Chubb's 2023 profits soar 72.1% YoY

Life Insurance net premiums written increased by 51.5% to $5.47b,

Chubb saw its profits rise by 72.1% year-on-year (YoY) to $9.03b, whilst consolidated net premiums written increased by 13.5%, with commercial insurance and consumer insurance rising by 8.6% and 24.2%, respectively.

Global P&C net premiums written increased by 10.0%, with commercial insurance up by 8.5% and consumer insurance by 13.8%. 

P&C underwriting income reached a record $5.46b, up 19.9%, with a P&C combined ratio of 86.5%. P&C current accident year underwriting income, excluding catastrophe losses, reached $6.52b, up 11.1%, with a combined ratio of 83.9%.

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Life Insurance net premiums written increased by 51.5% to $5.47b, and segment income rose by 58.8% to $1.05b. 

Pre-tax net investment income and adjusted net investment income both reached record levels at $4.94b (up 31.9%) and $5.34b (up 32.8%), respectively. 

The company reported a record ROE of 16.4%, a core operating ROE of 15.4%, and a core operating ROTE of a record 24.2%.