Chubb publishes This fall and full-year 2023 financials

Insurance coverage group Chubb Restricted has printed its monetary outcomes for the quarter and yr ended December 31, 2023.

Right here’s how the insurer carried out within the two durations:

Within the fourth quarter, Chubb’s world property & casualty web premiums written rose 10.5% whereas life insurance coverage web premiums written grew 20.3%. For the yr, each metrics noticed respective will increase of 10% and 51.5%.

“We had a file fourth quarter which contributed to a blowout yr – the very best in our firm’s historical past,” Chubb chair and chief government Evan G. Greenberg mentioned in a launch. “The quarter’s outcomes included double-digit P&C premium development globally, file P&C underwriting revenue with a world-class 85.5% mixed ratio, file funding revenue, and powerful life working revenue, all resulting in distinctive working earnings on each a per-share and greenback foundation.

“Our outcomes, each earnings and guide worth associated, have been positively impacted in a major method by a one-time deferred tax profit associated to Bermuda’s new revenue tax regulation. Core working revenue was $2.3 billion excluding the tax profit, up 36%, or $5.54 per share, up 39%. The one-time tax profit then added $1.1 billion or $2.76 per share.”

Greenberg went on to say: “Our full-year efficiency tells a compelling story: Core working revenue of $9.3 billion, or a file $8.2 billion excluding the tax profit; P&C underwriting revenue of $5.5 billion with a mixed ratio of 86.5%; funding revenue of $5.3 billion; life revenue over $1 billion; and consolidated web premiums written development of 13.5%.”

Chubb operates in 54 international locations and territories and is manned by roughly 40,000 folks.

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