Chubb Ltd Annual Report, Year Ended Dec 31, 2023

Chubb Limited reported a strong financial performance for the fiscal year ending December 31, 2023, marked by significant growth and robust profitability. The company's net income attributable to Chubb reached a record $9.0 billion, a substantial increase from $5.2 billion in the prior year. This growth was fueled by strong underwriting results, a 13.5% increase in consolidated net premiums written to $47.4 billion, and record net investment income of $4.9 billion. A key strategic development was the acquisition of a majority controlling interest in Huatai Group on July 1, 2023, which has been consolidated into the financial statements, significantly contributing to the growth in the Life Insurance segment and the Overseas General Insurance segment. The company also highlighted its commitment to returning capital to shareholders, repurchasing $2.5 billion of common stock and paying $1.4 billion in dividends during the year, supported by a new $5 billion share repurchase program authorization. Despite facing increased catastrophe losses compared to the previous year, Chubb's P&C combined ratio improved to 86.5% from 87.6%, indicating effective risk management and underwriting discipline. The company's outlook remains positive, with expectations of returning to more robust growth in North America commercial business in 2024.