Chubb CEO Evan Greenberg says strong fourth-quarter earnings contributed to a “blowout year – the best in our company’s history” and underwriting conditions overall are favourable. 

The global insurer’s 2023 net income grew 72% to $US9.03 billion ($13.86 billion) and it enjoyed record results in all three earnings sources: property and casualty (P&C) underwriting; investment; and life.  

“We had a simply outstanding quarter, contributing to another record-setting year, and we are well positioned to continue producing outstanding results going forward,” Mr Greenberg, who is also Chairman, said. “We have a lot of momentum around the world going into the first quarter. 

“It’s an underwriters’ market and that’s what we are. We have hit the ground running in 2024, and ... we are confident in our ability to continue growing operating earnings at a double-digit pace.” 

In the fourth quarter, global P&C premium growth was in double digits, P&C underwriting income set a record, and the combined ratio was 85.5%, an improvement on 87.6% a year earlier. 

P&C net premium written jumped more than 11% year-on-year to $10.15 billion ($15.58 billion) in the quarter. 

International general insurance operations had “an outstanding quarter”, Mr Greenberg says, with net premium up 19% and the combined ratio 85.9%.  

Chubb said: “Our international business growth this quarter was broad base, with all major regions producing double-digit growth. Asia led the way with premium up 37%, made up of commercial lines growth of 21% and consumer up 56%.” 

Europe and Latin America each grew 16%. 

“We continue to achieve improved rate-to-exposure across our international commercial portfolio, with pricing in our retail business up over 7%; P&C line pricing was up over 10%, while financial lines pricing was down about 2%,” the insurer said. 

In its life business, Chubb reported quarterly income of $US263 million ($403.76 million), up 38% on a year earlier. Net premium written grew 17% to $US1.45 billion ($2.22 billion). 

Catastrophe losses were $US300 million ($460.57 million) for the fourth quarter, with 54% in the US and 46% internationally.