Insurance group Chubb Limited has published its financial results for the quarter and year ended December 31, 2023.
Here’s how the insurer performed in the two periods:
|
Metric |
Q4 2023 |
Change from 2022 |
FY 2023 |
Change from 2022 |
|---|---|---|---|---|
|
Net income |
$3.30 billion |
up 151.7% |
$9.03 billion |
up 72.1% |
|
Core operating income |
$3.41 billion |
up 103.6% |
$9.34 billion |
up 45.2% |
In the fourth quarter, Chubb’s global property & casualty net premiums written rose 10.5% while life insurance net premiums written grew 20.3%. For the year, both metrics saw respective increases of 10% and 51.5%.
“We had a record fourth quarter which contributed to a blowout year – the best in our company’s history,” Chubb chair and chief executive Evan G. Greenberg said in a release. “The quarter’s results included double-digit P&C premium growth globally, record P&C underwriting income with a world-class 85.5% combined ratio, record investment income, and strong life operating income, all leading to exceptional operating earnings on both a per-share and dollar basis.
“Our results, both earnings and book value related, were positively impacted in a significant way by a one-time deferred tax benefit related to Bermuda’s new income tax law. Core operating income was $2.3 billion excluding the tax benefit, up 36%, or $5.54 per share, up 39%. The one-time tax benefit then added $1.1 billion or $2.76 per share.”
Greenberg went on to say: “Our full-year performance tells a compelling story: Core operating income of $9.3 billion, or a record $8.2 billion excluding the tax benefit; P&C underwriting income of $5.5 billion with a combined ratio of 86.5%; investment income of $5.3 billion; life income over $1 billion; and consolidated net premiums written growth of 13.5%.”
Chubb operates in 54 countries and territories and is manned by approximately 40,000 people.
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