Chubb reports record $9.27bn net income for 2024 with P&C CoR of 86.6%

Global property and casualty insurer Chubb has reported a record net income of $9.27 billion for 2024, with a P&C combined ratio of 86.6%.

The firm’s P&C underwriting income for full-year 2024 was a record $5.85 billion, up 7.1% from 2023.

Chubb additionally disclosed that total 2024 pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were $2.39 billion and $1.97 billion, compared with $1.83 billion and $1.50 billion, in 2023.

Meanwhile, Chubb’s P&C current accident year underwriting income, excluding catastrophe losses, was a record $7.38 billion, up 13.3%, with a record combined ratio of 83.1%.

Chubb’s P&C net premiums written for the full-year 2024 were $45.1 billion, up 7.7% from 2023. Global P&C net premiums written in 2024 (which excludes agriculture) were up 9.6%, with commercial insurance up 8.7% and consumer insurance up 12.1%.

At the same time, 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.

Elsewhere, Chubb observed that Life Insurance net premiums written in 2024 were $6.33 billion, up 15.7%, or 18.5%, in constant dollars. Life Insurance income was reportedly a record $1.10 billion, up 7.3% in constant dollars.

The global insurer also grew its Global Reinsurance segment in 2024, reporting a 32.2% rise in net premiums written to $1.34 billion, as the unit’s combined ratio deteriorated from 75.5% to 85.9%. Although, the current accident year combined ratio excluding catastrophe losses strengthened to 76.4% from 77.9%.

The firm’s pre-tax net investment income was $5.93 billion, up 20.1%, and its adjusted net investment income was $6.38 billion, up 19.3%. Again, both were records.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented on the results, “Our full-year performance was the best in our company’s history.

“Overall market conditions are quite favourable, 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.”

Shedding some light on the impact of the California wildfires, Greenberg said, “The disaster is a terrible tragedy that is still unfolding. Our colleagues have been on the ground from the beginning, endeavouring to assist our policyholders who have lost property, been displaced from their homes and businesses, and had their lives severely disrupted.

“While it doesn’t erase the enormous difficulty they have and will continue to experience, we are doing all we can, in small and big ways, to ease their burden.

“Our thoughts are with those who have suffered, and our gratitude goes to those firefighters and emergency workers who have served tirelessly.

“From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5 billion net pre-tax and is a first quarter 2025 event.”

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