Chubb Limited announced unaudited consolidated earnings results for the fourth quarter and the year ended December 31, 2017. For the quarter, the company reported gross premium written of $8,960 million against $8,837 million a year ago. Net premiums written were $7,051 million against $6,938 million a year ago. Net premiums earned were $7,218 million against $7,059 million a year ago. Net investment income was $797 million against $744 million a year ago. Net income was $1,533 million against $1,610 million a year ago. Core operating income per diluted share was $3.17 against $2.72 a year ago. Net income per diluted share was $3.27 against $3.41 a year ago. Core operating income was $1,489 million compared with $1,283 million for the same quarter last year. The annualized ROE and core operating ROE were both 12.1% for the quarter. Adjusted net investment income was $873 million, pre-tax, for the quarter, up 3.5%. Operating cash flow was $1.1 billion. Book value per share increased 1.5% and tangible book value per share increased 1.2% from September 30, 2017 and now stands at $110.32 and $65.87, respectively.

For the year, the company reported gross premium written of $36,376 million against $34,983 million a year ago. Net premiums written were $29,244 million against $28,145 million a year ago. Net premiums earned were $29,034 million against $28,749 million a year ago. Net investment income was $3,125 million against $2,865 million a year ago. Net income was $3,861 million against $4,135 million a year ago. Core operating income per diluted share was $8.03 against $10.12 a year ago. Net income per diluted share was $8.19 against $8.87 a year ago. Core operating income, net of tax was $3,784 million against $4,716 million a year ago. The annualized ROE and core operating ROE were both 7.8% for the quarter. Adjusted net investment income was $3.5 billion, pre-tax, for the quarter, up 6.1%. Operating cash flow was $4.5 billion. Book value per share increased 6.5% and tangible book value per share increased 8.6% from December 31, 2016.

Core operating effective tax rate for 2018 is expected to be within a range of 13% to 15%.