Chubb Ltd Annual Report, Year Ended Dec 31, 2021

Chubb Limited's 2021 Form 10-K highlights a strong financial performance, marked by a record net income of $8.5 billion, a significant increase from $3.5 billion in 2020. This growth was driven by robust Property & Casualty (P&C) underwriting results, including substantial premium growth and improved loss ratios. The company also benefited from strong net investment income, notably from private equity partnerships and increased dividends on public equities. Consolidated net premiums written increased by 12.0% to $37.9 billion, primarily fueled by growth in commercial lines across various segments such as casualty, financial lines, and property, attributed to positive rate increases, higher new business, and strong retention. The company's P&C combined ratio improved to 89.1% from 96.1% in the prior year, reflecting a better current accident year combined ratio excluding catastrophes. Catastrophe losses for 2021 were $2.4 billion, lower than the $3.3 billion reported in 2020. The company also reported favorable prior period development of $926 million, a significant increase from $395 million in 2020, which included a substantial favorable development for COVID-related liabilities, partially offset by adverse development for molestation claims related to the Boy Scouts of America settlement. Chubb continues to manage its capital effectively, returning $6.3 billion to shareholders through share repurchases and dividends in 2021.