Chubb’s CEO Greenberg reports positive momentum in 2019 results
Global re/insurer Chubb Limited has reported improved income, gross written premiums (GWP) and combined ratios for 2019, with strong shareholder returns.
Full-year net income was $4.4 billion, up 12.4 percent from $3.9 billion in 2018, and core operating income was $4.6 billion, up 5.3 percent from $4.4 billion the year before. GWPs were $40 billion, compared to £38 billion in 2018.
The full-year P&C combined ratio was unchanged at 90.6 percent in 2019 and 2018. The global P&C combined ratio, which excludes agriculture, improved to 90.3 percent compared with 91.5 percent in the prior year.
The full-year agriculture combined ratio worsened to 95.1 percent, compared with 75.5 percent for 2018.
For global reinsurance, the combined ratio improved to 85 percent compared with 101.8 percent in 2018.
Evan Greenberg, chairman and chief executive officer of Chubb Limited, said: "Looking at our 12-month results, we completed a very good year with per share core operating earnings up over 7 percent, while net premiums written grew 7 percent in constant dollars and underwriting income was up about 4.5 percent. Global P&C underwriting income, which excludes agriculture, was up 18.5 percent. Shareholder returns were quite strong for the year, with book and tangible book value per share up 11.7 percent and 18.6 percent, respectively, driven by a combination of income and the mark from falling interest rates.
"We have started the new year in excellent shape and with a lot of momentum – our organisation globally was built to capitalise on market conditions such as these. At the same time, we are focused on executing our many long-term strategic initiatives that will position us for long-term revenue and earnings growth."
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