The insurer saw net income of $5.3 billion for the full year, up from $8.5 billion in 2021.
The insurer released its results on Tuesday, reporting consolidated net written premiums of $41.8 billion. Property and casualty (P&C) net premiums increased 7.7%, or 10.3% in constant dollars.
P&C underwriting income saw a “record” year of $4.6 billion, the insurer said in a press release. Core operating income was also $6.5 billion, up 15.9%.
Its P&C combined ratio improved to 87.6% in 2022 compared to 89.1% in 2021.
Its investment portfolio faced an unrealized loss position of $7.3 billion as against $2.3 billion in December 2021.
Chubb Q4 2022 Results
In Q4 2022, Chubb will have net income of $1.3 billion and core operating income of $1.7 billion.
“Net income for the quarter was negatively impacted by adjusted net losses of $363 million after tax, primarily due to a mark-to-market impact on private equity,” Chubb said in a press release.
Fourth-quarter pretax catastrophe losses of $400 million, In Q4 2021 $275 million.
Sub CEO Evan Greenberg hailed a “strong quarter” for the insurer.
“Our quarterly results included record net investment income, double-digit premium growth and excellent underwriting performance with an 88% combined ratio, although our annual agricultural results reflect a below-average crop year,” Greenberg said.
According to the CEO, pricing conditions for P&C “remain favorable,” and the insurer expects published growth to improve in the future as the dollar weakens.
“In P&C, North America grew 9.7%, and foreign general grew in constant dollars, while declining 1.3% on a published basis, impacted by the strongest US dollar in 20 years,” Greenberg said.
According to Greenberg, the insurer is off to a “strong start” in 2023.
“There’s a lot of risk and uncertainty in the global operating environment — economic and geopolitical, so from what we know and can control, ’23 should be a good year in terms of growth and revenue,” he said.