Chubb reported a net income of $2.57bn in the fourth quarter (Q4) of 2024, a 22% decrease from $3.3bn in the same quarter last year.
The company’s full-year net income increased by 2.7%, reaching $9.27bn in 2024 compared with $9.03bn in 2023.
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Operating income for Q4 2024 stood at $2.45bn, a 28.1% decline from $3.41bn in the corresponding quarter a year ago.
For the full year, operating income totalled $9.2bn, down 1.5% from $9.34bn in 2023.
For the quarter ending 31 December 2024, Chubb’s property and casualty (P&C) net premiums written saw a 3.5% increase in constant dollars, reaching $10.5bn, from $10.15bn in Q3 2023.
Global P&C net premiums written, excluding Agriculture, rose by 6.7%, with commercial insurance up by 6.4% and consumer insurance growing by 7.5%.
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By GlobalDataIn North America, P&C net premiums written increased by 6.3%, while Overseas General saw a 6.8% rise in constant dollars.
Latin America, Asia-Pacific and Europe reported increases of 11.5%, 9.3% and 3.9%, respectively.
P&C underwriting income amounted to $1.58bn, a 3.8% increase, with a combined ratio of 85.7%.
Excluding catastrophe losses, P&C current accident year underwriting income stood at $1.97bn, up 20.1%, achieving a record combined ratio of 82.2%.
Pre-tax catastrophe losses more than doubled to $607m, driven by Hurricane Milton.
Life Insurance net premiums written were $1.56bn, up 8.5% in constant dollars, and segment income was $270m, up 3.8% in constant dollars.
The company returned capital of $1.09bn to shareholders, including share repurchases of $725m at an average purchase price of $278.78 per share and dividends of $367m.
Chubb CEO and chairman Evan G Greenberg said: “The California wildfire disaster is a terrible tragedy that is still unfolding. Our colleagues have been on the ground from the beginning, endeavouring to assist our policyholders who have lost property, been displaced from their homes and businesses, and had their lives severely disrupted. While it doesn’t erase the enormous difficulty they have and will continue to experience, we are doing all we can, in small and big ways, to ease their burden. Our thoughts are with those who have suffered, and our gratitude goes to those firefighters and emergency workers who have served tirelessly.
“From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5bn net pre-tax and is a first quarter 2025 event.”
Greenberg added: “Overall market conditions are quite favourable, and we see really good growth opportunity for over 80% of our global P&C business, commercial and consumer, as well as our life business.”
