US insurer Chubb reported a full net income of $95.85 million for the fourth quarter of 2002, almost doubling last year’s results of $48.6 million. The group’s entire net income for 2002 was $22.9 million. This compares with an income of $111.5 million in 2001, when the company lost millions thanks to its Enron exposures.

President and CEO John Finnegan said results in the fourth quarter of 2002 were adversely affected by a $127 million pre-tax increase in net asbestos loss reserves, along with a $1.69 billion increase in European D&O and E&O loss reserves.