Insurance

Chubb publishes Q4 and full-year 2023 financials

Jan 31, 2024 1 year ago

Chief executive says insurer's "performance tells a compelling story"

By Terry Gangcuangco

Jan 31, 2024 Share

Insurance group Chubb Limited has published its financial results for the quarter and year ended December 31, 2023.

Here’s how the insurer performed in the two periods:

Metric

Q4 2023

Change from 2022

FY 2023

Change from 2022

Net income

$3.30 billion

up 151.7%

$9.03 billion

up 72.1%

Core operating income

$3.41 billion

up 103.6%

$9.34 billion

up 45.2%

In the fourth quarter, Chubb’s global property & casualty net premiums written rose 10.5% while life insurance net premiums written grew 20.3%. For the year, both metrics saw respective increases of 10% and 51.5%.

“We had a record fourth quarter which contributed to a blowout year – the best in our company’s history,” Chubb chair and chief executive Evan G. Greenberg said in a release. “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. Core operating income was $2.3 billion excluding the tax benefit, up 36%, or $5.54 per share, up 39%.

The one-time tax benefit then added $1.1 billion or $2.76 per share.”

Greenberg went on to say: “Our full-year performance tells a compelling story: Core operating income of $9.3 billion, or a record $8.2 billion excluding the tax benefit; P&C underwriting income of $5.5 billion with a combined ratio of 86.5%; investment income of $5.3 billion; life income over $1 billion; and consolidated net premiums written growth of 13.5%.”

Chubb operates in 54 countries and territories and is manned by approximately 40,000 people.

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