The company reported a remarkable surge in fourth-quarter net income, which more than doubled to US$3.30 billion from $1.31 billion in the previous year. Notably, net premiums written also experienced a significant uptick, reaching $11.60 billion compared to $10.23 billion in the same quarter last year. This growth underscores Chubb’s strong performance across its various insurance lines.
A key highlight of the quarter was the improvement in the property/casualty combined ratio, which stood at 85.5, a notable enhancement from 88.0 reported previously. This enhancement reflects Chubb’s continued focus on underwriting discipline and risk management strategies.
For the full year 2023, Chubb reported a substantial increase in net income, reaching $9.03 billion compared to $5.25 billion in the previous year. This robust financial performance underscores the company’s resilience and adaptability amidst evolving market dynamics and challenges.
“We had a record fourth quarter which contributed to a blowout year – the best in our company’s history,” Chairman and Chief Executive Officer Evan Greenberg (pictured) said in a statement.
He added: “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.”
Chubb Bermuda recently consolidated its financial lines and excess liability product lines under the leadership of Richard Porter, who has been promoted to an expanded executive role as Executive Vice President and Head of Liability Lines.
In his new capacity, Porter will assume comprehensive management responsibilities, overseeing the financial performance and operational aspects of the newly integrated division. This includes spearheading profitable underwriting portfolio management strategies and driving strategic business planning initiatives aimed at enhancing product, service, and distribution growth. He will be headquartered in Bermuda, as indicated by a company statement.
Chubb Ltd.’s underwriting entities currently hold Best’s Financial Strength Ratings spanning from A++ (Superior) to A- (Excellent).
Author: Joanna England