1 Exhibit 11.1 THE CHUBB CORPORATION COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31 1994 1993 ---- ---- (in millions) Net income....................................... $ 73.2 $125.8 After-tax interest expense on 6% guaranteed exchangeable subordinated notes................ 2.4 2.5 ------ ------ Net income for computing earnings per share...... $ 75.6 $128.3 ====== ====== Average number of common shares outstanding...... 87.7 87.6 Additional shares from assumed conversion of 6% guaranteed exchangeable subordinated notes as if each $1,000 of principal amount had been converted at issuance into 11.628 shares of common stock............. 2.9 2.9 ------ ------ Average number of common and common equivalent shares assumed outstanding for computing earnings per share................... 90.6 90.5 ====== ====== Net income per share........................... $ .83 $ 1.42