CHIEF EXECUTIVE’S STATEMENT
“Character and principles are proven most in adversity, and the extraordinary economic adversity of recent times has proven a tough – sometimes fatal – test of businesses worldwide.”
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REVIEW
Financial performance of Chubb Insurance Company of Europe SE and its three strategic business units.
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SUMMARY
- Successfully completed a re-domiciliation to the UK with our registration as a Societas Europaea (SE) from 1 January 2009, further strengthening our established position in the European insurance markets
- Continued underwriting profitability with a net combined ratio of 84.1%, consisting of a net loss ratio1 of 50.7% and a net expense ratio2 of 33.4%
- Recognised by the insurance industry as a top service provider by winning General Insurer of the Year 2009 and Personal Lines Insurer of the Year 2009 at the Insurance Times awards
- Maintained financial strength, during turbulent financial times, as recognised by rating agencies’ grading of the company as superior / very strong
- Grew total shareholders’ funds for Chubb Insurance Company of Europe SE to £1,127.6 million as at 31 December 2009
KPIs (key performance indicators)
| 2009 | 2008 *(restated) |
|
|---|---|---|
| Net premiums written | £662.4m | £618.2m |
| Net loss ratio 1 | 50.7% | 52.6% |
| Net expense ratio 2 | 33.4% | 33.6% |
| Net combined ratio | 84.1% | 86.2% |
| Profit before tax | £194.5m | £207.9m |
| Total assets | £3,296.1m | £3,247.3m |
| Shareholders’ funds | £1,127.6m | £1,012.5m |
1 Based on net claims incurred as a percentage of net earned premiums
2 Based on net operating expenses incurred (excluding deferred acquisition costs) as a percentage of net written premiums
* 2008 and prior figures represent the merged results of Chubb Insurance Company of Europe SA and Chubb Insurance Company of Europe plc, the companies that merged to form Chubb Insurance Company of Europe SE. Amounts relating to Chubb Insurance Company of Europe SA have been restated to United Kingdom Generally Accepted Accounting Practice from the amounts originally filed in Belgium.