Chubb’s net income rises 2.7% to $9.27b in FY 2024

The APAC unit saw a 22.2% surge in P&C insurance.

Chubb reported the full year 2024 (FY 2024) net income increased by 2.7% year-on-year (YoY) to $9.27b, whilst core operating income was $9.20b. 

Global property and casualty (P&C) net premiums written grew 9.6% YoY, with commercial insurance up 8.7% YoY and consumer insurance up 12.1% YoY, whilst Asia-Pacific’s earnings grew by 22.2% YoY.

Overall P&C underwriting income hit a record $5.85b, up 7.1% YoY, with a combined ratio of 86.6%. 

Current accident year underwriting income, excluding catastrophe losses, was a record $7.38b, up 13.3% YoY, with a combined ratio of 83.1%. 

Life Insurance net premiums written rose 15.7% YoY to $6.33b, or 18.5% in constant dollars, whilst segment income reached a record $1.10b, up 7.3% YoY in constant dollars.

Total Life Insurance net premiums written and deposits collected increased 29.1% YoY in constant dollars to $8.90b.