Chubb Limited reported a strong financial performance for the fiscal year ending December 31, 2024, with net income attributable to shareholders reaching a record $9.27 billion, a 2.7% increase from $9.03 billion in 2023. The company's consolidated net premiums written rose to $51.47 billion, reflecting an 8.7% increase, driven by growth across various product lines, particularly in personal and commercial insurance. The property and casualty (P&C) combined ratio was reported at 86.6%, slightly up from 86.5% in the previous year, indicating stable underwriting performance despite increased catastrophe losses.
Significant changes compared to the previous fiscal period include a notable rise in net investment income, which surged by 20.1% to $5.93 billion, attributed to higher reinvestment rates on fixed maturities and the consolidation of Huatai Group's results. The company also experienced total pre-tax catastrophe losses of $2.39 billion, up from $1.83 billion in 2023, highlighting the impact of severe weather events. Additionally, the Life Insurance segment saw net premiums written increase by 15.7%, bolstered by strong growth in Asia and the integration of Huatai's life business.
Chubb's strategic developments included the acquisition of Healthy Paws Pet Insurance LLC, enhancing its specialty insurance offerings, and the consolidation of Huatai Group, which now represents approximately 85.5% ownership. The company continues to expand its geographic reach, operating in 54 countries and territories, and reported a global workforce of 43,000 employees, with a focus on diversity and inclusion in its hiring practices.
Operationally, Chubb's customer base has grown, with net premiums earned increasing by 9.0% to $49.85 billion. The company reported favorable prior period development of $856 million, indicating effective management of reserves. The P&C segment's underwriting income was $3.22 billion, despite higher losses and expenses. Looking ahead, Chubb maintains a positive outlook for 2025, anticipating continued strong performance across all business segments, supported by favorable global P&C market conditions and a commitment to supporting policyholders in times of need.
About Chubb Ltd
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