The Chubb Corporation has reported that its net income in the first quarter of 2009 was $341 million, or $0.95 per share, compared to $664 million or $1.77 per share for the first quarter of 2008.

Operating income, which the company defines as net income excluding after-tax realized investment gains and losses, declined to $514 million from $620 million in the first quarter of 2008.

Net written premiums for the first quarter decreased 7 percent to $2.7 billion.  Excluding the effect of currency fluctuation, premiums were down 2 percent.  Premiums declined 5 percent in the U.S. and 12 percent outside the U.S.

Chubb Commercial Insurance net written premiums declined 6 percent in the first quarter to $1.3 billion.  The combined ratio for the quarter was 90.2 percent in 2009 and 87.2 percent in 2008.  The impact of catastrophes accounted for 1 percentage point in the first quarter of 2009 compared to 3 points in the first quarter of 2008.  Excluding the impact of catastrophes, Chubb Commercial Insurance’s first quarter combined ratio was 89.2 percent in 2009 and 84.2 percent in 2008.