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UPDATE 1-Insurer Chubb's profit misses estimates on higher losses

* First-quarter adjusted earnings $1.50/share vs est. $1.56

* Underwriting income down 57 pct

(Adds details, analysts' estimate)

April 24 (Reuters) - Property and casualty insurer Chubb Corp reported a weaker-than-expected first-quarter profit, hurt by higher catastrophe losses related to severe winter in the United States.

On an operating basis, Chubb earned $1.50 per share, below analysts' average estimate of $1.56 per share, according to Thomson Reuters I/B/E/S.

"Results were adversely impacted by several factors, including catastrophe and non-catastrophe losses related to severe winter weather in the United States. Chubb also suffered an unusually high level of homeowners' fire losses...," Chief Executive John D. Finnegan said in a statement.

Chubb's combined loss and expense ratio for the first quarter was 93.2 percent, compared with 84.6 percent a year earlier.

Combined ratio is an indicator of the total claims and expenses incurred over net earned premiums. A combined ratio over 100 indicates that an insurer has an underwriting loss.

The company's underwriting income fell 57 percent to $208 million.

U.S. property and casualty insurer Travelers Cos Inc reported a 17 percent rise in first-quarter profit, helped by higher underwriting gains and an increase in net investment income.

Chubb's net income fell to $449 million, or $1.80 per share, for the quarter ended March 31, from $656 million, or $2.48 per share, a year earlier.

Shares of the Warren, New Jersey-based insurer were down about 3 percent in extended trading, after closing at $91.73 on the New York Stock Exchange.

(Reporting by Neha Dimri in Bangalore; Editing by Savio D'Souza and Simon Jennings)