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THE CHUBB CORPORATION
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS)
YEARS ENDED DECEMBER 31
1996 1995 1994
-------- -------- --------
Net income......................................... $512,684 $696,628 $528,469
After-tax interest expense on 6% guaranteed
exchangeable subordinated notes.................. 9,735 9,750 9,750
-------- -------- --------
Net income for computing earnings per share........ $522,419 $706,378 $538,219
======== ======== ========
Weighted average number of common shares
outstanding...................................... 174,402 174,071 175,085
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..................................... 5,793 5,814 5,814
-------- -------- --------
Weighted average number of common and common
equivalent shares assumed outstanding for
computing earnings per share..................... 180,195 179,885 180,899
======== ======== ========
Net income per share............................... $ 2.90 $ 3.93 $ 2.98
Share and per share amounts have been retroactively adjusted to reflect the
two-for-one stock split effective April 19, 1996.
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