Evan Greenberg
Chairman of the Board, Chief Executive Officer at Chubb
Good morning. Before I begin, I want to take a moment to speak about the terrible tragedy surrounding the California wildfires. The lives lost and tremendous loss of property, a major disaster still unfolding. Our job and the role we play in society is to support our policy role. Our colleagues have been on-the-ground supported by Chubb colleagues throughout the US, to assist those clients who have lost property, been displaced from their homes and businesses had their lives severely disrupted. While it doesn't erase the enormous difficulty they have and will continue to experience, we're doing all we can in small and big ways to ease their burden. Our thoughts are with those who have suffered and our gratitude goes to those firefighters and emergency workers served tirelessly.
From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from their catastrophe is $1.5 billion net pre-tax and is a first-quarter 2025 event. Now turning to our results for the 4th-quarter '24, which you have all seen. We had a great quarter, which contributed to an outstanding year. In fact, the best-in our company's history. For the quarter, record P&C underwriting income with a world-class combined ratio of 85.7, together with another quarter of record investment income led to core operating income of $2.5 billion.
Operating earnings were up 9.4% on a pre-tax basis or 10.5% per share. Though after-tax, they were distorted by the onetime tax benefit we received last year. Looking through that, operating income was up over 7.5% after tax. Global P&C premium revenue, which excludes agriculture, grew 6.7% in the quarter with good contributions from our P&C businesses globally of North-America and overseas general.
Premiums in our life insurance division grew 8.5% constant dollar. For the year, we generated operating income of $9.1 billion, up 11.5% adjusted for the onetime tax benefit and 13% on a per share basis. Looking more broadly, over the past three years, core operating income has grown over 65% and has nearly double the amount from pre-COVID 2019. All three major sources of income for our company produced record results last year.
P&C underwriting income of $5.9 billion was up over 7% with a published combined ratio of 86.6 $86.6. Adjusted net investment income grew 19.3% to $6.4 billion and life insurance income topped $1 billion. For the year, we grew global P&C premiums 9.9% and life premiums 18.5% in constant dollar. Shareholder returns were strong. Our core operating ROE was about 14% and our return on tangible equity was 21.6%. Per share book intangible book-value grew 8.8 and 14.1% respectively. Our results top and bottom-line continue to demonstrate the broad and diversified nature of the company and the consistency of contributions from our businesses around the world. North-America, Asia, Europe, Latin-America, both commercial and consumer. As we look-forward to 2025, we have good momentum and are optimistic about the year ahead, both top and bottom-line. PAT losses and FX notwithstanding.
Returning to the quarter, our underwriting performance was outstanding, while absorbing a more normal level of losses. P&C underwriting income was $1.6 billion and the current accident year combined ratio, excluding CAT was 82.2%, more than two points better than prior year and also a record result. Our prior year's reserve development in the quarter and for the year was $213 million and $856 million respectively, and speaks to the strength of reserves, the conservative nature of our loss reserving practices. On the asset side, we're investment managers, our other business, and we had another excellent quarter in terms of performance. Our invested asset now stands at $151 billion and it will continue to grow. For the quarter, adjusted net investment income was a record $1.7 billion, up 13.7%. Our fixed-income portfolio yield is 5% versus 4.8% a year-ago, and our current new money rate is averaging 5.6%. Peter will have more to say about financial items.
Turning to growth, pricing and the rate environment. Again, global P&C premiums increased 6.7% in the quarter, with commercial up 6.4% and consumer up 7.5%. All regions of the world contributed favorably. Life premiums grew 8.5%. In terms of the commercial P&C rate environment, market trends or themes were consistent with those of the previous quarter. Property has grown more competitive in large account shared and layered and E&S, while pricing is favorable. Casualty is stable or firming depending on the class and overall pricing is ahead of loss cost trend. And financial lines, particularly D&O and employment practices liability is where more competition is reaching for market-share at the expense of current accident year underwriting margins. Overall, market conditions are favorable and we see good growth opportunity for over 80% of our global P&C business. Commercial and consumer, as well as for our life business. North American overseas general, Asia, Europe and Latin-America, each with many areas of favorable growth opportunity. Our middle-market and small commercial businesses globally, our US E&S business, our US high-net worth business, global A&H and Life, international personal lines, our digital business and specialty businesses such as our growing Climate Plus business.
Now turning to the quarter, let me give you some more color by division. Beginning with North-America, premiums excluding agriculture were up 6.3% and consisted of 10% growth in personal insurance and 5.1% growth in commercial, with P&C lines up 7.2% and financial lines down 2.9%. We had another strong quarter for new business, up over 22% versus prior year, and our renewal retention on a policy count basis was 90.4%. These again speak to the reasonably disciplined tone of the market and our excellent operating performance. Premiums in our major account and specialty division increased 4.6% with P&C up 5.8% and financial lines down 1.7%. Within Major and specialty, our Westchester E&S business grew 8%. Premiums in our Middle market division increased 6.2% with P&C up 10% and financial lines down 5%. Pricing for property and casualty, excluding financial lines and comp was up 9.9% with rates up 8.2% and exposure change of 1.6%. Financial lines pricing was down 3.3% with rates down 3.6%.
In workers' comp, which includes both primary comp and large account risk management, pricing was up 4.7% with rates up 2.5% and exposure up 2.1%. Breaking down P&C pricing further, property pricing was up 6.9% with rates up 3.5% and exposure change of 3.3%. Casualty pricing in North-America was up 12.7% with rates up 11.8% and exposure up 0.8%. Loss costs in North-America remained stable, no change and in-line with what we contemplate in our loss specs. Our North-America Commercial lines business ran an amazing 83.9% published combined ratio for the year, again, an amazing result. In agriculture, where we are the market-leader, our crop underwriting results this quarter were excellent and we finished the year with $354 million in underwriting profit. Premiums were down from prior year due to lower commodity prices and the formulas for risk-sharing with the government.
On the consumer side of North-America, our high-net worth personal lines business had another outstanding quarter with premium growth of 10%, including new business growth of 34%. Premiums in our true high-net worth segments, the group that seeks our brand for the differentiated coverage and service we are known for grew 17.6%. Our homeowners' pricing was up over 12% in the quarter and ahead of loss cost trend, which remained steady. For the year, we ran an outstanding combined ratio in our high-net worth personal lines business.
Turning to our international general insurance operations. Premiums in the quarter for our retail business were up 7.7% with commercial lines up 10.3% and consumer up 4.7%. From a region of the world perspective, Asia-Pac led the way with premiums up 12.2%. Europe grew 8.2%, including growth of 12% on the continent. Latin-America grew just 2.5% and was impacted by foreign-exchange. If you adjust for that, Latin-America was up 11.5% in constant dollar. In our international retail commercial business, P&C pricing was up 3.7% and financial lines pricing was down more than 6%.
Premiums in our London wholesale business were essentially flat. They were up 1.1%, with prices down 4% as the London market continued to grow more competitive. Through the year, our overseas general business ran an excellent 86.4% combined ratio. Our global reinsurance business had a strong quarter with premium growth of about 20% and finished the year with premiums up 32% and a combined ratio of 85.9, reflecting a more disciplined reinsurance market, both property and pockets of casualty. In our International Life business, which is fundamentally Asia, premiums and deposits were up over 26% in constant dollar and combined insurance company, our US worksite business grew $17.8 billion.
Our Life division finished the year with pre-tax income of $1.1 billion, which was ahead of what we originally projected for the year. We have good momentum in our life business, which continues to build. In summary, we had a great quarter and a great year. While we're in the risk business and there's plenty of uncertainty in the world, we're confident in our ability to continue growing operating earnings and EPS at a double-digit rate, tax and FX notwithstanding. Our earnings growth will come from three sources, P&C underwriting, investment income and life income. Now I will turn the call back over to Peter.
