(Bloomberg) -- Chubb Corp., the insurer of high-end homes and mega-yachts, said fourth-quarter profit fell 1.9% as investment income declined.
Net income dropped to $558 million, or $2.35 a share, from $569 million, or $2.24, a year earlier when there was more stock outstanding, the Warren, New Jersey-based company said in a statement Thursday. Operating profit, which excludes some investment results, was $2.29 a share, beating the $2.17 estimate of 20 analysts surveyed by Bloomberg.
Property-casualty insurers have been struggling with low bond yields that pressure investment returns and increased competition as hedge funds seek to bet on weather-related risks. Chubb also faces the prospect of an intensifying rivalry with Ace Ltd. after the Zurich-based company agreed to buy the Fireman’s Fund unit serving wealthy clients, according to Paul Newsome, an analyst with Sandler O’Neill & Partners LP.
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