on May 5 reported after-tax first-quarteroperating income of $1.02 billion, or $2.26 per share, compared with $745 million,or $2.25 per share, in the same quarter of 2015.
The S&PCapital IQ consensus normalized EPS estimate for the quarter was $2.17.
Net income was$439 million, or 97 cents per share, compared with $681 million, or $2.05 per share,in the prior-year quarter.
Operating incomewas adversely impacted by purchase accounting adjustments of 6 cents per share,while net income was adversely impacted by 43 cents per share of deal integrationand related expenses, the amortization of fair value adjustments, and purchase accountingadjustments on operating income of 6 cents per share. ACE Ltd.'s acquisitionof Chubb Corp. closedJan. 14, 2016, and the combined company adopted the Chubb Ltd. name. Including thefirst 14 days of 2016, operating EPS was $2.29.
The insurerrecorded $415 million of after-tax adjusted net realized losses, or 92 cents pershare, compared with $64 million, or 20 cents per share, of net realized lossesin the first quarter of 2015. Chubb also recognized $106 million of integration-relatedexpenses, net of tax, during the most recent quarter.
Total pretaxand after-tax catastrophe losses, including reinstatement premiums, were $258 millionand $204 million, respectively, compared with $51 million and $40 million, respectively,in the year-ago period.
Chubb's P&Ccombined ratio rose to 90.0% from 88.4% in the 2015 first quarter. Its accident-yearP&C combined ratio, excluding catastrophe losses, was 89.9%, compared with 89.3%in the year-earlier period.
Chubb's bookvalue per share rose to $98.85 at the end of the first quarter from $89.77 as ofDec. 31, 2015.