Chubb Corporation has reported net income of $US1.55 billion for 2004 – a 91.6% increase on the 2003 result.

The group’s operating income for 2004 was a record $US1.4 billion or $US7.26 per share, compared with $US753.9 million or $US4.16 per share in 2003.

“An excellent fourth quarter capped off an outstanding year for Chubb, with significant profit improvement achieved through superior underwriting, better expense control and higher investment income,” CEO, Chairman and President John Finnegan said.

Meanwhile, AIG says it’s likely to record net catastrophe losses of $US639.1 million in the fourth quarter. It says the losses are a result of “the magnitude of damage from a rapid succession of storms and the shortages in labour and materials required for an efficient and timely rebuilding effort in Florida and other areas impacted by the storms”.

The group says it’s also likely to report a fourth-quarter net charge of  $US43.6 million from the Asian tsunami disaster.