Evan Greenberg
Chairman & Chief Executive Officer at Chubb
Good morning. As you've seen, we had another really great quarter with strong double-digit growth in both P&C underwriting and investment income, leading to core operating EPS growth of over 15.5%. Global P&C premium revenue, which excludes agriculture, grew 7.6%, or 8.5% in constant dollars, which is the clearer way to view intrinsic growth and once again reflected the broad and diversified nature of our company and the opportunities we're capitalizing on around the world with strong contributions from our North America P&C, international P&C and Life Insurance businesses.
Core operating income for the quarter was $2.3 billion, up 14.3%. Earnings for the year are currently at record levels with net and operating income up 16.9% and 13.8%, respectively. The three sources of earnings growth: P&C underwriting, investment income and life income, each delivered a strong result. Our published combined ratio for the quarter was 87.7, with P&C underwriting income of $1.5 billion, up over 11.5%, despite an active quarter for the industry globally in terms of natural catastrophes, hurricanes, floods, fires, tornadoes and other severe convective storm activity.
On an ex-CAT current accident year basis, a secondary measure of underwriting, we produced record underwriting income of $2 billion, up 11.5%, with a combined ratio of 83.4%. For the year, we have produced record underwriting income on both a published and current accident year basis. As a company in the business of risk, we pride ourselves on being world-class underwriters. It's who we are. We're also asset managers with an excellent long-term record of invested asset allocation and risk-adjusted returns. Our invested asset now stands at $151 billion, and it will continue to grow as a consequence of our basic business of insurance.
For the quarter, adjusted net investment income topped $1.6 billion, up 15.9%. Our fixed income portfolio yield is 4.9% versus 4.7% a year ago, and our current new money rate is averaging 5.5%.In our judgment, given the broad-based health of the US economy and the pattern of inflation when one reads past the headlines, the Fed will likely take a reasonably cautious approach to lowering rates. Given the size and continued growth of our federal deficit, which is simply unsustainable, we believe the yield curve will steepen, and that too will support our future reinvestment rate. We remain confident in our ability to reinvest our cash flows at rates that will continue to accrete to the overall portfolio yield.
Life Insurance segment income of $284 million was ahead of plan. And while you know it's our policy to generally refrain from guidance, we are well on pace to exceed our life division income target of $1 billion for the year.Our annualized core operating ROE for the quarter was 13.9%, with a return on intangible equity of 21.7. Peter will have more to say about financial items.
Turning to growth pricing and the rate environment. Global P&C net premiums, which excludes agriculture increased 7.6% in the quarter, or again 8.5% in constant dollar, with commercial premiums up 8.1% and consumer up 9.4%.Again, growth was global, broad-based geographically, by product and customer segment. North America, Europe, Asia and Latin America all contributed favorably. Life premiums grew 10.6% in constant dollar, with growth of 10% in international life and 15% in combined North America.
In terms of the commercial P&C rate environment, market trends were consistent with those of the previous quarter. Overall conditions are favorable in both property, which is incrementally more competitive in certain areas, and casualty, which is incrementally firmer. Loss cost inflation remains steady and within what we have contemplated in our pricing and reserving. Pricing for both remains ahead of loss costs.
Property has become more competitive in the large account and EMS segments, while middle market property pricing was in fact up over prior quarter. We are large in all three segments of the market. Our property book is well priced and terms and conditions remain steady.As with prior quarter, casualty is firming in the areas that need rate, and we see this trend in casualty enduring. Overall, our casualty rate and price were up over prior quarter. Let me give you a little more color by division.
Beginning with North America. Premiums, excluding agriculture, were up 7.8% and consisted of 10% growth in personal insurance and 7.2% in commercial, with P&C lines up nearly 10% and financial lines down about 5%. We wrote more than $1.2 billion of new business, up over 18% versus prior year. And our renewal retention rate on a policy count basis is 89.6%. Again, both speak to the reasonably disciplined tone of the market, the power of Chubb, and our excellent operating performance.
Premiums in our major accounts and specialty division increased 7.2%, with P&C up 9.5% and financial lines down over 6%. Within major in specialty, our E&S business grew 11%, with strong contributions for both property and casualty related lines. Premium in our middle market division increased just under 7%, with P&C up 10.7% and financial lines down 5.7%. Again, the underwriting environment in North America is generally favorable and rational financial lines aside. Pricing for property and casualty, excluding financial lines and workers' comp, was up 9.9%, with rates up 8% and exposure change of 1.8%, again, with both rates and pricing up from second quarter.
Financial lines pricing was down 3.2%, with rates down about 3.4%. In workers' comp, which includes both primary and large account risk management, pricing was up 4.2%, with rates up 1.4% and exposure up 2.8%. Breaking down P&C pricing further. Property pricing was up 6.7% with rate of 3.7% and exposure change of 2.9%. Casualty pricing in North America was up 12.7%, well in excess of loss cost with rates up 11.9% and exposure 0.7%. Our loss cost in North America, again, remained stable, no change, and in line with what we contemplate in our loss tax.
In agriculture, where we are the market leader, we gained increased market share and wrote more policies, insuring more farmers and fields, though premiums were down from prior year primarily due to lower commodity prices than last year. Commodity prices are used to price the premiums we charge farmers. Far more importantly, our crop underwriting results this quarter, were excellent. And from everything we know now, 2024 is shaping up to be a very good underwriting year.
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 exceeding 25%. Premium growth for our true high net worth segments, the group that seeks our brand for the differentiated coverage and service we're known for, was 16.8%. Our homeowners pricing up 13.7% in the quarter and ahead of loss cost trend, which remained steady.
Turning to our international general insurance operations, it was a decent quarter. Net premiums were up 4.9%, or 7.5% in constant dollars. Our international commercial business grew 6.7%, while consumer was up 8.5%. Asia Pacific led the way with premiums up 9.2%. Latin America grew over 7.5%, while Europe grew over 7%, with the content of Europe up 8.7%.
Premiums at our international retail commercial P&C business, 6.5% in constant dollar. P&C lines were up almost 11%, and financial lines were down 10%. It is worth noting, adjusting for a one-time premium benefit we received in the third quarter of last year, underlying growth was over 14% in P&C lines internationally, with financial lines down 3.8%. We continue to achieve positive rate to exposure across our international retail commercial portfolio, with P&C lines pricing up 6.3% and financial lines pricing down 3.5%.
Premiums in our international wholesale business grew about 8% in constant dollars. As is typical, the London wholesale market is growing more competitive, and frankly, for me is exhibiting classic London underwriter and broker behavior. Generally speaking, underwriting prosperity likely won't endure over time and London will underperform in due course, except for those few real underwriters who know how to manage what is simply a trade. I have seen this movie many times.
Our international personal lines business had an excellent quarter, with growth of 12.7%, led by Asia Pacific and Latin America. And our global reinsurance business had a strong quarter. Premiums were up about 35%. We had a combined ratio of 94.4, which included a more active cat loss quarter. Again, in our international life insurance business, which is fundamentally Asia, premiums and deposits were up about 21% in constant dollar. International life earnings grew over 9% in the quarter in constant dollar.
So that's a lot of news. And in summary, we had another excellent quarter and having a record earnings year. While we're in the risk business and volatility is a natural feature, we are very confident in our ability to continue growing our operating earnings and EPS at a superior rate, P&C revenue growth and underwriting margins, investment income and life income.
I'm going to turn the call over to Peter, and then we're going to come back and take your questions.
