Chubb Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2017; Provides Operating Tax Rate Guidance for the Full Year of 2018
January 30, 2018 at 04:05 pm EST
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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%.
Chubb Limited is a Switzerland-based holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance. It offers commercial insurance products and service offerings, such as risk management programs, loss control, and engineering and complex claims management. It provides specialized insurance products to areas, such as aviation and energy. It also offers personal lines insurance coverage, including homeowners, automobile, valuables, umbrella liability and recreational marine products. In addition, it supplies personal accident, supplemental health and life insurance to individuals in select countries.
Chubb Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2017; Provides Operating Tax Rate Guidance for the Full Year of 2018