Chubb's shares were down nearly 5 percent in trading after the market closed, as the company was hit by commercial property losses from storms in the Midwestern United States.
The Warren, New Jersey-based insurer posted net income of $469 million, or $1.27 a share, down from $709 million, or $1.75 a share, in the year-earlier quarter.
Higher claims payouts drove Chubb to lower operating earnings, missing Wall Street expectations, while total net written premiums for the quarter were flat at $3 billion.
Operating earnings, which analysts use to measure performance because it excludes investments, slid to $518 million, or $1.40 a share, from $648 million, or $1.60 a share, on fewer shares outstanding.