Chubb Corporation reported a 39 percent increase in net income for the second quarter compared to the same period in 2004.

The Warren, N.J.-based property-casualty insurer reported second-quarter net income of $496 million compared to $356 million in the second quarter of 2004.

The combined ratio for the second quarter improved to 88.3 compared to 92.8 in 2004. Catastrophe losses dropped to $21 million compared to $46 million in the same period last year.

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