On this page of StockholderLetter.com we present the latest annual shareholder letter from Chubb Ltd — ticker symbol CB. Reading current and past CB letters to shareholders can bring important insights into the investment thesis.
• 
4/1/2024 Letter Continued (Full PDF)
•
4/3/2023 CB Stockholder Letter
• More "Insurance Brokers" Category Stockholder Letters
•
CB Benford's Law Stock Score = 100
4/1/2024 Letter Continued (Full PDF)
•
4/3/2023 CB Stockholder Letter•
More "Insurance Brokers" Category Stockholder Letters•
CB Benford's Law Stock Score = 100CB Shareholder/Stockholder Letter Transcript:
Chubb Limited Annual Report 2023 A Record-Breaking Year Contents Financial Summary 1 Chairman and CEO Letter to Shareholders 2 Review of Operations 22 Sustainability at Chubb 43 Chubb Group Corporate Officers and Other Executives 44 Chubb Limited Board of Directors 46 Shareholder Information 47 Non GAAP Financial Measures 48 Form 10 K Swiss Statutory Financial Statements Swiss Statutory Compensation Report Core Operating Income $9.34B A record and up 45.2% Core Operating EPS $22.54 A record and up 48.5% P&C Combined Ratio 86.5% A record Consolidated Net Premiums Written 13.5% Increase Adjusted Net Investment Income $5.34B A record and up 32.8% All metrics are for the year 2023 Financial Summary Year Ended Dec. 31, 2023 As Adjusted Year Ended Dec. 31, 2022 Percentage Change Percentage Change Constant Dollars $57,526 $51,978 10.7% 10.7% Net premiums written 47,361 41,720 13.5% 13.5% Net premiums earned 45,712 40,360 13.3% 13.1% P&C combined ratio 86.5% 87.6% NM P&C current accident year combined ratio excluding catastrophe losses 83.9% 84.2% NM Chubb net income 9,028 5,246 72.1% Core operating income 9,337 6,429 45.2% Diluted earnings per share Chubb net income 21.80 12.39 75.9% Diluted earnings per share core operating income 22.54 15.18 48.5% Total investments 136,735 113,551 20.4% Total assets 230,682 199,017 15.9% Chubb shareholders equity 59,507 50,519 17.8% Book value per share 146.83 121.85 20.5% Book value per share excluding AOCI 163.64 146.42 11.8% 87.98 72.51 21.3% 102.78 94.90 8.3% Return on equity 16.4% 9.6% NM Core operating return on tangible equity 24.2% 17.0% NM Core operating return on equity 15.4% 11.1% NM In millions of U.S. dollars except per share data and ratios Gross premiums written Tangible book value per share Tangible book value per share excluding tangible AOCI This document contains non-GAAP financial measures. Refer to pages 48-51 for reconciliations to the most directly comparable GAAP measures. NM not meaningful 1 Evan G. Greenberg Chairman and Chief Executive Officer Chubb Group 2