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Business insurers' 4Q mixed
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February 7, 2002: 9:19 a.m. ET
AIG profits up 3.5%; Chubb earnings hit by Enron-related claims.
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NEW YORK (CNN/Money) - Two top business insurers reported mixed fourth-quarter results Thursday, with American International Group Inc. posting profits greater than a year earlier, citing increases in premiums, and Chubb profits declining on Enron-related claims.
New York-based AIG, the world's largest insurer, said its net income was $1.87 billion, or 70 cents per share, compared with $1.80 billion, or 68 cents per share, in the fourth quarter of 2000.
AIG missed analysts' average earnings estimate of 78 cents per share, according to tracking firm First Call.
The company's worldwide general insurance net premiums written grew 14.7 percent to $20.1 billion in 2001 and 15.4 percent to $5.2 billion in the fourth quarter, the company said.
The 2001 results include 3 cents per share related to Enron losses and a provision for Northridge earthquake claims.
Separately, business insurer Chubb Corp. said its quarterly profit fell 83 percent as it paid out large sums on claims related to Enron Corp.
Warren, N.J.-based Chubb reported fourth-quarter net profit of $28.7 million, or 16 cents a share, down from $168.4 million, or 95 cents a share, a year earlier.
Excluding one-time items such as realized investment gains and losses, its profit fell to 21 cents per share from 93 cents a year earlier. Wall Street had expected 43 cents a share, on average, according to research firm First Call.
The drop in profit was mostly due to a charge of $143 million, after tax, to cover claims on surety bonds that insured obligations of failed energy trader Enron.
AIG (AIG: Research, Estimates) shares closed up 60 cents at $70.75 on the New York Stock Exchange on Wednesday and Chubb (CB: Research, Estimates) shares closed at $66.43. 
--from staff and wire reports
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