Chubb’s net profit grew 73% to a record $US2.3 billion ($2.63 billion) last calendar year thanks to higher premium growth in the US and lower claims.

The combined ratio improved to 86.1% from 95.3% in 2012. Net premium written was $US12.22 billion ($13.95 billion), up from $US11.87 billion ($13.55 billion).

CEO John Finnegan says it was an “outstanding” year, but he warns losses from severe storms in the US last month will hit the first quarter of this year.