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Dow futures, nasdaq futures, russell 2000 futures, bitcoin usd, cmc crypto 200, chubb ltd (cb) reports record earnings, strong premium growth in q4 and full-year 2023.
Net Income : Q4 net income soared to $3.30 billion, a 151.7% increase year-over-year, with full-year net income up 72.1% to $9.03 billion.
Core Operating Income : Q4 core operating income rose by 103.6% to $3.41 billion, while full-year core operating income grew 45.2% to $9.34 billion.
Premiums Written : Consolidated net premiums written in Q4 increased by 13.4% to $11.6 billion, with a full-year rise of 13.5% to $47.4 billion.
Combined Ratio : P&C combined ratio for Q4 stood at an impressive 85.5%, contributing to a full-year record combined ratio of 86.5%.
Book Value Growth : Book value per share and tangible book value per share grew significantly by 14.4% and 24.1%, respectively, from the previous quarter.
On January 30, 2024, Chubb Ltd ( NYSE:CB ) released its 8-K filing , announcing a record-setting performance for both the fourth quarter and the full year of 2023. The company, which is one of the largest domestic property and casualty insurers with a global presence in 54 countries, reported a substantial increase in net income and core operating income, driven by robust premium growth and favorable investment returns.
Financial Performance Highlights
Chubb's fourth-quarter net income reached $3.30 billion, or $8.03 per share, a significant jump from $1.31 billion, or $3.13 per share, in the same period last year. Core operating income followed suit, climbing to $3.41 billion, or $8.30 per share, up from $1.67 billion, or $4.00 per share, in the prior year's quarter. This remarkable growth was attributed to double-digit P&C premium growth globally, record P&C underwriting income, and strong life operating income.
The company's full-year figures were equally impressive, with net income totaling $9.03 billion, or $21.80 per share, and core operating income of $9.34 billion, or $22.54 per share. Chubb's consolidated net premiums written for the year amounted to $47.4 billion, marking a 13.5% increase from the previous year.
Investment Portfolio and Book Value
Chubb's book value was positively impacted by after-tax net realized and unrealized gains of $4.88 billion in the investment portfolio, primarily due to the mark-to-market impact from declining interest rates in the fixed-income portfolio. Book value per share and tangible book value per share now stand at $146.83 and $87.98, respectively.
CEO Commentary
"We had a record fourth quarter which contributed to a blowout year the best in our companys history," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited. He highlighted the company's double-digit P&C premium growth, record underwriting income, and exceptional operating earnings. Greenberg also noted the significant impact of a one-time deferred tax benefit related to Bermuda's new income tax law on the results.
Segment Performance and Outlook
Chubb's P&C premiums saw a 12.5% increase in the fourth quarter, with consumer lines up by 20% and commercial P&C by 10%. The company's diversified global operations exhibited strong growth across various regions, with North America up by 9.4%, Asia by 37.2%, and Europe and Latin America each by 15.4%. The company's underwriting actions in its large account primary and excess casualty business are expected to enhance future growth in underwriting income.
Chubb's leadership expressed confidence in the company's momentum and its ability to continue growing operating earnings at a double-digit pace through various revenue streams and underwriting margins.
For a detailed analysis of Chubb Ltd ( NYSE:CB )'s financial performance, including segment details and the full-year summary, investors and interested parties are encouraged to review the complete financial supplement available on the company's investor relations website.
Chubb Ltd ( NYSE:CB ) is poised to maintain its leadership in the insurance industry, backed by its strong financial results, disciplined risk management, and strategic global presence.
Explore the complete 8-K earnings release ( here ) from Chubb Ltd for further details.
This article first appeared on GuruFocus .
IMAGES
COMMENTS
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with ...
A global leader in traditional and specialty P&C coverage for industrial commercial and mid-market companies. The largest commercial lines insurer in the U.S. and one of the largest financial lines writers globally. The leading personal lines insurer for America's successful individuals and families and a large personal lines provider globally.
The world's largest publicly traded property and casualty (P&C) insurer, based on market capitalization of $71.0 billion.*. A truly global company, with local operations in 54 countries and territories. Insurance is our only business. Chubb Limited, the parent company of Chubb, is listed on the New York Stock Exchange (NYSE:CB) and is a ...
The earnings conference call will be available via live webcast at investors.chubb.com or by dialing ... or 323-794-2588 (international), passcode 8805396. Please refer to the Chubb website under Events and Presentations for details. A replay of the call will be ... (Chubb Corp) of $19 million in Q3 2021 and $67 million for the nine ...
Chubb Reports Fourth Quarter Net Income Per Share of $4.95 Versus $5.34 Prior Year, and Record Core Operating Income Per Share of $3.81, ... December 31, 2021 of $2.14 billion, or $4.95 per share, and core operating income of $1.65 billion, or $3.81 per share. The P&C combined ratio was 85.5% compared to 87.6% prior year, and the current ...
2021 was a record year for Chubb and the best in our company's history. In my letter to you last year, I remarked that Chubb was entering a period of greater wealth creation, and in '21 it began to show, fueled by double- digit premium revenue growth and extraordinary underwriting results. As I look ahead, I am confident this pattern
Chubb Corporate Presentation - Fourth Quarter 2020. February 24, 2021. View this Presentation (PDF 338 KB) Listen to this Presentation? Watch this Presentation? () ... Investor Relations: Karen Beyer, SVP, IR Phone: 1 212 827 4445 Email. Computershare: U.S. & Bermuda: 1 877 522 3752 Outside the U.S.: 1 201 680 6898 Computershare Website ...
ZURICH, May 20, 2021 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today its shareholders have approved all matters submitted to the Chubb Limited 2021 Annual General Meeting, held at the company's offices in Zurich, Switzerland.Shareholders approved a 2.6% increase in the company's dividend to $3.20 per share annually ($0.80 per share, per quarter) from $3.12 per share ($0.78 per share ...
View this Presentation. November 2, 2021. Chubb Corporate Presentation - Third Quarter 2021. View this Presentation. October 7, 2021. Chubb to Acquire Cigna's Personal Accident, Supplemental Health and Life Insurance Business in Seven Asia-Pacific Markets. View this Presentation. August 6, 2021. Chubb Corporate Presentation - Second Quarter 2021.
Current reinvestment rate 5.8% (up from 2.3% Q4 2021) vs. portfolio yield1 of 3.4% (Q3 2022) Investment income expected to make up a growing percentage of our company's earnings as we look forward. Quarterly adjusted net investment income was $0.90B in Q4 2021, expecting $1.07B in Q4 2022.
Chubb's book value was positively impacted by after-tax net realized and unrealized gains of $4.88 billion in the investment portfolio, primarily due to the mark-to-market impact from declining ...
The Board also declared a quarterly dividend equal to $0.78 per share, payable on April 9, 2021 to shareholders of record at the close of business on March 19, 2021. The dividend will be payable out of legal reserves and will be made in United States dollars by the company's transfer agent as described in the Chubb Limited 2020 proxy statement. . This will be the fourth installment as approved ...
The company expects to issue its fourth quarter earnings release and financial supplement after the market closes on Tuesday, February 2, 2021. These documents will be available on the company's investor website at investors.chubb.com.. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 888-220-8451 (within the United States) or 323-794-2590 ...
investment losses increased 0.6% and decreased 2.7%, respectively, from December 31, 2021. Book value per share and tangible book value per share excluding AOCI increased 3.6% and 0.4%, respectively, from December 31, 2021. Chubb Limited . Nine Months Ended Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited)
2021. The company's underwriting results have outperformed the average of our peers over the last ten years (2012-2021). Sources: S&P Global Market Intelligence and company disclosures. 1. Includes AIG, Allianz, AXA, CNA, HIG, QBE, TRV and Zurich. This page contains nonGAAP financial measures. For a reconciliation to the most directly -
23. Chubb Limited Investor Presentation. December 2023. Sean Ringsted. Executive Vice President, Chubb Group Chief Digital Business Officer. Chubb's Digital Business: Growing Scale, Capabilities and Performance. Our Focus. Building a global digital B2B2C business with superior customer journeys and focused on regions positioned for economic ...