Chubb reveals 2022 annual results

CEO said he expects "good year" in 2023

Chubb reveals 2022 annual results

Insurance News

By Jen Frost

Chubb has reported its annual and Q4 results for 2022.

The insurer saw net income of US$5.3 billion (CA$7.1 billion) for the full year, down from US$8.5 billion in 2021.

The insurer released its results on Tuesday, reporting consolidated net written premiums of US$41.8 billion. Property and casualty (P&C) net premiums were up 7.7%, or 10.3% in constant dollars.

While net income was down, P&C underwriting income saw a “record” year, at US$4.6 billion, the insurer said in a press release. So too did core operating income, at US$6.5 billion, up 15.9%.

Its P&C combined ratio improve in 2022, at 87.6% compared to 89.1% in 2021.

Chubb saw its investment portfolio face an unrealized loss position of US$7.3 billion, versus an unrealized gain position of US$2.3 billion at December 2021.

Chubb Q4 2022 results

For Q4 2022, Chubb reported net income of US$1.3 billion and core operating income of US$1.7 billion.

“Net income in the quarter was adversely impacted by adjusted net realized losses of US$363 million after tax, principally due to the mark-to-market impact on private equities,” Chubb said in a press release.

Fourth quarter pre-tax catastrophe losses were US$400 million, up on Q4 2021’s US$275 million.

Chubb CEO Evan Greenberg hailed a “strong quarter” for the insurer.

“Our quarterly results included record net investment income, double-digit premium growth, and an excellent underwriting performance with an 88% combined ratio despite a true-up to our annual agriculture results reflecting a below-average crop year,” Greenberg said.

Pricing conditions in P&C “remain favourable”, according to the CEO, and the insurer expects future published growth to improve with the dollar weakening.

“In P&C, North America grew 9.7%, and so did Overseas General in constant dollars while declining 1.3% on a published basis, impacted by the strongest U.S. dollar in 20 years,” Greenberg said.

The insurer is off to a “strong start” in 2023, according to Greenberg.

“While there’s certainly plenty of risk and uncertainty in the operating environment globally – economic and geopolitical, from what we know and can control, ’23 should be a good year in terms of growth and earnings,” he said.

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