1 Exhibit 11.1 THE CHUBB CORPORATION COMPUTATION OF EARNINGS PER SHARE PERIODS ENDED JUNE 30 Second Quarter Six Months -------------- ------------- 1995 1994 1995 1994 ---- ---- ---- ---- (in millions) Net income.................................. $185.0 $146.7 $331.7 $219.9 After-tax interest expense on 6% guaranteed exchangeable subordinated notes............ 2.5 2.5 4.9 4.9 ------ ------ ------ ------ Net income for computing earnings per share. $187.5 $149.2 $336.6 $224.8 ====== ====== ====== ====== Average number of common shares outstanding................................ 87.0 87.8 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 2.9 2.9 ------ ------ ------ ------ Average number of common and common equivalent shares assumed outstanding for computing earnings per share............... 89.9 90.7 89.8 90.6 ====== ====== ====== ====== Net income per share........................ $ 2.09 $ 1.65 $ 3.75 $ 2.48