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NEW YORK - Chubb Limited (NYSE:CB) reported better-than-expected fourth quarter results, driven by strong underwriting performance and higher investment income. Shares were trading marginally higher, up 0.3%, aftermarket Tuesday.
The property and casualty insurer posted adjusted earnings per share of $6.02, surpassing the analyst consensus of $5.34. Revenue rose 5.9% YoY to $12.6 billion, also topping estimates of $12.26 billion.
"We had a great quarter which contributed to a simply outstanding year," said Evan G. Greenberg, Chairman and CEO of Chubb.
Global P&C net premiums written, which excludes agriculture, increased 6.7% in Q4, with commercial lines up 6.4% and consumer up 7.5%. The company achieved a record P&C underwriting income of $1.58 billion, up 3.8% YoY, with a combined ratio of 85.7%.
Pre-tax net investment income rose 14% to $1.56 billion, also hitting a record high.
For the full year 2024, Chubb reported record net income of $9.27 billion, up 2.7% from 2023. Global P&C net premiums written grew 9.6% for the year.
"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," Greenberg added.
The company returned $1.09 billion to shareholders in Q4 through share repurchases and dividends.
Chubb’s book value per share increased 8.8% in 2024 to $159.77.
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