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WARREN, N.J.--Net written premiums for Chubb Corp. fell marginally in 2006, but the insurer reported a significantly improved profit and combined ratio vs. 2005.
The insurer's net income ballooned 38.4% to nearly $2.53 billion for the year ending Dec. 31, 2006, from nearly $1.83 billion in 2005.
Warren, N.J.-based Chubb reported nearly $11.98 billion of net written premiums last year, a 2.5% drop from $12.28 billion in 2005. Premiums grew 1% from U.S. business and 4% for non-U.S. business, but premiums for assumed reinsurance shrank 57%, Chubb reported.
Underwriting losses and the cost of producing business improved markedly, however, as Chubb's combined ratio improved to 84.2% in 2006 from 92.3% the year before.
Catastrophes accounted for 1.4 percentage points of the 2006 combined ratio and 5.6 points in 2005, according to Chubb.