1
Exhibit 11.1
THE CHUBB CORPORATION
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED MARCH 31
1996 1995
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(in millions)
Net income ......................................... $ 151.4 $ 146.7
After-tax interest expense on 6% guaranteed
exchangeable subordinated notes ................... 2.4 2.4
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Net income for computing earnings per share ........ $ 153.8 $ 149.1
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Average number of common shares outstanding ........ 174.7 173.7
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 23.256 shares of common stock ............... 5.8 5.8
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Average number of common and common
equivalent shares assumed outstanding for
computing earnings per share ..................... 180.5 179.5
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Net income per share ............................... $ .85 $ .83