Chubb Reports Fourth Quarter Per Share Net Income and Core Operating Income of $6.33 and $6.02, Respectively

QUARTER

• Net income and core operating income were $2.58 billion and $2.45 billion, or a record $3.05 billion and $3.00 billion on a pre-tax basis, respectively. Excluding the prior year deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda's income tax law (tax benefit), net income and core operating income were up 18.9% and 7.7%, and on a per share basis were up 20.1% and 8.7%.
• Global P&C net premiums written, which excludes Agriculture, were up 6.7%, with commercial insurance up 6.4% and consumer insurance up 7.5%. North America was up 6.3% and Overseas General was up 6.8% in constant dollars, with Latin America, Asia-Pacific, and Europe up 11.5%, 9.3%, and 3.9%, respectively.
• P&C underwriting income was a record $1.58 billion, up 3.8%, with a combined ratio of 85.7%. P&C current accident year underwriting income excluding catastrophe losses was $1.97 billion, up 20.1%, with a record combined ratio of 82.2%.
• Pre-tax catastrophe losses were $607 million, including $309 million from Hurricane Milton, compared with $300 million last year.
• Life Insurance net premiums written were $1.56 billion, up 8.5% in constant dollars, and segment income was $270 million, up 3.8% in constant dollars. Life Insurance net premiums written and deposits collected were $2.40 billion, up 24.4% in constant dollars.
• Pre-tax net investment income was $1.56 billion, up 14.0%, and adjusted net investment income was $1.69 billion, up 13.7%. Both were records.
• Annualized return on equity (ROE) was 15.9%. Annualized core operating return on tangible equity (ROTE) was 22.0% and annualized core operating ROE was 14.3%.

YEAR

• Net income was a record $9.27 billion, up 2.7%, and core operating income was $9.20 billion, or a record $11.08 billion and $11.15 billion on a pre-tax basis. Excluding the prior year deferred tax benefit, net income and core operating income were up 16.8% and 11.5%, and on a per share basis were up 18.4% and 13.0%.
• Global P&C net premiums written were up 9.6%, with commercial insurance up 8.7% and consumer insurance up 12.1%. North America was up 8.0% and Overseas General was up 11.8% in constant dollars, with Asia-Pacific, Latin America, and Europe up 22.2%, 11.0%, and 6.3%, respectively.
• P&C underwriting income was a record $5.85 billion, up 7.1%, with a combined ratio of 86.6%. P&C current accident year underwriting income excluding catastrophe losses was a record $7.38 billion, up 13.3%, with a record combined ratio of 83.1%.
• Pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion last year.
• Life Insurance net premiums written were $6.33 billion, up 15.7%, or 18.5% in constant dollars, and segment income was a record $1.10 billion, up 7.3% in constant dollars. Life Insurance net premiums written and deposits collected were $8.90 billion, up 29.1% in constant dollars.
• Pre-tax net investment income was $5.93 billion, up 20.1%, and adjusted net investment income was $6.38 billion, up 19.3%. Both were records.
• ROE was 15.0%. Core operating ROTE was 21.6% and core operating ROE was 13.9%.

Chubb Limited (NYSE: CB) reported net income for the quarter ended December 31, 2024 of $2.58 billion, or $6.33 per share, and core operating income of $2.45 billion, or $6.02 per share. Book value per share and tangible book value per share decreased 2.1% and 2.2%, respectively, from September 30, 2024 and now stand at a $159.77 and $100.38. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $2.44 billion in Chubb's investment portfolio and $1.13 billion of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 2.9% and 4.3%, from September 30, 2024.

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