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Dec 31, 2023
Chubb Q4 2023 Earnings Report
Chubb reported record Q4 results, driven by strong premium growth and underwriting income, positively impacted by a one-time deferred tax benefit.
Key Takeaways
Chubb Limited reported record fourth-quarter net income of $3.30 billion, or $8.03 per share, and core operating income of $3.41 billion, or $8.30 per share. The results were positively impacted by a one-time deferred tax benefit related to Bermuda’s new income tax law. Consolidated net premiums written increased by 13.4%, with commercial insurance up 10.0% and consumer insurance up 19.9%. The P&C combined ratio was 85.5%.
Net income and core operating income reached record levels, up 151.7% and 103.6%, respectively, including a $1.14 billion deferred tax benefit.
Consolidated net premiums written increased by 13.4%, with strong growth in both commercial and consumer insurance segments.
Global P&C net premiums written were up 10.5%, with significant growth in Asia and Overseas General.
P&C underwriting income was a record $1.52 billion, with a combined ratio of 85.5%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chubb expects to continue growing operating earnings at a double-digit pace through P&C revenue growth and underwriting margins, investment income, and life income.
Positive Outlook
- Momentum around the world going into the first quarter.
- Confident in ability to continue growing operating earnings at a double-digit pace.
- Growth through P&C revenue growth
- Growth through underwriting margins
- Growth through investment income, and life income
Challenges Ahead
- Risk business
- CAT volatility is a reality
- competition
- economic and market conditions
- possible terrorism or the outbreak and effects of war
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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