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Chubb’s FY 2024 Net Income Rises 2.7%

by Celia

Chubb has announced a 2.7% year-on-year (YoY) increase in its net income for the full year 2024, reaching $9.27 billion. Core operating income for the period stood at $9.20 billion.

The company’s property and casualty (P&C) insurance segment experienced notable growth, with global net premiums written rising by 9.6% YoY. Within the P&C sector, commercial insurance grew by 8.7% and consumer insurance saw a 12.1% increase. The Asia-Pacific region was a standout performer, with earnings surging by 22.2% YoY.

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Chubb’s overall P&C underwriting income reached a record $5.85 billion, marking a 7.1% YoY increase. The company’s combined ratio—an important measure of underwriting profitability—stood at a healthy 86.6%.

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In terms of current accident year underwriting income, excluding catastrophe losses, Chubb also set a new record with $7.38 billion, a 13.3% YoY improvement. This was achieved with a combined ratio of 83.1%.

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In the Life Insurance segment, Chubb reported a 15.7% YoY increase in net premiums written, totaling $6.33 billion. When adjusted for constant currency, the growth was 18.5%. Life insurance segment income hit a record $1.10 billion, marking a 7.3% increase in constant dollars.

Additionally, total Life Insurance net premiums written and deposits collected grew by 29.1% YoY in constant dollars, reaching $8.90 billion.

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