The insurer noticed internet earnings of $5.3 billion for the complete yr, down from $8.5 billion in 2021.
The insurer launched its outcomes on Tuesday, reporting consolidated internet written premiums of $41.8 billion. Property and casualty (P&C) internet premiums have been up 7.7%, or 10.3% in fixed {dollars}.
While internet earnings was down, P&C underwriting earnings noticed a “record” yr, at $4.6 billion, the insurer stated in a press launch. So too did core working earnings, at $6.5 billion, up 15.9%.
Its P&C mixed ratio enhance in 2022, at 87.6% in comparison with 89.1% in 2021.
Chubb noticed its funding portfolio face an unrealized loss place of $7.3 billion, versus an unrealized acquire place of $2.3 billion at December 2021.
Chubb This autumn 2022 outcomes
For This autumn 2022, Chubb reported internet earnings of $1.3 billion and core working earnings of $1.7 billion.
“Net income in the quarter was adversely impacted by adjusted net realized losses of $363 million after tax, principally due to the mark-to-market impact on private equities,” Chubb stated in a press launch.
Fourth quarter pre-tax disaster losses have been $400 million, up on This autumn 2021’s $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 stated.
Pricing circumstances in P&C “remain favourable”, in accordance with the CEO, and the insurer expects future revealed progress to enhance with the greenback 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 stated.
The insurer is off to a “strong start” in 2023, in accordance with 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 stated.