UPDATE: Chubb Q4 Profit Down 77%

Chubb CB reported a 77% drop in its fourth-quarter earnings. Chubb expects 2013 operating income of $6.40 to $6.80 per share, versus analysts' estimates of $6.26 per share. Chubb's quarterly profit fell to $102 million, or $0.38 per share, from $452 million, or $1.60 per share, in the year-ago period. Its operating income declined to $0.16 per share versus $1.63 per share. Net premiums written dropped 1.9% to $2.91 billion. However, analysts were expecting a loss of $0.45 per share. Chubb shares fell 0.17% to close at $80.31 yesterday.