Chubb's (CB) Q2 results are expected to elicit a neutral investor reaction despite better-than-expected earnings, UBS Securities said.

Sentiment was leaning positive for the company after Travelers (TRV) posted an earnings beat, but the underlying combined ratio and net premiums written for Chubb's North America Commercial segment came in below consensus expectations, according to the note Tuesday.

The weaker-than-expected net premiums written was not unexpected as the company had been deliberately shrinking its exposure to large commercial accounts and Excess and Surplus property insurance.

On the positive side, Chubb's Overseas General and Personal insurance segments posted stronger-than-expected growth in net premiums written and underlying margins for the quarter, UBS said.

The recent results continue to demonstrate that Chubb's diverse mix of businesses provides consistency and strong returns, the brokerage added.

UBS' rating on the company's stock is neutral with a price target of $369.

Shares of Chubb were down 3.2% in Wednesday afternoon trading.

Price: 343.49, Change: -11.32, Percent Change: -3.19