1 Exhibit 11.1 THE CHUBB CORPORATION COMPUTATION OF EARNINGS PER SHARE PERIODS ENDED JUNE 30 Second Quarter Six Months -------------- ------------- 1994 1993 1994 1993 ---- ---- ---- ---- (in millions) Net income.................................. $146.7 $168.5 $219.9 $294.3 After-tax interest expense on 6% guaranteed exchangeable subordinated notes............ 2.5 2.5 4.9 5.0 ------ ------ ------ ------ Net income for computing earnings per share. $149.2 $171.0 $224.8 $299.3 ====== ====== ====== ====== Average number of common shares outstanding................................ 87.8 87.6 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 2.9 2.9 ------ ------ ------ ------ Average number of common and common equivalent shares assumed outstanding for computing earnings per share............... 90.7 90.5 90.6 90.5 ====== ====== ====== ====== Net income per share........................ $ 1.65 $ 1.89 $ 2.48 $ 3.31