1 Exhibit 11.1 THE CHUBB CORPORATION COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED MARCH 31 1995 1994 ---- ---- (in millions) Net income....................................... $146.7 $73.2 After-tax interest expense on 6% guaranteed exchangeable subordinated notes................ 2.4 2.4 ------ ----- Net income for computing earnings per share...... $149.1 $75.6 ====== ===== Average number of common shares outstanding...... 86.9 87.7 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................... 89.8 90.6 ====== ===== Net income per share............................. $ 1.66 $ .83