Best’s News & Research Service - January 30, 2024 05:54 PM (EST)
Chubb’s Fourth-Quarter Profit Surges on Property/Casualty, Life Gains
ZURICH //BestWire// - Chubb Ltd.’s fourth-quarter profit more than doubled with the help of a tax benefit, record property/casualty underwriting income and 20.3% gains in life insurance net premiums written.
Evan GreenbergFourth-quarter net income rose to $3.30 billion from $1.31 billion. Net premiums written rose to $11.60 billion from $10.23 billion. The property/casualty combined ratio improved to 85.5 from 88.0.
Net income for 2023 rose to $9.03 billion from $5.25 billion.
“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 said in a statement. “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 combined its financial lines and excess liability product lines under a single leader, Richard Porter, who has been promoted to an expanded leadership role as executive vice president, head of liability lines (BestWire, Jan. 22, 2024).
Porter will assume full management, profit and loss performance responsibility for the new division, including ongoing development and execution of profitable underwriting portfolio management strategies and lead strategic business planning for product, service and distribution growth. He will be based in Bermuda, according to a company statement.
Underwriting entities of Chubb Ltd. have current Best’s Financial Strength Ratings ranging from A++ (Superior) to A- (Excellent).
Shares of Chubb Ltd. (NYSE: CB) closed at $243.17 on Jan. 30, up 0.16% from the previous close.
(By David Pilla, news editor, BestWire: David.Pilla@ambest.com)