Chubb reported a strong fourth quarter and a record full year, driven by broad-based growth across its P&C and Life insurance segments, coupled with record investment income. The company demonstrated robust underwriting performance with a record low P&C combined ratio, reflecting effective risk management and favorable prior period development.
Full-year record net income of $10.31 billion, up 11.2%, and record core operating income of $9.95 billion, up 8.9%.
positiveFourth quarter net income of $3.21 billion, up 24.7%, and core operating income of $2.98 billion, up 21.7%.
positiveRecord P&C combined ratio of 81.2% for the quarter and 85.7% for the full year.
positiveLife Insurance net premiums written increased 16.9% for the quarter and 15.1% for the full year.
positiveBook value per share and tangible book value per share increased 18.0% and 25.7%, respectively, for the full year.
positiveTotal pre-tax catastrophe losses were $2.92 billion for the full year, compared with $2.39 billion last year.
attentionNorth America Personal P&C Insurance combined ratio increased 7.9 percentage points for the full year, including a 15.2 percentage point increase due to higher catastrophe losses.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Consolidated | N/A | — | — | — | +8.3% |
P&C | N/A | — | — | — | +6.9% |
Life Insurance | N/A | — | — | — | +18.3% |
Total North America P&C Insurance | N/A | — | — | — | — |
Overseas General Insurance | N/A | — | — | — | +8.1% |
Global Reinsurance | N/A | — | — | — | -4.2% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We had a great quarter and a great year, with very strong contributions from all areas of the company. Our consistent and enduring performance speaks to the broadly diversified global nature of our company.
Our full-year results in virtually every category were the best in our company’s history.
While commercial insurance market conditions continue to grow incrementally more competitive, we see many opportunities for growth given our broad diversification by geography, product, commercial and consumer customer segments and distribution channel.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.