WARREN, New Jersey (AP) — US specialty insurer Chubb Corp. said last night that investment gains helped lift its profit 71 percent in the fourth quarter.

For the three months ending December 31, the company earned $695 million, or $2.03 per share, up from $407 million, or $1.13 per share, in the same period last year.

Excluding one-time gains from investments, the company earned $569 million, or $1.66 per share.

By that measure, analysts surveyed by Thomson Reuters expected quarterly profit of $1.46 per share Chubb said it booked $193 million, or 37 cents per share, on investment gains in the quarter. That compares with an investment loss of $250 million, or 45 cents per share, in the year-ago period.

Net premiums written, meanwhile, fell four percent to $2.78 billion for the quarter. Premiums were down eight percent in the US and up nine percent outside the United States.