Chubb Ltd Annual Report, Year Ended Dec 31, 2022

Chubb Limited reported solid performance in 2022, demonstrating resilience despite a challenging economic environment. The company achieved a P&C combined ratio of 87.6%, an improvement from the previous year, driven by strong underwriting and record net investment income. Net premiums written grew by 10.3% to $41.8 billion, supported by premium retention, rate increases, exposure growth, and the strategic acquisition of Cigna's Asian business. The company's diversified business segments, including North America Commercial P&C, North America Personal P&C, Overseas General Insurance, and Global Reinsurance, all contributed to this growth. Net income, however, decreased to $5.3 billion from $8.5 billion in 2021, primarily due to $791 million in after-tax mark-to-market losses on equities compared to gains in the prior year. Chubb also returned significant capital to shareholders through $3.0 billion in share repurchases and $1.4 billion in dividends. The company's capital position remains strong, with shareholders' equity at $51 billion. Looking ahead, Chubb anticipates continued growth in investment income as it reinvests cash flow at higher rates, particularly benefiting its Asian life insurance operations. The company's proactive risk management, underwriting discipline, and focus on long-term value creation position it favorably for future performance.