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Chubb in ‘excellent shape’ as earnings more than triple

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Chubb has started the year in “excellent shape” after the business finished the December quarter on a strong note, Chairman and CEO Evan Greenberg says.

Net income in the three months to December 31 more than tripled to $US1.17 billion ($1.73 billion), taking full-year earnings to $US4.45 billion ($6.6 billion), up 12.4% from 2018.

“It was a good quarter and year for Chubb,” Mr Greenberg said. “We have started the new year in excellent shape and with a lot of momentum.”

Solid growth in premium revenue and declines in catastrophe losses bolstered the business.

After-tax catastrophe losses for the December quarter fell to $US353 million ($523.16 million) from $US506 million ($749.9 million) and on a full-year basis, it decreased to $US966 million ($1.43 billion) from $US1.35 billion ($2 billion).

Property and casualty net premiums increased 9% to $US7.38 billion ($10.9 billion) in the fourth quarter to take overall premiums for the year to $US29.88 billion ($44.28 billion), up 5.6%.

The combined ratio for property and casualty improved to 92.7% in the fourth quarter from 93.1% a year earlier. For the full year, the ratio remained at 90.6%.