Chubb Q4 net income decreases

The Chubb Corporation, a provider of provided property and casualty insurance products, has reported a net income of $102 million, or $0.38 per diluted share, for the fourth quarter ended December 31, 2012, compared to $452 million, or $1.60 per diluted share, for the fourth quarter ended December 31, 2011.

Net premiums written for the fourth quarter ended December 31, 2012 was $2.91 billion, compared to $2.96 billion for the fourth quarter ended December 31, 2011.

Net income for the year ended December 31, 2012 was $1.54 billion, or $5.69 per diluted share, compared to $1.68 billion, or $5.76 per diluted share, for the year ended December 31, 2011.

Net premiums written for the year ended December 31, 2012 was $11.87 billion, compared to $11.76 billion for the year ended December 31, 2011.

"Although Storm Sandy had a severe impact on Chubb's fourth quarter results," said Mr said John Finnegan, Chairman, president and CEO, "the very strong underlying performance of our business units, reflected in our excellent 81.5% combined ratio excluding catastrophes, enabled us to generate an operating profit in the quarter. For the full year 2012, we are very pleased that we achieved $1.4 billion in operating income after-tax despite a catastrophe impact of over $1.1 billion before tax."