Chubb’s net income in the fourth quarter of 2008 was $407m

The Chubb Corporation, a holding company for a family of property and casualty insurance companies, has reported that its net income in the fourth quarter of 2008 was $407 million, or $1.13 per share, compared to $650 million, or $1.68 per share, in the fourth quarter of 2007.

Operating income which the company defines as net income excluding after-tax realised investment gains and losses, declined to $569 million from $620 million in the fourth quarter of 2007. Operating income per share declined 1% to $1.58 in 2008 from $1.60 in 2007.

Net written premiums for the fourth quarter of 2008 were $2.9 billion; a decline of 4%, about half the decline was attributable to currency fluctuation, according to the company.

For the year ended December 31, 2008, net income was $1.8 billion, or $4.92 per share, compared to $2.8 billion, or $7.01 per share, for the year ended December 31, 2007.

Operating income for 2008 totalled $2 billion, compared to $2.6 billion in 2007. Operating income per share declined 13% to $5.58 in 2008 from $6.41 in 2007. Total net written premiums in 2008 decreased 1% to $11.8 billion.