Double-digit premium growth boosts Chubb operating result

6 February 2023

Chubb says its core operating income rose 15.9% last year to a record $US6.46 billion ($9.33 billion), boosted by rising premiums and increased investment income.

Net premium written rose 10.3% to $US41.8 billion ($60.4 billion), including gains in the property and casualty and life businesses.

Property and casualty underwriting income rose 23.2% to $US4.56 billion ($6.59 billion) leading to a combined operating ratio of 87.6% compared with 89.1% for the prior year.

Full-year net income reported for the company overall was $US5.31 billion ($7.67 billion) compared with $US8.54 billion ($12.34 billion) previously. Realised and unrealised losses in the investment portfolio reflected mark-to-market impacts from rising interest rates

Chairman and CEO Evan Greenberg said a strong fourth quarter had contributed to the full-year result. Property and casualty premium growth was broad-based globally, with good contributions from the commercial and consumer businesses, but a below-average crop year affected agriculture results.

The group is “off to a strong start” in the new year, he says.

“While there’s certainly plenty of risk and uncertainty in the operating environment globally – economic and geopolitical – from what we know and can control, ’23 should be a good year in terms of growth and earnings,” he said.