Chubb: net income up by 53 percent
Chubb Insurance’s net income for 2013 has risen by 53 percent from $2.3 billion compared with $1.5 billion in 2012.
The company’s net written premiums increased by 3 percent to $12.2 billion in 2013 compared with $11.9 billion in 2012.
The company was also left with a healthy combined ratio of 86.1 percent at year end, compared with 95.3 percent in 2012.
According to Chubb “the impact of catastrophes accounted for 3.4 percentage points of the combined ratio in 2013 and 9.6 points in 2012”.
Meanwhile, Chubb stated that its first quarter 2014 results would already be impacted by severe winter weather losses during January in the US.
According to the insurer: “To date, that weather has resulted in two declared catastrophes related to the freezing and winter storms that occurred between January 3 and 8 in 19 states. Chubb’s preliminary estimate of the losses from these two catastrophes is in the range of $150-$200 million before tax or $0.39 to $0.52 per share after tax. This estimate does not include an estimate for any other January weather related losses.”
