Chubb, the reinsurer with operations in Bermuda, reported a record $9.27 billion in net income, up 2.7 per cent.

Its core operating income stood at $9.2 billion, or a record $11.08 billion and $11.15 billion on a pre-tax basis, for the fiscal year ending December 31, 2024.

Excluding the prior year deferred tax benefit, net income and core operating income were up 16.8 per cent and 11.5 per cent, and on a per share basis were up 18.4 per cent and 13 per cent.

Chubb estimated the California wildfires will be a $1.5 billion first quarter event for them.

Chairman and chief executive officer Evan Greenberg said that while it did not erase the enormous difficulty the victims of the California wildfires had, and will continue to experience, Chubb is doing all it can, in small and big ways, to ease their burden.

Meanwhile, global property and casualty net premiums written were up 9.6 per cent, with commercial insurance up 8.7 per cent and consumer insurance up 12.1 per cent.

P&C underwriting income was also doing well with a record $5.85 billion, up 7.1 per cent, with a combined ratio of 86.6 per cent. P&C current accident year underwriting income excluding catastrophe losses was a record $7.38 billion, up 13.3 per cent, with a record combined ratio of 83.1 per cent.

Pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion last year.

Chubb’s fourth quarter results showed net income of $2.58 billion and core operating income of $2.45 billion, or a record $3.05 billion and $3 billion on a pre-tax basis, respectively.

Excluding the prior year deferred tax benefit of $1.14 billion, or $2.76 per share, related to the enactment of Bermuda’s income tax law (tax benefit), net income and core operating income were up 18.9 per cent and 7.7 per cent and on a per share basis were up 20.1 per cent and 8.7 per cent.