A one-time deferred tax benefit of $1.14 billion, related to the enactment of Bermuda's new income tax law, helped Chubb Ltd to record results in fiscal year 2023 and its fourth quarter.

Chubb reported that Q4 net income and core operating income were records at $3.30 billion and $3.41 billion, respectively, up 151.7 per cent and 103.6 per cent, which included the one-time deferred tax benefit.

Excluding the tax benefit, the company said, net income and core operating income were $2.16 billion and $2.27 billion, respectively, up 65.1 per cent and 35.8 per cent, and on a per-share basis were $5.27 and $5.54.

For the full year, net income and core operating income were $9.03 billion and $9.34 billion, respectively, up 72.1 per cent and 45.2 per cent, and included the tax benefit.

Excluding the tax benefit from the fourth quarter, net income and core operating income were $7.89 billion and a record $8.20 billion, respectively, up 50.4 per cent and 27.6 per cent, and on a per-share basis were $19.06 and a record $19.80, the company said.

Evan G. Greenberg, chairman and chief executive of Chubb Ltd, said: "We had a record fourth quarter which contributed to a blowout year — the best in our company's history.

“The quarter's results included double-digit P&C premium growth globally, record P&C underwriting income with a world-class 85.5 per cent combined ratio, record investment income, and strong life operating income, all leading to exceptional operating earnings on both a per-share and dollar basis.

“Our results, both earnings and book value-related, were positively impacted in a significant way by a one-time deferred tax benefit related to Bermuda's new income tax law.

“Core operating income was $2.3 billion excluding the tax benefit, up 36 per cent, or $5.54 per share, up 39 per cent. The one-time tax benefit then added $1.1 billion or $2.76 per share.”

Mr Greenberg added: "Our full-year performance tells a compelling story — core operating income of $9.3 billion, or a record $8.2 billion excluding the tax benefit; P&C underwriting income of $5.5 billion with a combined ratio of 86.5 per cent; investment income of $5.3 billion; life income over $1 billion; and consolidated net premiums written growth of 13.5 per cent.

“Shareholder returns for the year were excellent. Core operating ROE was 15.4 per cent and our return on tangible equity was 24.2 per cent. For the year, per-share book and tangible book value each grew by over 20 per cent.”