Chubb reports year on year profit growth for Q4 but full year profit slightly down

Chubb reported strong year on year fourth quarter profit growth in 2020, as well as a healthy profit for the full year, though it had slipped from the profit generated in 2019.

Net profit for the full year 2020 was $3.53 billion, compared to $4.45 billion in 2019. In Q4 2020, however, Chubb reported net profit of $2.42 billion, up from the $1.17 billion reported in Q4 2019.

For the full year 2020 net premiums written for P&C were $31.3 billion, up from $29.89 billion in 2019. P&C net premiums written were $7.77 billion in Q4 2020, up from $7.37 billion in the same period of 2019.

The combined ratio for P&C for the full year 2020 was 96.1 percent, compared with 90.6 percent previous year. For Q4 2020 the combined ratio was 90.5 percent, down from 105.4 percent in the same period in 2019.

Evan Greenberg, chairman and chief executive officer of Chubb, praised an “excellent fourth quarter finish to the year, highlighted by very strong earnings, resulting from continued underwriting margin improvement and double-digit commercial lines premium growth globally.”

He added: "We are off to a good start in '21 with both growth and the level of commercial P&C rate increases resembling the underwriting conditions of the fourth quarter. With our leadership energised and our people focused, and given our full range of capabilities to bring to bear for our clients and business partners, we are confident in our ability to continue growing revenue and expanding underwriting margins."