Chubb's Evan Greenberg says insurer just had the best year in its history

Core Viewpoint - Chubb CEO Evan Greenberg emphasizes the challenges in the California insurance market, stating that the company will not underwrite insurance where reasonable returns cannot be achieved, which has contributed to strong financial results in 2024 [1][4]. Financial Performance - Chubb reported a net income of $2.58 billion, or$6.33 per share, for the latest quarter, with adjusted earnings of $6.02 per share [8]. - The company experienced a 7$1.69 billion on an adjusted basis [8]. Market Challenges - California's regulatory environment is hindering insurers from charging premiums that accurately reflect risks, leading to unsustainable pricing models [4]. - Chubb expects to incur $1.5 billion in net pretax costs in the first quarter due to exposure from recent wildfires, although the company has reduced its exposure in affected areas by 50% [3][2]. Growth Strategy - The company aims to grow operating earnings and earnings per share (EPS) at a double-digit rate, driven by P&C underwriting, investment income, and life income [5]. - Chubb is well-positioned to expand its commercial middle market lines, benefiting from its data capabilities and strong reinsurance relationships [6]. Customer Segments - Premium growth in affluent customer segments rose by 10%, with new business increasing by 34% [8]. - The high net worth segment saw a premium increase of 17.6%, while homeowners pricing rose over 12% for the quarter [9].