1 THE CHUBB CORPORATION EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS) YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993 1995 1994 1993 ---- ---- ---- Net income......................................... $696,628 $528,469 $324,217 After-tax interest expense on 6% guaranteed exchangeable subordinated notes.................. 9,750 9,750 9,750 -------- -------- -------- Net income for computing earnings per share........ $706,378 $538,219 $333,967 ======== ======== ======== Average number of common shares outstanding........ 87,035 87,543 87,642 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..................................... 2,907 2,907 2,907 -------- -------- -------- Average number of common and common equivalent shares assumed outstanding for computing earnings per share........................................ 89,942 90,450 90,549 ======== ======== ======== Net income per share............................... $ 7.85 $ 5.95 $ 3.69