The key takeaways of the report are:
For the fourth quarter:
- Net income and core operating income were USD 2.58 billion and USD 2.45 billion, or a record USD 3.05 billion and USD 3.00 billion on a pre-tax basis, respectively. Excluding the prior year deferred tax benefit of USD 1.14 billion related to the enactment of Bermuda's income tax law (tax benefit), net income and core operating income were up 18.9% and 7.7%.
- Global P&C net premiums written, which excludes Agriculture, were up 6.7%, with commercial insurance up 6.4% and consumer insurance up 7.5%. North America was up 6.3% and Overseas General was up 6.8% in constant dollars, with Latin America, Asia-Pacific, and Europe up 11.5%, 9.3%, and 3.9%, respectively.
- P&C underwriting income was a record USD 1.58 billion, up 3.8%, with a combined ratio of 85.7%. P&C current accident year underwriting income excluding catastrophe losses was USD 1.97 billion, up 20.1%, with a record combined ratio of 82.2%.
- Pre-tax catastrophe losses were USD 607 million, including USD 309 million from Hurricane Milton, compared with USD 300 million last year.
- Life Insurance net premiums written were USD 1.56 billion, up 8.5% in constant dollars, and segment income was USD 270 million, up 3.8% in constant dollars. Life Insurance net premiums written and deposits collected were USD 2.40 billion, up 24.4% in constant dollars.
- Pre-tax net investment income was USD 1.56 billion, up 14.0%, and adjusted net investment income was USD 1.69 billion, up 13.7%. Both were records.
- Annualized return on equity (ROE) was 15.9%. Annualized core operating return on tangible equity (ROTE) was 22.0% and annualized core operating ROE was 14.3%.
- Net income was a record USD 9.27 billion, up 2.7%, and core operating income was USD 9.20 billion, or a record USD 11.08 billion and USD 11.15 billion on a pre-tax basis. Excluding the prior year deferred tax benefit, net income and core operating income were up 16.8% and 11.5%, and on a per share basis were up 18.4% and 13.0%.
- Global P&C net premiums written were up 9.6%, with commercial insurance up 8.7% and consumer insurance up 12.1%. North America was up 8.0% and Overseas General was up 11.8% in constant dollars, with Asia-Pacific, Latin America, and Europe up 22.2%, 11.0%, and 6.3%, respectively.
- P&C underwriting income was a record USD 5.85 billion, up 7.1%, with a combined ratio of 86.6%. P&C current accident year underwriting income excluding catastrophe losses was a record USD 7.38 billion, up 13.3%, with a record combined ratio of 83.1%.
- Pre-tax catastrophe losses were USD 2.39 billion compared with USD 1.83 billion last year.
- Life Insurance net premiums written were USD 6.33 billion, up 15.7%, or 18.5% in constant dollars, and segment income was a record USD 1.10 billion, up 7.3% in constant dollars. Life Insurance net premiums written and deposits collected were USD 8.90 billion, up 29.1% in constant dollars.
- Pre-tax net investment income was USD 5.93 billion, up 20.1%, and adjusted net investment income was USD 6.38 billion, up 19.3%. Both were records.
- ROE was 15.0%. Core operating ROTE was 21.6% and core operating ROE was 13.9%.
| Chubb Limited | |||||||
| Fourth Quarter Summary | |||||||
| (in millions of U.S. dollars, except per share amounts and ratios) | |||||||
| (Unaudited) | |||||||
| (Per Share) | |||||||
| Q4 2024 | Q4 2023 | Change | 2024 | 2023 | Change | ||
| Net income | $2,575 | $3,300 | (22.0) % | $6.33 | $8.03 | (21.2) % | |
| Adjusted net realized (gains) losses and other, net of tax | (26) | (43) | (39.5) % | (0.07) | (0.10) | (30.0) % | |
| Market risk benefits (gains) losses, net of tax | (98) | 153 | NM | (0.24) | 0.37 | NM | |
| Core operating income, net of tax | $2,451 | $3,410 | (28.1) % | $6.02 | $8.30 | (27.5) % | |
| Net income excluding tax benefit | $2,575 | $2,165 | 18.9 % | $6.33 | $5.27 | 20.1 % | |
| Core operating excluding tax benefit | $2,451 | $2,275 | 7.7 % | $6.02 | $5.54 | 8.7 % | |
| Annualized return on equity (ROE) | 15.9 % | 23.6 % | |||||
| Core operating return on tangible equity (ROTE) | 22.0 % | 35.3 % | |||||
| Core operating ROE | 14.3 % | 21.9 % | |||||
| Chubb Limited | |||||||
| Full Year Summary | |||||||
| (in millions of U.S. dollars, except per share amounts and ratios) | |||||||
| (Unaudited) | |||||||
| (Per Share) | |||||||
| FY 2024 | FY 2023 | Change | 2024 | 2023 | Change | ||
| Net income | $9,272 | $9,028 | 2.7 % | $22.70 | $21.80 | 4.1 % | |
| Adjusted net realized (gains) losses and other, net of tax | (215) | 2 | NM | (0.53) | - | NM | |
| Market risk benefits (gains) losses, net of tax | 140 | 307 | (54.4) % | 0.34 | 0.74 | (54.1) % | |
| Core operating income, net of tax | $9,197 | $9,337 | (1.5) % | $22.51 | $22.54 | (0.1) % | |
| Net income excluding tax benefit | $9,217 | $7,893 | 16.8 % | $22.56 | $19.06 | 18.4 % | |
| Core operating excluding tax benefit | $9,142 | $8,202 | 11.5 % | $22.38 | $19.80 | 13.0 % | |
| Annualized return on equity (ROE) | 15.0 % | 16.4 % | |||||
| Core operating return on tangible equity (ROTE) | 21.6 % | 24.2 % | |||||
| Core operating ROE | 13.9 % | 15.4 % | |||||
"Our full-year performance was the best in our company's history. Core operating income was USD 9.1 billion, up 11.5% adjusted for the one-time tax benefit, and 13% on a per-share basis. All three major sources of income for our company produced record results last year”, Evan G. Greenberg added.
"Overall market conditions are quite favorable, and we see really good growth opportunity for over 80% of our global P&C business, commercial and consumer, as well as our life business. We have very good momentum as we enter '25 and are optimistic about the year ahead, both top- and bottom-line, CAT losses and foreign currency movement notwithstanding. We are confident in our ability to continue growing operating earnings and EPS at a double-digit rate, driven by our three major sources: P&C underwriting, investment income, and life income", he emphasized.
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