By Maria Armental

Chubb Ltd. reported lower profit for the quarter, but profit for the year more than doubled and company officials pointed to 2022 as a year for further growth and margin improvement.

"With double-digit commercial premium growth and continued underwriting margin expansion, Chubb finished the year with record quarterly earnings and underwriting results, which contributed to one of the best years in our company's history," Chief Executive Evan Greenberg said in a statement.

Fourth-quarter profit fell to $2.14 billion, or $4.95 a share, from $2.42 billion, or $5.34 a share, a year earlier.

Operating income, which excludes realized investment gains and losses, rose to $1.65 billion, or $3.81 a share, from $1.44 billion, or $3.18 a share, a year earlier.

Analysts surveyed by FactSet expected about $3.22 a share in profit and $3.29 a share in operating profit.

Net premiums written rose to $9.15 billion from $8.41 billion a year earlier.

The insurance company ended the year at a $8.54 billion profit, more than double the 2020 profit of $3.53 billion.

Chubb reported a record $1.27 billion in underwriting income, up 30.7%.

During the quarter, Chubb said it entered into agreements with several shareholders to buy additional ownership interests in Huatai Group, a Chinese financial services holding company that, subject to regulatory approval of all outstanding agreements, would bring Chubb's total aggregate ownership to 86.1%.


Write to Maria Armental at maria.armental@wsj.com


(END) Dow Jones Newswires

02-01-22 1642ET