 565.6 517.7 100.6 112.8
 Total 1,159.6 1,085.7 101.5 107.4
 Specialty Commercial Insurance
 Ocean and Inland Marine 162.6 156.3 102.0 100.9
 Fidelity and Surety 490.5 490.6 82.5 79.9
 Other 488.3 405.0 107.9 102.1
 Total 1,141.4 1,051.9 96.0 91.3
 Total $3,112.3 $2,919.7 99.5 99.7
 These preliminary amounts are unaudited but include such adjustments as management considers necessary for a fair presentation.
 -0- 2/3/92
 /CONTACT: Gail E. Devlin, 908-580-3245, or Glenn A. Montgomery, 908-580-2365, both of The Chubb Corporation/
 (CB) CO: Chubb Corporation ST: New Jersey IN: INS SU: ERN


TS -- NY021 -- 6036 02/03/92 09:33 EST
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Date:Feb 3, 1992
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