Chubb Corporation has improved its third quarter profits by $134 million to $738 million and has revised its operating income per share expectation for the year between $6.05 - $6.15.

While the company is keeping its eye on the California wildfire events and the potential insured losses that result from there, it is edging towards a bumper year and the per share performance could be even higher than the now revised figure.

The third quarter combined ratio has decreased from 85.5 percent to 81.6 percent and net income per share stands at $1.87 compared with $1.43 a year ago.

"Based on our outstanding results for the first nine months and outlook for the fourth quarter, we are increasing our 2007 calendar year operating income per share guidance," said president and CEO John finnegan.

"This revised guidance continues to assume four percentage points of catastrophe losses for the year. Since the impact of catastrophe losses in the first nine months was only 2.8 points, this implies 7.7 points of catastrophe losses for the fourth quarter.

"However, given the uncertain impact of the California wildfires, we decided to be conservative and maintain our catastrophe assumption for the year."