Property and casualty insurance provider The Chubb Corporation (CB) on late Thursday posted a steep downturn in fourth quarter earnings, as results were weighed down by effects from Superstorm Sandy.
Still, CB offered an upbeat 2013 outlook that easily beat Wall Street’s expectations.
The Warren, NJ-based company reported fourth quarter net income of $102 million, or 38 cents per share, compared with $452 million, or $1.60 per share, in the year-ago period. Excluding special items, adjusted profit was 16 cents per share.
Net premiums written fell almost 2% from last year to $2.91 billion.
On average, Wall Street analysts expected a net loss of 45 cents per share, on higher net premiums written of $3.02 billion.
Looking ahead, CB forecast 2013 full-year adjusted earnings to range from $6.40 to $6.80 per share, which is well above analysts’ view of $6.26 per share for the year.
Chubb Corp. shares were mostly flat in premarket trading Friday. The shares have gained about 19% over the past twelve months.
The Bottom Line
Shares of Cb currently offer a 2.04% dividend yield, based on the company’s annualized dividend payout of $1.64 and the stock’s Thursday closing price of $80.31.
The Chubb Corporation (CB) is not recommended at this time, holding a Dividend.com DARS™ Rating of 0.0 out of 5 stars.
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