Property and casualty (P&C) insurance major Chubb has reported a net income of $3.3bn in the fourth quarter (Q4) of 2023, a 151.7% jump from $1.13bn in the same period a year ago.
During the three months under review, Chubb’s consolidated net premiums written were $11.59bn, up 13.4 % year-on-year (YoY).
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In Q4, P&C net premiums written were $10.14bn, as against $9.02bn in the same quarter in 2022.
P&C underwriting income increased by 35.2% to $1.51bn from $1.12bn in Q4 2022.
Life insurance net premiums written were $1.45bn, up 20.3% YoY.
Income from the life insurance segment in Q4 jumped 43.5% to $263m from $182m last year.
The insurer registered a 30.2% increase in its pre-tax net investment income to $1.37bn in the Q4 that ended 31 December 2023.
Annualised return on equity during the last quarter was 23.6%.
Chubb’s full-year net income in 2023 was also up by 72.1% to $9.02bn from $5.24bn in 2022.
For the 12-months, P&C net premiums written were $41.89bn and life insurance net premiums written were $5.46bn.
Chubb chairman and CEO Evan Greenberg said: “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. In the quarter, P&C premiums were up 12.5% and life insurance premiums were up 20%.
“Chubb is a globally diversified company, and our growth in the quarter demonstrates the broad-based nature of our operations: P&C premiums were up 9.4% in North America, 37.2% in Asia and 15.4% for both Europe and Latin America.”
