Chubb premiums flat in 2004

The Chilean branch of US insurance group Chubb (NYSE: CB) reported total premiums of 6.3bn pesos (US$10.8mn) last year, flat compared to 2003. The insurer reduced its administrative costs by 9% last year to 2.5bn pesos, according to the company's year-end financial statements. Total assets fell almost 1% to 9.7bn pesos last year. The company's equity shrank 3% to 5.3bn pesos. Chubb ranks 17th among general insurers in Chile but is one of the largest players in the transport insurance segment. Chubb ranks among the top 10 publicly traded insurance organizations in the US, based on revenues. The company has 12,000 employees worldwide, serving property and casualty customers from more than 130 offices in 29 countries.