Chubb profits dip 5% in 2004 on lower investment gains

The Mexican subsidiary of US-based specialty insurer Chubb (NYSE: CB) reported a 5% drop in 2004 profits mainly because of lower investment gains. Profits were 26.8mn pesos (US$2.4mn) compared with 28.1mn pesos the previous year, the company told insurance regulator CNSF. Written premiums rose 7% to 241mn pesos. Net financial income was 194,000 pesos, down from 7.2mn pesos the previous year. Chubb Mexico's technical result increased 6% to 58.6mn pesos, as lower claims were partially cancelled out by a drop in reinsurance commissions. Claims fell 79% to just under 2mn pesos. Operating costs were down 21% to 38.8mn pesos. Financial investments grew 64% to 205mn pesos, while technical reserves increased 124% to 79.9mn pesos.