Chubb reveals Q4, full-year results – Insurance Business
Metric
2021
2020
Net income, fourth quarter
US$2.14 billion
US$2.42 billion
Net income, full year
US$8.54 billion
US$3.53 billion
Core operating income, Q4
US$1.65 billion
US$1.44 billion
Core operating income, FY
US$5.57 billion
US$3.31 billion
“With double-digit commercial premium growth and continued underwriting margin expansion, Chubb finished the year with record quarterly earnings and underwriting results, which contributed to one of the best years in our company’s history,” stated Chubb chair and chief executive Evan Greenberg.
“Core operating income per share of $3.81 for the quarter was a record and up nearly 20%, with full-year net and core operating earnings of $8.54 billion and $5.57 billion, respectively, also records. Record underwriting results in the quarter included P&C underwriting income of $1.3 billion, up 31%, with a P&C combined ratio of 85.5%.”
Last October, Chubb announced its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health, and life insurance business of Cigna in seven Asia-Pacific markets. The swoop is set to generate further earnings for Chubb.
Greenberg added: “As I look forward, beyond continued strong organic performance, we will benefit from greater revenue and earnings, in the short and long term, from the acquisition of Cigna’s Asia business and increased ownership of Huatai Group in China when approved by the regulator.
“In sum, we are in a period of strong wealth creation, and ’22 should be a good year in terms of growth and margin improvement.”
