Property and casualty (P&C) insurance giant Chubb has published its financial results for the quarter and year ended December 31, 2021, with numbers pointing to record earnings.
Here’s how the global insurer fared in its latest financials:
|
Metric |
2021 |
2020 |
|
Net income, fourth quarter |
US$2.14 billion |
US$2.42 billion |
|
Net income, full year |
US$8.54 billion |
US$3.53 billion |
|
Core operating income, Q4 |
US$1.65 billion |
US$1.44 billion |
|
Core operating income, FY |
US$5.57 billion |
US$3.31 billion |
“With double-digit commercial premium growth and continued underwriting margin expansion, Chubb finished the year with record quarterly earnings and underwriting results, which contributed to one of the best years in our company’s history,” stated Chubb chair and chief executive Evan Greenberg.
“Core operating income per share of US$3.81 for the quarter was a record and up nearly 20%, with full-year net and core operating earnings of US$8.54 billion and US$5.57 billion, respectively, also records. Record underwriting results in the quarter included P&C underwriting income of US$1.3 billion, up 31%, with a P&C combined ratio of 85.5%.”
Last October, Chubb announced its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in seven Asia-Pacific markets. The swoop is set to generate further earnings for Chubb.
Greenberg added: “As I look forward, beyond continued strong organic performance, we will benefit from greater revenue and earnings, in the short and long term, from the acquisition of Cigna’s Asia business and increased ownership of Huatai Group in China when approved by the regulator.
“In sum, we are in a period of strong wealth creation, and ’22 should be a good year in terms of growth and margin improvement.”
