Chubb profit jumps five-fold as claims fall

Thu Jan 30, 2014 4:22pm EST

Jan 30 (Reuters) - Property and casualty insurer Chubb Corp reported a more than five-fold rise in quarterly profit as the company paid lower claims.

The company's net income rose to $569 million, or $2.24 per share, in the fourth quarter ended Dec. 31, from $102 million, or 38 cents per share, a year earlier.

Profit in the year-earlier quarter was heavily affected by Super storm Sandy, which battered the U.S. east coast in October 2012.

Net earned premium rose 4 percent to $3.04 billion.

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