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THE CHUBB CORPORATION REPORTS RESULTS

 WARREN, N.J., July 21 /PRNewswire/ -- The Chubb Corporation (NYSE: CB) today reports that net income for the six months ended June 30, 1993 was $294.3 million or $3.31 per share compared with $273.5 million or $3.10 per share for the like period of 1992. These amounts include realized investment gains after taxes of $49.9 million or $.55 per share in 1993 and $23.4 million or $.26 per share in 1992. Net income in 1993 reflects a one-time charge of $20.0 million or $.22 per share in the first quarter for the cumulative effect of adopting new accounting standards relating to postretirement benefits other than pensions and to income taxes. Net income for the second quarter of 1993 was $168.5 million or $1.89 per share compared with $130.4 million or $1.48 per share for the second quarter of 1992. Net income for the quarter includes realized investment gains after taxes of $28.9 million or $.32 per share in 1993 and $8.0 million or $.09 per share in 1992.
 Property and casualty underwriting income after taxes amounted to $3.7 million for the first six months of 1993 compared with $8.9 million in 1992. Net premiums written were $1.7 billion in 1993, an increase of 7.0 percent compared with 1992. The combined loss and expense ratio was 98.9 percent for the first six months of both 1993 and 1992. The second quarter combined loss and expense ratio was 98.0 percent in 1993 compared with 99.7 percent in 1992. Catastrophe losses for the first six months of 1993 amounted to $45.3 million which represented 2.8 percentage points of the combined loss and expense ratio compared with $46.1 million or 3.0 percentage points in 1992. Catastrophe losses in the second quarter of 1993 amounted to $16.5 million or 2.0 percentage points of the combined loss and expense ratio compared with $42.4 million or 5.4 percentage points in 1992.
 Property and casualty investment income after taxes was $225.0 million for the first six months of 1993 compared with $205.6 million in 1992, an increase of 9.4 percent.
 Life and health insurance operations contributed income after taxes of $29.0 million for the first six months of 1993 compared with $27.0 million in 1992.
 Real estate operations resulted in income after taxes of $0.5 million for the first six months of 1993 compared with $6.5 million in 1992.
 THE CHUBB CORPORATION
 (in millions)
 Second Quarter Six Months
 Periods ended June 30, 1993 1992 1993 1992
 Income Before Cumulative Effect of
 Changes in Accounting Principles $168.5 $130.4 $314.3 273.5
 Per Share 1.89 1.48 3.53 3.10
 Net Income 168.5 130.4 294.3(A) 273.5
 Per Share 1.89 1.48 3.31 3.10
 Property and Casualty
 Net Premiums Written 909.9 861.8 1,727.3 1,614.1
 Underwriting Income After Taxes 5.8 0.2 3.7 8.9
 Investment Income After Taxes 113.7 104.0 225.0 05.6
 Combined Loss and Expense Ratio 98.0 pct 99.7 pct 98.9 pct 98.9 pct
 Life and Health Inc. After Taxes $ 16.6 $ 14.8 $ 29.0 $ 27.0
 Real Estate Income After Taxes 0.2 3.0 0.5 6.5
 Realized Investment Gains After
 Taxes 28.9 8.0 49.9 23.4
 (A) Reflects a one-time charge of $20.0 million or $.22 per share in the first quarter for the cumulative effect of changes in accounting principles resulting from the Corporation's adoption of Statements of Financial Accounting Standards No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, and No. 109, Accounting for Income Taxes.
 Net Premiums Combined Loss
 and
 Property And Casualty Product Mix Written Expense Ratios
 Six Months Ended June 30, 1993 1992 1993 1992
 (in millions)
 Personal Insurance
 Automobile $98.2 $ 93.6 98.3 pct 98.3 pct
 Homeowners 208.0 206.2 102.4 97.0
 Other 97.4 93.8 86.2 90.2
 Total 403.6 393.6 97.5 95.6
 Standard Commercial Insurance
 Multiple Peril 262.9 242.6 108.0 107.5
 Casualty 257.1 247.0 98.5 96.8
 Workers' Compensation 87.8 77.3 116.9 121.0
 Total 607.8 566.9 105.2 104.7
 Specialty Commercial Insurance
 Fidelity and Surety 296.0 285.6 81.2 83.7
 Other 327.2 289.9 100.7 96.7
 Total 623.2 575.5 91.0 90.0
 Reinsurance Assumed 92.7 78.1 118.0 138.2
 Total $1,727.3 $1,614.1 98.9 pct 98.9 pct
 The interim amounts are unaudited but include those adjustments, consisting of normal recurring items, which management considers necessary for a fair presentation.
 -0- 7/21/93
 /CONTACT: Gail E. Devlin, 908-580-3245, or Glenn A. Montgomery, 908-580-2365, both of The Chubb Corporation/
 (CB)


CO: The Chubb Corporation ST: New Jersey IN: INS SU: ERN

LR -- NY023 -- 3804 07/21/93 09:27 EDT
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Date:Jul 21, 1993
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