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Chubb Reports Fourth Quarter Net Income Per Share of $2.57 versus
$0.76 Prior Year, and Core Operating Income Per Share of $2.28 versus
$2.02 Prior Year; Consolidated Net Premiums Written of $8.0 Billion, up
8.8%, or 9.6% in Constant Dollars
Full-Year Net Income Per Share was $9.71, up 14.4%, and Core
Operating Income Per Share was $10.11, up 7.1%; Consolidated Net
Premiums Written of $32.3 Billion, up 5.5%, or 7.0% in Constant Dollars
Fourth quarter net income was $1,173 million versus $355 million prior year, and core operating income was $1,040 million versus $935 million prior year.
Fourth quarter P&C net premiums written were $7.4 billion, up 9.0%, or 9.8% in constant dollars.
Fourth quarter P&C underwriting income was $533 million, up 12.0%, leading to a P&C combined ratio of 92.7% compared with 93.1% prior year.
As previously announced, after-tax catastrophe losses in the quarter were $353 million compared with $506 million prior year. In addition, the fourth quarter Agriculture underwriting loss was $23 million pre-tax, with a 105.4% combined ratio, primarily attributable to crop yield shortfalls resulting from poor growing conditions, compared with underwriting income of $161 million pre-tax and a 49.5% combined ratio prior year.
Fourth quarter Global P&C underwriting income, which excludes Agriculture, was $556 million, up 76.3%, leading to a Global P&C combined ratio of 91.9% compared with 95.2% prior year, and a current accident year combined ratio excluding catastrophe losses of 88.6% compared with 89.8% prior year.
Full-year net income was $4.5 billion, up 12.4%, and core operating income was $4.6 billion, up 5.3%.
Full-year P&C net premiums written were $29.9 billion, up 5.6%, or 7.0% in constant dollars.
Full-year P&C combined ratio was 90.6% in 2019 and 2018. Global P&C combined ratio, which excludes Agriculture, was 90.3% compared with 91.5% prior year, and current accident year combined ratio excluding catastrophe losses was 88.6% compared with 88.4% prior year.
Full-year Agriculture underwriting income was $89 million pre-tax with a 95.1% combined ratio, compared with $385 million pre-tax and a 75.5% combined ratio prior year.
Full-year pre-tax net investment income was $3.4 billion and adjusted net investment income was $3.6 billion.
Book and tangible book value per share were up 11.7% and 18.6%, respectively, for the year.
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The following information was filed by Chubb Ltd (CB) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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