Chubb has reported a Q42024 net income of $2.58bn, a reduction of 22% from $3.30bn compared to the same period last year, as pre-tax catastrophe losses doubled.
Net premiums written increased 4% to $12.058bn, while global P&C net premiums (excluding agriculture) written, were up 6.7% to $10.180bn.
P&C underwriting income rose 3.8% to $1.58bn. The insurer’s combined ratio of also rose slightly to 85.7%, compared to 85.5% 2023.
Chubb chairman and CEO Evan G. Greenberg, on a Wednesday earnings call, first addressed the wildfire situation in California, saying Chubb’s exposure to the still unfolding catastrophe will be approximately $1.5bn and that this will be a first quarter 2025 event.
Turning to the commercial rate environment, Mr Greenberg said global P&C premiums rose 6.7%, with commercial lines up 6.4% and consumer up 7.5%. “All regions of the world contributed favourably,” he said.
He also said that market trends or themes were consistent with those of the previous quarter. While property has grown more competitive, pricing remains favourable. Casualty pricing, was stable or firming, depending on the class, and overall pricing is ahead of loss cost.
“Overall, market conditions are favourable, and we see good growth opportunity for the global property/casualty business,” he said.