Chubb's Evan Greenberg: Insurer's Best Year Ever

Chubb Limited (NYSE: CB), the world's largest publicly traded property and casualty insurance company, has reported record financial results for the full year 2024. According to Evan Greenberg, the company's Chairman and Chief Executive Officer, 2024 was the best year in Chubb's history. The company's strong performance across all major income sources, including P&C underwriting, investment income, and life insurance, contributed to its record results.



Net income for the year reached $9.27 billion, a 72.1% increase from 2023, while core operating income was $9.20 billion, up 45.2%. P&C underwriting income reached a record $5.85 billion, with a combined ratio of 86.6%. Global P&C net premiums written increased by 9.6% year-over-year. Chubb's diversified business model, disciplined execution, and skilled portfolio management contributed to its strong investment performance, with adjusted net investment income reaching $1.69 billion, up 13.7%.

Chubb's success can be attributed to several factors:

1. Strong Pricing Power and Market Leadership: Chubb achieved a 6.7% growth in Global P&C net premiums written, demonstrating strong pricing power and market leadership. This growth was particularly impressive given the competitive insurance landscape.
2. Superior Underwriting Discipline: Chubb's standout 85.7% combined ratio showcased superior underwriting discipline, significantly outperforming industry averages. This was evident in the company's P&C underwriting income, which reached a record $5.85 billion.
3. Diversified Business Model: Chubb's diversified business model, which includes P&C underwriting, investment income, and life insurance, contributed to its record full-year results. The company's adjusted net investment income reached $1.69 billion, up 13.7%, reflecting skilled portfolio management in a challenging rate environment.
4. Successful Market Penetration Strategies: Chubb's regional performance highlights emerging market opportunities, with Latin America growing 11.5% and Asia-Pacific up 9.3%. This reflects successful market penetration strategies and rising insurance demand in developing economies.

Looking ahead, Chubb's guidance for continued double-digit earnings growth suggests strong momentum into 2025. However, investors should monitor the impact of the announced $1.5 billion California wildfire exposure in Q1 2025.

Chubb's record-breaking performance in 2024 demonstrates the company's ability to execute on its strategic priorities and capitalize on opportunities in the global insurance market. With a strong focus on competitive advantage and opportunity capitalization, Chubb is well-positioned to continue its growth trajectory in the long term.