Chubb Q4’22 earnings call

Chubb hosted its Q4 2022 earnings call on Feb 1, 2023. The highlights:

• Delivered the best full year financial performance in the company’s history
• Core operating income in the quarter was $1.7 billion or $4.05 per share
• Crop results reduced expected agriculture earnings by $0.39 per share
• For the year, produced core operating income of $6.5 billion or $15.24 per share, up 21% and again – a record
• Published a 94.2% combined ratio and produced $165 million in agriculture underwriting income
• Full year P&C underwriting income was a record $4.6 billion, up 23% with a published combined ratio of 87.6%, and that’s with $2.2 billion of catastrophe losses in what was one of the costliest years yet for the industry in terms of cats
• North America Commercial premiums were up almost 9%
• High net worth Personal lines business up 6%
• There’s no M&A on the table – “I’m looking at a table that is empty at the moment” – CEO Evan G. Greenberg
• Re US commercial – “It’s organic growth, and we are endeavoring along and it is very digital and modern centric and in concert with our middle market and lower middle market business. And the 2 of those, while the small commercial itself gets modernized into a digital enterprise. It is a consistent and very intense strategy in terms of management focus, resource and attention. I’m looking at John Lupica, I’m looking at John Keogh, and we have the most senior executives with their eyes and Julie Dillman, who runs all of our IT and ops and drives our transformation. From that end, we’ve got so much executive talent just focused and committed that this is an important future business to Chubb. And it is just — it’s consistent and it’s — you grind it out, yard by yard.” – CEO Evan G. Greenberg