On this page of StockholderLetter.com we present the 4/3/2023 shareholder letter from Chubb Ltd — ticker symbol CB. Reading current and past CB letters to shareholders can bring important insights into the investment thesis.

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CB 4/3/2023 Shareholder/Stockholder Letter Transcript:

Chubb Limited
Annual Report
2022

Financial Summary
1
Chairman and CEO Letter to Shareholders
2
Review of Operations
26
Citizenship at Chubb
44
Chubb *roup Corporate Of  cers and Other E[ecutives
46
Chubb Limited Board of Directors
48
Shareholder Information
49
Non   GAAP Financial Measures
50
Form 10   K
Swiss Statutory Financial Statements
Swiss Statutory Compensation Report
Greenhouse Gas Emissions Statement
About the Photography
7he cover and e[ecutive photographs in this annual report feature images from
550 Madison Avenue  the landmarN building that will become e[ecutive of  ces for
Chubb in New York City. For Chubb   s New York area colleagues, the building will be
a place to collaborate, innovate, mentor and forge the connections and relationships
that sustain and strengthen culture. In the second half of 2023, employees from three
city locations will begin moving to the newly renovated building known for its iconic
Chippendale design. 550 Madison Avenue will be one of the city   s most energyef  cient structures and the only building targeting both LEED Platinum and :ELL
Gold status, the highest of  ce design standards for health and wellness. 7he cover
image was taken in the public plaza.

Financial Summary
In millions of U.S. dollars
except per share data and ratios
Year Ended
Dec. 31, 2022
Year Ended
Dec. 31, 2021
Percentage
Change
Percentage
Change
Constant
Dollars
$52,013
$46,780
11.2 
13.7 
Net premiums written
41,755
37,868
10.3 
13.0 
Net premiums earned
40,389
36,355
11.1 
13.9 
P C combined ratio
87.6 
89.1 
NM
P C current accident year combined ratio
e[cluding catastrophe losses
84.2 
84.8 
NM
Net income
5,313
8,539
-37.8 
Core operating income
6,457
5,569
15.9 
Diluted earnings per share     net income
12.55
19.27
-34.9 
Diluted earnings per share     core operating income
15.24
12.56
21.3 
7otal investments
113,551
122,323
-7.2 
7otal assets
199,144
200,054
-0.5 
Shareholders    eTuity
50,540
59,714
-15.4 
Book value per share
121.90
139.99
-12.9 
Book value per share e[cluding AOCI
146.49
139.16
5.3 
7angible book value per share
72.20
94.38
-23.5 
7angible book value per share e[cluding tangible AOCI
94.60
91.85
3.0 
9.6 
14.3 
NM
Core operating return on tangible eTuity
17.2 
15.3 
NM
Core operating return on eTuity
11.2 
9.9 
NM
Gross premiums written
Return on eTuity
7his document contains non-GAAP   nancial measures. Refer to
pages 50-52 for reconciliations to the most directly comparable
GAAP measures.
NM   not meaningful
1

Evan G. Greenberg
Chairman and Chief E[ecutive Of  cer
Chubb Group
2

To My Fellow Shareholders
Chubb had the best   nancial
performance in our company   s history
in 2022. :e produced record core
operating income and continued to
capitalize on favorable commercial P C
underwriting conditions around the
world while our consumer businesses
recovered from the pandemic   s lingering
effects. 7ogether, we had another year of
double-digit premium revenue growth.
:e once again demonstrated our
risk-taking prowess in an increasingly
perilous world by achieving industryleading underwriting pro  tability,
including record P C underwriting
income and an 87.6  combined ratio.
:e produced record investment income
and took advantage of rising interest
rates and widening spreads to reposition
our   [ed income portfolio to generate
higher future returns. :e made e[cellent
progress in our efforts to advance
many of our longer-term strategies
that position us for future revenue and
earnings growth. 7hey include, notably,
the acTuisition of Cigna   s supplemental
health and life insurance business in Asia
and the regulatory approval to increase
our stake in Huatai Insurance Group
in China. 7ogether, they deepen our
presence in this fast-growing region, now
approaching 20  of the company   s global
insurance business.
Altogether, as we look forward, the
combination of P C revenue growth
and underwriting margins, growth in
investment income, and e[pansion of our
life business in Asia, point to continued
operating income and earnings per share
EPS growth for the future.
In this year   s letter, as I have done in
the past, I will describe who we are and
our accomplishments and set out the
important elements of our strategy and
obMectives. I will e[plain why we look to
the future with conviction and optimism
for the bene  t of our shareholders,
customers and employees despite
the tremendous risk and uncertainty
surrounding us globally. Successful
companies, in my Mudgment, operate with
clarity of purpose, knowing who they are
and why they e[ist. So, let me begin by
describing in Must a few words our uniTue
and distinctive company.
Chubb is the largest publicly traded P C
insurance company and among the top
  ve insurers in the world as measured
by market capitalization. 7en years ago,
we were  13, and since then we have
more than tripled our market cap. By the
way, 20 years ago we were  24. :e are
a global insurer, predominantly engaged
in all forms of commercial and consumer
P C, with substantial local operations
in 54 countries and territories, and we
have a sizable and growing Asia life
insurance business. Life insurance now
represents about 13  of our revenue
and earnings if you include a full year
of Cigna and Huatai results. :e have
an enviable long-term track record of
  nancial performance, including growth
in earnings and book and tangible
book value, which is underpinned
by distinguished underwriting and
investment performance. At our core,
we are   rst an underwriting company,
dedicated to the art and science of
taking risk.
Culturally, we are an ambitious and
highly disciplined organization     patient
in long-term strategy and impatient in
e[ecution. Our success navigating the
multi-year commercial P C pricing
cycle is an e[cellent e[ample of strategic
patience. In the years leading up to 2019,
we shrank e[posure, or market share, in
those lines where we were not getting
paid adeTuately to take risk and grew in
others where we were, all while building
our capabilities for future opportunity.
7hen, when other insurers pulled back
because of damage to their balance
sheets and income statements from
underwriting inadeTuately priced and
structured risk, and as a conseTuence
underwriting conditions became more
favorable, we mobilized the organization
and turned on a dime from defense to
offense. Since 2019, we   ve grown our
commercial P C business by about 40 .
Strategic patience is also e[empli  ed
by our two signature transactions in
Asia last year. Some 15 years ago, we
attempted to acTuire Cigna   s accident
and health A H and life insurance
business in the region but were rebuffed
at the time. 7he regulatory approval
to increase our ownership in Huatai
to nearly 85  was the culmination of
a 20-year effort to gain control of
this company.
:e have thoughtfully constructed
and manage a global portfolio of
top-performing, multibillion-dollar
businesses, with substantial scale and
scope for growth. It   s a well-balanced mi[
of business  69  comes from commercial
lines, where we insure the smallest to the
largest companies with more than 200
different property and casualty related
products  and 31  from consumer
lines, where we insure people   s lives
and the things they own     everything
from autos to homes and their contents
to cellphones. :e market through an
e[tensive range of channels designed to
3



 4/3/2023 Letter Continued (Full PDF)