-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Chubb posted Q1 operating EPS of $6.82, up 85% from $3.68 a year ago, topping our $6.60 estimate and the $6.61 consensus view. Net earned premiums rose 12.1% (9.5% in constant dollars), exceeding our 5%-8% growth forecast, while the P&C combined ratio improved significantly to 84.0% from 95.7%, reflecting a quiet catastrophe quarter and underlying combined ratio improvement to 82.1% from 82.3%. We view the broad-based net written premium growth of nearly 11%, at the upper end of peer ranges, as supportive for the shares. Management characterized results as "excellent" but noted continued pricing softness in financial and property lines. We expect the April 22 investor call to focus on insurance market conditions and the war risk coverage initiative with the U.S. government. We believe CB's superior underwriting profitability, about 10 points better than industry averages, and robust premium growth should provide a catalyst for the shares.