Due to the Coronavirus, our office will be operating remotely in order to keep our staff free from infection. For latest update on the virus as it pertains to Florida please access our link. Office: 813.995.6013 Ext: 101 / Direct: 727.755.3060 Email: info@centurioninsuranceafs.com

Record Q4 at Chubb Ends Historic, ‘Blowout Year’ *Centurion Insurance AFS*

Jan 31, 2024 (0) comment , , , , , , , ,

Record fourth quarter 2023 net income of $3.3 billion, a huge increase over net income of about $1.3 billion during the same period a year ago, ended what CEO Evan G. Greenberg called a “blowout year.”

Last year was the “best in our company’s history,” Greenberg added. Net income for the full year was up about 72% versus the prior year to about $9 billion.

Net income included a large, one-time tax benefit related to Bermuda income tax law, Chubb said. Without the benefit, Q4 net income was about $2.2 billion.

P/C underwriting income was also a record, said Chubb, at about $1.5 billion during the last three months of 2023—with a combined ratio of 85.5. Full-year P/C underwriting income came in at about $5.5 billion—20% more than the year prior. The combined ratio improved 1.1 points to 86.5.

“In the quarter, continuing the trend we experienced all year, commercial P/C rates and price increases across the majority of our global portfolio were strong and exceeded loss costs, which were stable. Pricing in our P/C lines was up 12.4% in North America and 10.1% in our international retail business, while financial lines pricing globally continued to decrease led by public D&O,” Greenberg added in a statement. “At year-end, our loss reserves were in an exceptionally strong position – as strong as they have ever been.”

In Q4, P/C net premiums were up 12.5% to about $10 billion as consumer lines were up 20% and commercial P/C was up 10%. In North America, P/C premiums were up 9.4%. For Asia and both Europe and Latin America, P/C premiums in Q4 increased 37.2% and 15.4%, respectively.

Planned underwriting actions in large-account primary and excess casualty led to North America commercial P/C premium growth overall of 4.4%, with growth of 1.4% in Chubb’s major accounts division.


Was this article valuable?

Here are more articles you may enjoy.

The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter

Source link

Comment (0)

Leave a Comments

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.