The Chubb Corporation reported 2008 fourth-quarter net income of $407 million, or $1.13 per share, a 37 percent decrease from net income of $650 million, or $1.68 per share in the 2007 period. The decrease was due mainly to investment losses, management said.
For the year, the Warren, N.J.-based insurer reported a net income of $1.8 billion, or $4.92 per share, down from $2.8 billion, or $7.01 per share in 2007. Net realized investment losses, including impairments, were $371 million before tax, Chubb said, while net income for 2007 included net realized investment gains of $374 million before tax.
Commenting on the results for the year, John D. Finnegan, chairman, president and chief executive officer, said in a statement, "While net income was adversely affected by continued turmoil in capital markets, the relatively modest size of our investment losses reflects the successful execution of our conservative philosophy in managing our $39 billion portfolio."
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