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Chubb reviews 152% surge in This fall 2023 web revenue 

Property and casualty (P&C) insurance coverage main Chubb has reported a web revenue of $3.3bn within the fourth quarter (This fall) of 2023, a 151.7% soar from $1.13bn in the identical interval a yr in the past.  

In the course of the three months below evaluate, Chubb’s consolidated web premiums written had been $11.59bn, up 13.4 % year-on-year (YoY). 

In This fall, P&C web premiums written had been $10.14bn, as in opposition to $9.02bn in the identical quarter in 2022. 

P&C underwriting revenue elevated by 35.2% to $1.51bn from $1.12bn in This fall 2022. 

Life insurance coverage web premiums written had been $1.45bn, up 20.3% YoY.  

Revenue from the life insurance coverage section in This fall jumped 43.5% to $263m from $182m final yr.  

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The insurer registered a 30.2% improve in its pre-tax web funding revenue to $1.37bn within the This fall that ended 31 December 2023.  

Annualised return on fairness over the past quarter was 23.6%. 

Chubb’s full-year web revenue in 2023 was additionally up by 72.1% to $9.02bn from $5.24bn in 2022. 

For the 12-months, P&C web premiums written had been $41.89bn and life insurance coverage web premiums written had been $5.46bn. 

Chubb chairman and CEO Evan Greenberg stated: “The quarter’s outcomes included double-digit P&C premium development globally, file P&C underwriting revenue with a world-class 85.5% mixed ratio, file funding revenue and robust life working revenue, all resulting in distinctive working earnings on each a per-share and greenback foundation.  

“Our outcomes, each earnings and e book worth associated, had been positively impacted in a major method by a one-time deferred tax profit associated to Bermuda’s new revenue tax regulation. Within the quarter, P&C premiums had been up 12.5% and life insurance coverage premiums had been up 20%.  

“Chubb is a globally diversified firm, and our development within the quarter demonstrates the broad-based nature of our operations: P&C premiums had been up 9.4% in North America, 37.2% in Asia and 15.4% for each Europe and Latin America.” 

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