Chubb has plenty to celebrate about its 2019 fourth quarter. The property/casualty insurer enjoyed a large jump in net income due mostly to rate hikes and P/C underwriting gains.
Chubb’s catastrophe losses also declined. One sour note: The insurer reported large agriculture underwriting loss due to crop yield shortfalls.
Chubb Chairman and CEO Evan Greenberg said in prepared remarks that the overall results reflect Chubb’s “strongest growth in over five years.”
Net income for the 2019 fourth quarter hit nearly $1.2 billion, or $2.57 per share, versus $355 million, or $0.76 per share over the same, year-ago quarter. For the full year, Chubb’s net income surpassed $4.4 billion, 12.4 percent higher than the $3.96 billion booked in 2018.
Consolidated net investment income grew to $858 million, an improvement from the $848 million booked in the 2018 fourth quarter.
Chubb’s Q4 P/C combined ratio was 92.7, improved from 93.1 in the 2018 fourth quarter.
Here are other Q4 and full-year result highlights:
Greenberg said that Chubb started 2020 “in excellent shape and with a lot of momentum.”