Chubb Limited reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net premiums earned of USD 4,207 million compared to USD 4,370 million for the same period a year ago. Net investment income was USD 532 million compared to USD 577 million for the same period a year ago, down USD 45 million or 7.7% from last year, reflecting unfavorable foreign currency movements of USD 14 million, a decline in private equity distributions of USD 10 million and a decrease in call premiums from its corporate bond portfolio of USD 15 million. Net income was USD 683 million or USD 2.08 per diluted share compared to USD 555 million or USD 1.66 per diluted share for the same period a year ago. Operating income net of tax was USD 780 million or USD 2.38 per diluted share compared to USD 827 million or USD 2.47 per diluted share for the same period a year ago. Operating return on equity was 13.3% against 13.9% a year ago.

For the full year, the company reported net premiums earned of USD 17,213 million compared to USD 17,426 million for the same period a year ago. Net investment income was USD 2,194 million compared to USD 2,252 million for the same period a year ago. Net income was USD 2,834 million or USD 8.62 per diluted share compared to USD 2,853 million or USD 8.42 per diluted share for the same period a year ago. Operating income net of tax was USD 3,210 million or USD 9.76 per diluted share compared to USD 3,320 million or USD 9.79 per diluted share for the same period a year ago. Operating return on equity was 11.1% against 11.8% a year ago. Book value per common share was USD 89.77 as on December 31, 2015 against USD 90.02 as on December 31, 2014. Tangible book value per common share was USD 72.25 as on December 31, 2015 against USD 72.61 as on December 31, 2014. Operating cash flow of USD 3.9 billion almost completely offset the impact of the rollover from its higher book yield to lower new money rates. Tangible book value declined 0.5% for the year and was adversely impacted by after-tax unrealized investment portfolio losses of USD 1 billion, unfavorable foreign currency movements of USD 663 million and the addition of USD 474 million of intangibles relating to the Fireman's Fund acquisition. Excluding these items, tangible book value increased 8.5%.