2025-02-27 Evan G. Greenberg’s Letters to Chubb Shareholders
To My Fellow Shareholders
致我的股东们
Chubb had a standout performance last year – the best in our company’s history. We capitalized on favorable insurance market and economic conditions while managing in a time of significant opportunity, heightened uncertainty and risk. We produced a double-digit increase in pre-tax operating earnings, supported by record underwriting results, an industry-leading combined ratio and record investment income. We grew Global P&C premiums nearly 10% and life insurance premiums 18.5% in constant dollars. We are a compounder of wealth in the business of taking and managing risk. In 2024, we added to our record of strong value creation for shareholders.
Chubb 去年表现出色——是我们公司历史上最好的表现。我们利用了有利的保险市场和经济条件，同时在充满重大机遇、高度不确定性和风险的时期进行管理。我们实现了税前经营收益的两位数增长，这得益于创纪录的承保业绩、行业领先的综合比率和创纪录的投资收入。我们全球财产与意外险保费以固定汇率增长了近 10%，寿险保费增长了 18.5%。我们是在承担和管理风险的业务中实现财富复利增长的公司。2024 年，我们进一步巩固了为股东创造强大价值的记录。
Risk is a growth industry, and that means opportunity. We create value through three sources of income, each with vast opportunity to expand and grow over time: 1) We are world-class property and casualty (P&C) underwriters of businesses and individuals globally; 2) We are accomplished investment managers with a proven track record of generating excellent risk-adjusted returns on a growing portfolio of assets; and 3) We are growing a meaningful Asia life business. Each of these three contributed record results in 2024. P&C underwriting income was $5.9 billion, up 7.1%, and up 58% over the past three years. Adjusted net investment income grew 19.3% to $6.4 billion, up 59% since 2022. And life insurance income was $1.1 billion, more than double the amount from three years ago.
风险是一个增长的行业，这意味着机遇。我们通过三大收入来源创造价值，每一项都有广阔的扩展和增长空间：1）我们是全球领先的财产与意外险（P&C）承保商，服务于企业和个人；2）我们是经验丰富的投资管理者，在不断增长的资产组合上实现了卓越的风险调整回报；3）我们正在发展有意义的亚洲寿险业务。这三项业务在 2024 年均创下了历史新高。财产与意外险承保收入为 59 亿美元，增长 7.1%，过去三年增长 58%。调整后的净投资收入增长 19.3%，达到 64 亿美元，自 2022 年以来增长 59%。寿险收入为 11 亿美元，是三年前的两倍多。
Chubb’s operating income of $9.2 billion grew 11.2% on a pre-tax basis. It shrank 1.5% after tax, distorted by a one-time Bermuda tax benefit we received in 2023. Looking through that, which is the way I view our performance, operating income was up 11.5% in 2024. Over the past three years, operating income has grown 65% and is nearly double the amount from pre-Covid 2019.
2024 年，Chubb 的营业收入为 92 亿美元，税前增长 11.2%。税后下降 1.5%，这是由于我们在 2023 年获得的一次性百慕大税收优惠所致。剔除这一因素，这也是我评估业绩的方式，2024 年营业收入实际增长了 11.5%。过去三年，营业收入增长了 65%，几乎是 2019 年疫情前的两倍。
We’ve had a hell of a run, over the short term and long term, and, as far as I’m concerned, we’re just beginning. When I became chief executive of ACE 20 years ago, we produced about $1 billion of operating income through a limited number of business lines, had a market value of about $11.5 billion and wrote $16 billion in gross premiums. By the end of 2015, we had risen from #23 in the world to #11, and had become a large, diversified global insurer, with triple the operating earnings and market value of $38 billion. Two-thirds of that growth had been achieved organically and the rest through acquisition. We had become large enough and diversified enough to acquire Chubb that year and create what would become a global powerhouse.
无论是短期还是长期，我们都取得了惊人的成就，就我而言，这才刚刚开始。20 年前我成为 ACE 首席执行官时，我们通过有限的业务线创造了约 10 亿美元的经营收入，市值约为 115 亿美元，保费收入为 160 亿美元。到 2015 年底，我们的全球排名从第 23 位升至第 11 位，成为一家大型、多元化的全球保险公司，经营收益和市值均达到三倍，市值达 380 亿美元。其中三分之二的增长是通过内部发展实现的，其余通过收购实现。我们已经足够大且多元化，能够在那一年收购 Chubb，打造出一个全球性的强大企业。
The combined company performed very well, though we purposely constrained growth due to overly competitive commercial insurance market conditions. Risk pricing wasn’t sufficient to justify more rapid growth. However, we continued to invest in our capabilities – physical presence, product, distribution and technology. We shrank some businesses and grew others where conditions were favorable. Commercial P&C market conditions began to change in 2019 as competitors withdrew capacity due to underwriting losses. Pricing and terms began to approach a reasonable level. We had the capital, appetite and global presence to capitalize, and we did. Since ’15, our earnings and market cap tripled again to $9.2 billion and $114 billion at the time of this writing, growing total return to shareholders at an annual rate of 12% over the entire 20-year period. And, by the way, our 2024 operating cash flow was a record $15.9 billion, which speaks to our future earning power.
合并后的公司表现非常出色，尽管由于商业保险市场竞争过于激烈，我们有意限制了增长。风险定价不足以支持更快的增长。然而，我们继续投资于我们的能力——实体存在、产品、分销和技术。我们缩减了一些业务，发展了其他条件有利的业务。2019 年，随着竞争对手因承保亏损而撤回产能，商业财产与意外险市场状况开始发生变化。定价和条款开始接近合理水平。我们拥有资本、胃纳和全球影响力来抓住机会，并且我们做到了。自 2015 年以来，我们的收益和市值再次增长三倍，达到 92 亿美元和 1140 亿美元，截至本文撰写时，股东总回报在整个 20 年期间的年均增长率为 12%。顺便提一下，我们 2024 年的经营现金流创纪录地达到 159 亿美元，这显示了我们未来的盈利能力。
Today, Chubb is among the world’s largest insurance companies. Gross premiums, our company’s top-line premium revenue figure, were $62.0 billion last year. I only look at gross premiums when considering our market presence. On a net basis, my main focus and the measure that reflects the premiums and risk we retain on our balance sheet, we wrote $51.5 billion. We grew net premiums 8.7% – or 10.4% excluding agriculture, a business that is idiosyncratic – with growth of 8.7% in commercial lines and 13.3% in consumer lines. Total company net premiums have grown more than 35% over the past three years and about 60% over five years.
今天，Chubb 是全球最大的保险公司之一。去年的总保费收入，即我们公司的顶线保费收入数字，达到了 620 亿美元。在考虑我们的市场地位时，我只关注总保费。以净额为基础，我的主要关注点以及反映我们在资产负债表上保留的保费和风险的衡量标准是，我们的净保费收入为 515 亿美元。我们的净保费增长了 8.7%，如果排除农业这一具有特殊性的业务，增长率为 10.4%，其中商业险增长了 8.7%，消费险增长了 13.3%。过去三年，公司净保费总额增长了超过 35%，五年增长了约 60%。
“The substantial strength of our capital base supports our ability to grow our businesses and take more risk, and, in turn, grow underwriting profit, our invested asset and investment income.”
“我们资本基础的强大实力支持我们发展业务和承担更多风险的能力，进而推动承保利润、投资资产和投资收益的增长。”
In reporting the performance of an underwriting and risk-taking company, the most important line on the P&C insurance scorecard is the published combined ratio, which measures underwriting profitability. Ours was 86.6% in 2024 and has averaged 86.9% over the past three years, a gold standard among insurers globally. No matter what time period you pick – three, 10 or 20 years – we have outperformed our peers and the industry generally by eight to nine percentage points. On a current accident year basis excluding catastrophe (CAT) losses, a secondary measure that looks through catastrophe-related volatility to current period results, our combined ratio last year was 83.1%. Our advantage is not simply in our underwriting. It’s also our operating efficiency. We run an expense ratio of 26.2%, and this is a meaningful and enduring advantage.
在报告一家承保和风险承担公司的业绩时，财产与意外险评分卡上最重要的一项是公布的综合比率，该比率衡量承保盈利能力。我们在 2024 年的综合比率为 86.6%，过去三年的平均值为 86.9%，这是全球保险公司中的黄金标准。无论选择哪个时间段——三年、十年或二十年——我们的表现都比同行和整个行业高出八到九个百分点。在排除灾难（CAT）损失的当前事故年度基础上，作为一种次要指标，用以剔除灾难相关波动对当前期间结果的影响，我们去年的综合比率为 83.1%。我们的优势不仅仅在于承保能力，还在于运营效率。我们的费用比率为 26.2%，这是一个重要且持久的优势。
The business of taking risk is a balance sheet business. The substantial strength of our capital base supports our ability to grow our businesses and take more risk, and, in turn, grow underwriting profit, our invested asset and investment income. Next to capital, loss reserves are the most important part of our balance sheet – they reflect our obligations to our policyholders – and we consistently strive to manage them conservatively. Our reserves stood at $84 billion at year-end and are as strong as I can remember.
承保风险的业务本质上是一项资产负债表业务。我们强大的资本基础支持我们发展业务和承担更多风险的能力，进而推动承保利润、投资资产和投资收入的增长。仅次于资本，损失准备金是我们资产负债表中最重要的部分——它们反映了我们对保单持有人的义务——我们始终努力保守管理这些准备金。年末我们的准备金达到 840 亿美元，强劲程度是我记忆中最为坚实的。
Our opportunity for growth and value creation is constrained only by our own ambition, discipline and creativity. While we are one of the largest insurers in the world, the $62 billion of premiums that we wrote in 2024 is a rounding error in the $5.5 trillion-and-growing global insurance marketplace. We are relentlessly investing in our capabilities to increase our optionality and capitalize on commercial and consumer growth opportunities globally – in particular, in North America, Asia, Europe and Latin America. We have been investing to lead in a digital age, and we are rapidly expanding our skills, data, analytics and artificial intelligence capabilities to improve on all we do, from marketing to underwriting to claims. Our ability to groom and develop talent and leadership is a basic part of our management responsibilities and a feature of our culture. This was evident in the important management promotions we made last year, which I’ll discuss shortly.
我们的增长和价值创造的机会仅受限于我们自身的雄心、纪律和创造力。虽然我们是全球最大的保险公司之一，但我们在 2024 年承保的 620 亿美元保费，在不断增长的 5.5 万亿美元全球保险市场中只是一个零头。我们不断投资于提升能力，以增加选择性并抓住全球商业和消费者增长机会——特别是在北美、亚洲、欧洲和拉丁美洲。我们一直在投资以引领数字时代，迅速扩展我们的技能、数据、分析和人工智能能力，以改进从营销到承保再到理赔的所有工作。培养和发展人才及领导力是我们管理职责的基本部分，也是我们文化的特征。这一点在我们去年做出的重要管理晋升中得到了体现，我稍后会详细说明。
In a world full of opportunity and risk to be assumed and managed, Chubb is well positioned for future growth in revenue, income and, in turn, wealth creation for shareholders. We’ve built a global business with the scale, presence, capability and talent to create and capitalize on opportunity where it appears. I am more confident and energized than ever by our prospects.
在一个充满机遇与风险，需要承担和管理的世界中，Chubb 处于未来收入、收益以及进而为股东创造财富增长的有利位置。我们已经建立了一个具有规模、影响力、能力和人才的全球业务，能够在机遇出现时创造并抓住它。我对我们的前景比以往任何时候都更加自信和充满活力。
What Makes Us Distinctive and Compelling
使我们独特且有吸引力的因素
This letter is an opportunity for me to come to account to shareholders about the company we own and to express my views about important issues that matter for our business. It’s where I explain who we are and what makes us distinctive and compelling, and share my thoughts about our results, strategies, leadership qualities, culture and the environment in which we operate.
这封信是我向股东汇报我们所拥有的公司情况的机会，也是表达我对我们业务重要问题看法的机会。在这里，我解释我们是谁，是什么让我们独特且有吸引力，并分享我对我们的业绩、战略、领导素质、文化以及我们所处环境的看法。
I will begin with the basics. Chubb helps businesses, people and society manage risk by underwriting a broad, globally balanced portfolio of insurance products and risk-related services that help to prevent or mitigate misfortune. We are well diversified, which provides an important element of stability in the business of risk, while multiplying areas of opportunity for growth. Two-thirds of our insurance-related revenue and underwriting earnings come from commercial customers. We serve the smallest to largest companies globally. A little more than one-third of our business is insuring people – from the homes, autos, art and jewelry of high-net-worth individuals in the U.S., to the lives, health, electronics and pets of middle-income and emerging-middle-income households around the world. In short, we help people and businesses protect themselves and manage the risks they face.
我将从基础开始。Chubb 通过承保广泛且全球均衡的保险产品和风险相关服务组合，帮助企业、个人和社会管理风险，这些产品和服务有助于预防或减轻不幸。我们业务多元化，这为风险业务提供了重要的稳定性，同时也带来了增长的多重机会。我们三分之二的保险相关收入和承保收益来自商业客户。我们服务于全球从最小到最大的公司。我们的业务中略多于三分之一是为个人投保——从美国高净值个人的住宅、汽车、艺术品和珠宝，到全球中等收入和新兴中等收入家庭的生命、健康、电子产品和宠物。简而言之，我们帮助个人和企业保护自己，管理他们面临的风险。
To B是主线，符合喜欢搞关系的经营策略。
“Your reputation is your most precious asset: easy to say, hard to earn and easy to lose. Chubb’s is distinctive, and we don’t take it for granted.”
“你的声誉是你最宝贵的资产：说起来容易，赢得难，失去快。Chubb 的声誉独特，我们绝不视之为理所当然。”
Chubb is a true multinational, well balanced and integrated, with a portfolio of high-performing businesses operating in 54 countries and territories. Approximately 43,000 employees operate out of more than 1,100 offices in North America, Europe, Asia, Latin America and other parts of the world. About 60% of our premiums are written in North America, with circa 40% spread across Asia, the U.K. and Europe, and Latin America.
Chubb 是一家真正的跨国公司，业务均衡且一体化，拥有在 54 个国家和地区运营的高绩效业务组合。约有 43,000 名员工在北美、欧洲、亚洲、拉丁美洲及世界其他地区的 1,100 多个办事处工作。约 60%的保费来自北美，约 40%分布在亚洲、英国、欧洲和拉丁美洲。
Our Asia operation, with more than 800 offices in 15 countries and territories, is the second largest region in the company after North America. It now produces about 20% of total company premiums. Korea is the second largest country for Chubb after the U.S. More than 75% of our business in Asia (and half of our Asia non-life premium) is consumer-focused – accident and health (A&H), life and personal lines – and these businesses as well as our commercial P&C business have a lot of opportunity for growth. Asia is vast, a collection of many distinct markets both large and small. It takes years of patient building to create the presence necessary to capitalize on the growth themes we observe. In my judgment, Asia and North America are the two regions with the greatest long-term wealth creation opportunity for Chubb – and for American business for that matter. We are well positioned and getting deeper in both.
我们的亚洲业务在 15 个国家和地区拥有 800 多个办事处，是公司继北美之后的第二大区域。目前其贡献了公司总保费的约 20%。韩国是 Chubb 继美国之后的第二大国家。我们在亚洲的业务中，超过 75%（以及亚洲非寿险保费的一半）是面向消费者的——意外与健康（A&H）、寿险和个人险线——这些业务以及我们的商业财产与意外险业务都有很大的增长机会。亚洲地域广阔，由许多大小不一的独特市场组成。建立必要的市场存在以抓住我们观察到的增长主题需要多年的耐心耕耘。在我看来，亚洲和北美是 Chubb——以及美国企业——长期财富创造机会最大的两个地区。我们在这两个地区都处于良好位置，并且正在不断深化。
Our scale and diversification of businesses position us to grow where we see opportunity. Diversification also applies to our distribution capabilities. It’s one thing to have capital and expertise to underwrite; it’s another to have the local presence and distribution depth and breadth to reach customers in the way they prefer to buy. From the smallest business to the largest, from lower-income consumers to high-net-worth clients, from developing markets like Vietnam to advanced economies such as the United States, Australia and the U.K., and the other 50 countries and territories where we do business in between – we are marketers with a strong capability in distribution. Our distribution network spans 50,000 independent brokers and agents, hundreds of thousands of exclusive life and health agents, and hundreds of direct-to-consumer partnerships that give us access to hundreds of millions of existing and potential customers through fully digital, phone and face-to-face sales. By example, we are the #1 or #2 insurer with 15 of the top 20 brokers in the U.S., yet the largest direct marketer of insurance in Asia.
我们的规模和业务多元化使我们能够在看到机会的地方实现增长。多元化同样适用于我们的分销能力。拥有资本和承保专业知识是一回事，拥有本地存在感以及深度和广度的分销网络以满足客户偏好的购买方式则是另一回事。从最小的企业到最大的企业，从低收入消费者到高净值客户，从越南等发展中市场到美国、澳大利亚和英国等发达经济体，以及我们在其他 50 个国家和地区的业务——我们是具备强大分销能力的营销者。我们的分销网络覆盖 5 万个独立经纪人和代理人，数十万专属寿险和健康险代理人，以及数百个直面消费者的合作伙伴，通过全数字化、电话和面对面销售方式，使我们能够接触到数亿现有和潜在客户。例如，我们是美国 15 家顶级经纪公司中的第一或第二大保险公司，同时也是亚洲最大的保险直销商。
Whether a business or a person, your reputation is your most precious asset: easy to say, hard to earn and easy to lose. Chubb’s is distinctive, and we don’t take it for granted. We have a reputation for quality of service and dependability. Our customers have confidence in us. In many instances, they are willing to pay more for Chubb, and we are committed to living up to that reputation. When disaster or misfortune strikes, it’s our job to provide an extraordinary level of support – a point I will return to shortly.
无论是企业还是个人，声誉都是你最宝贵的资产：说起来容易，获得难，失去更容易。Chubb 的声誉独特，我们对此不敢掉以轻心。我们以服务质量和可靠性著称。我们的客户对我们充满信心。在许多情况下，他们愿意为 Chubb 支付更高的费用，而我们也致力于不辜负这一声誉。当灾难或不幸降临时，我们的职责是提供非凡的支持——这一点我稍后会详细说明。
“We strive to be genuine regardless of how the political winds blow and have been steadfastly committed to the notion of creating a diverse and inclusive meritocracy.”
“无论政治风向如何变化，我们都努力保持真诚，并始终坚定致力于创造一个多元包容的绩效至上环境。”
Every successful company has a clear understanding of its purpose, and at our core we are an underwriting company, with a culture built and managed by underwriters. In a risk business, underwriters have the training, knowledge and instincts to conceptualize, structure, price and assume risk. We are obsessed with the art and science of underwriting, as well as the discipline, governance and culture of our craft. Our insurance portfolio has been carefully constructed over years and is balanced by product, customer, geography and distribution channel. When conditions support our expectation for adequate risk-adjusted returns, we grow exposure aggressively. On the other hand, we sacrifice top-line growth and shrink, even ruthlessly, to preserve an underwriting profit when conditions are inadequate.
每一家成功的公司都对其使命有清晰的理解，而我们的核心是一家承保公司，拥有由承保人建立和管理的文化。在风险业务中，承保人具备培训、知识和直觉，能够构思、构建、定价和承担风险。我们痴迷于承保的艺术与科学，以及我们工艺的纪律、治理和文化。我们的保险组合经过多年的精心构建，在产品、客户、地理和分销渠道上保持平衡。当条件支持我们对适当风险调整回报的预期时，我们会积极扩大风险敞口。另一方面，当条件不充分时，我们会牺牲收入增长，甚至无情地缩减规模，以保持承保利润。
The Chubb culture is unique, and it’s personal. The true citizens of our culture are personally invested and own it. Our ethos is one of builders with a clear vision. We are hungry, ambitious, results-focused and maniacally execution-oriented. We innovate and adapt. We are a well-integrated organization with a relatively flat management structure that enables rapid decision-making and oversight. When I say well-integrated, that means horizontally and vertically. Ideas and capabilities in our company move around the world while we maintain a strong command-and-control governance process. All of this is supported by advanced management information and maturing data capabilities to ensure insight, discipline and consistency without sacrificing our entrepreneurial nature. We are transforming to lead in a digital age.
Chubb 的文化独特且富有个人色彩。我们文化的真正践行者是那些亲自投入并拥有它的人。我们的精神是一群有明确愿景的建设者。我们充满渴望、雄心勃勃、以结果为导向，并且极度注重执行。我们不断创新和适应。我们是一个高度整合的组织，拥有相对扁平的管理结构，能够实现快速决策和监督。当我说高度整合时，指的是横向和纵向的整合。公司的理念和能力在全球范围内流动，同时我们保持强有力的指挥与控制治理流程。所有这些都得益于先进的管理信息和日益成熟的数据能力，确保洞察力、纪律性和一致性，同时不牺牲我们的创业精神。我们正在转型，以引领数字时代。
We strive to be genuine regardless of how the political winds blow and have been steadfastly committed to the notion of creating a diverse and inclusive meritocracy. That means we strive to ensure an environment that attracts the best and the brightest – without regard to gender, color, race, age, religion or other distinctions – and recognizes and rewards our people for their contribution to results. In a word, that’s accountability. We want people at Chubb to be comfortable to do their best, and we mean to carry ourselves with humility, professionalism and earnestness. We are frank though respectful of each other. We don’t sweep problems under the rug or rationalize away mistakes. We’re frank because we want to get better quickly, and we are respectful because that is the way we expect others to treat us.
无论政治风向如何变化，我们都努力保持真诚，并始终坚定地致力于创建一个多元包容的精英制度。这意味着我们努力营造一个吸引最优秀、最聪明人才的环境——不论性别、肤色、种族、年龄、宗教或其他差异——并认可和奖励员工对业绩的贡献。用一句话来说，这就是责任感。我们希望 Chubb 的员工能够自在地发挥最佳水平，我们也致力于以谦逊、专业和真诚的态度行事。我们坦率但彼此尊重。我们不掩盖问题，也不为错误找借口。我们坦率是因为希望快速改进，尊重则是因为我们期望别人以同样的方式对待我们。
The higher you go in this organization, the harder you work and the more you are held to these values. The sacrifices expected of leadership are an honor, not a burden. We develop our leaders thoughtfully over years. We made several important leadership changes last year, including at the top of our two largest business segments, North America and Overseas General, and in the Asia-Pacific and Latin America regions. In the first quarter of ’25, we made senior leadership changes in two other major businesses as well – our Europe region and our U.S. high-net-worth business. These changes were well planned and drew from a deep pool of long-tenured talent, the result of our decades-old succession and grooming process.
在这个组织中，你职位越高，工作越努力，对这些价值观的要求也越严格。领导层所期望的牺牲是一种荣誉，而非负担。我们经过多年的深思熟虑来培养我们的领导者。去年，我们在两个最大业务板块——北美和海外综合业务，以及亚太和拉丁美洲地区，进行了几次重要的领导层变动。在 2025 年第一季度，我们还在另外两个主要业务——欧洲地区和美国高净值业务——进行了高级领导层调整。这些变动经过精心策划，选自我们长期积累的人才库，这是我们数十年继任和培养流程的成果。
To give you a sense of how this process works, every year our senior leadership team, led by me, takes two days to review our business and support units’ succession plans, depth of the technical and management bench, individual performance, strengths, weaknesses and development plans. We build a dynamic list of candidates for important roles around the globe – both near- and long-term. We know personally who they are, how many years they’ve been with us, their roles and paths for development. We have been doing this for 20 years. Last year we reviewed more than 300 of our most promising senior people and an additional 140 critical roles. As I noted earlier, our executives are patiently groomed over a long period and earn their appointments through the demonstration of results, hard work, skills, leadership, commitment to the organization, trustworthiness and character. They come from a deep, multi-generational bench that is of our culture, ensuring continuity of standards and knowledge.
为了让您了解这一过程的运作方式，每年由我领导的高级管理团队都会花两天时间审查我们的业务和支持部门的继任计划、技术和管理人才储备的深度、个人表现、优势、劣势及发展计划。我们会建立一个动态的全球重要岗位候选人名单，涵盖近期和长期。我们亲自了解他们是谁，他们在公司工作的年限、职位以及发展路径。我们已经坚持这样做了 20 年。去年，我们审查了 300 多名最有潜力的高级人才和另外 140 个关键岗位。正如我之前提到的，我们的高管经过长期耐心培养，通过展示业绩、努力工作、技能、领导力、对组织的承诺、可信赖性和品格赢得任命。他们来自一个深厚的、多代传承的人才储备，这符合我们的文化，确保标准和知识的延续。
"A dollar invested in ACE 20 years ago would have been worth $9.83 on December 31, 2024. That same dollar would have earned you $7.18 if you had put it in the S&P 500.”
“20 年前投资于 ACE 的一美元，到 2024 年 12 月 31 日将价值 9.83 美元。如果你把同样的一美元投资于标普 500 指数，则将获得 7.18 美元。”
When it works well, that’s what an inclusive meritocracy looks like to my colleagues, to me and to John Keogh, my partner and our President and Chief Operating Officer. By the way, John is a leader who is the embodiment of our culture, and I’m beyond grateful for him. He is a role model to be emulated. I have my shortcomings; John’s strengths compensate for my weaknesses. We’re complementary in that way. I’ve worked with John for more than 30 years and sometimes would have made some pretty lousy decisions without his wise perspective and counsel.
当它运作良好时，这就是我的同事、我以及我的合伙人兼总裁兼首席运营官约翰·基奥所理解的包容性精英制度。顺便说一句，约翰是一位体现我们文化的领导者，我对他感激不尽。他是值得效仿的榜样。我有我的不足；约翰的优势弥补了我的弱点。我们在这方面是互补的。我与约翰共事已超过 30 年，有时如果没有他的明智观点和建议，我可能会做出一些相当糟糕的决定。
From a shareholder perspective, we have a proven record of compounding wealth over a long period. A dollar invested in ACE 20 years ago would have been worth $9.83 on December 31, 2024, or $98,300 on a $10,000 investment. That same dollar would have earned you $7.18 if you had put it in the S&P 500. Chubb produced a total return to shareholders of 49.7% over the past three years, easily beating the S&P 500’s return of 29.3%.
从股东的角度来看，我们在长期财富复合增长方面有着可靠的记录。20 年前投资于 ACE 的一美元，到 2024 年 12 月 31 日将价值 9.83 美元，或者说 10,000 美元的投资将变成 98,300 美元。如果你把这美元投资于标普 500 指数，则会获得 7.18 美元的收益。过去三年，Chubb 为股东带来了 49.7%的总回报，远远超过标普 500 的 29.3%回报。
还不错的成绩。
Earnings accrete to our shareholders through growth in tangible book value, which is the most fundamental measure of wealth creation in a balance sheet business. Last year, our tangible book value grew 12.8%, or 14.1% on a per share basis. Tangible book value per share has grown 10.2% per year on average over three years. Over an even longer period, the last 10 and 20 years, per share tangible book value has grown by 38.2% and 342.2%, respectively, and that includes dilution from the numerous acquisitions we made. We deploy equity capital efficiently, and our operating return on tangible equity was 21.6% in 2024; our operating ROE was 13.9%. Both are well in excess of our cost of capital and an excellent risk-adjusted return.
通过有形账面价值的增长，收益归属于我们的股东，有形账面价值是资产负债表业务中最基本的财富创造衡量标准。去年，我们的有形账面价值增长了 12.8%，按每股计算增长了 14.1%。有形账面价值每股在过去三年平均每年增长 10.2%。在更长的时间范围内，过去 10 年和 20 年，每股有形账面价值分别增长了 38.2%和 342.2%，这还包括我们进行的多次收购所带来的摊薄。我们有效地部署股本，2024 年我们的有形股本运营回报率为 21.6%；运营股本回报率为 13.9%。两者均远高于我们的资本成本，且是极佳的风险调整回报。
The Economic, Political and Geopolitical Landscape
经济、政治与地缘政治格局
We have entered 2025 with a great deal of uncertainty, both political and economic. Growing protectionism, nationalism, geopolitical tensions, as well as change of political leadership and direction, starting in our country, cloud the policy outlook. Tariffs and immigration policy with their potential impact on inflation and growth; on the other hand, taxes, deregulation and our need to address the deficit: We have many competing priorities, and policy coherence hasn’t yet emerged. As we look forward, I am concerned about how all of this, along with the image we are projecting abroad to our allies and partners, will weigh on geopolitical stability, financial markets, and business and consumer confidence, which all seek certainty. U.S. equity markets are priced to perfection and the yield curve is poised to steepen. Major economies are experiencing different growth and inflation conditions, impacting the ability of central banks in these countries to coordinate policy.
我们进入 2025 年，面临着巨大的政治和经济不确定性。日益增长的保护主义、民族主义、地缘政治紧张局势，以及我们国家政治领导层和方向的变化，使政策前景蒙上阴影。关税和移民政策可能对通胀和增长产生影响；另一方面，税收、放松管制以及我们需要解决的赤字问题：我们有许多相互竞争的优先事项，而政策一致性尚未显现。展望未来，我担心所有这些因素，加上我们向海外盟友和合作伙伴展示的形象，将对地缘政治稳定、金融市场以及企业和消费者信心产生影响，而这些都需要确定性。美国股市的估值已臻完美，收益率曲线有望变陡。主要经济体正经历不同的增长和通胀状况，影响这些国家中央银行协调政策的能力。
Ironically, investment conditions are largely favorable for a company like ours with deep liquidity, longer-dated liabilities and a major buy-and-hold, fixed-income portfolio. As our business has grown, so has our invested asset, from $63 billion 10 years ago to $151 billion at year-end 2024. Higher interest rates contributed to record investment income last year, which represented more than half of our earnings and is a major source of future earnings growth. Inflation and deficits are likely to remain elevated, and government policies may exacerbate that. Given our growing invested asset, higher interest rates and a growing demand globally for private capital, we have plenty of opportunity on the asset side of our balance sheet and an ability to withstand financial market volatility.
具有讽刺意味的是，对于像我们这样拥有充足流动性、长期负债和主要以买入持有为策略的固定收益投资组合的公司来说，投资环境总体上是有利的。随着我们的业务增长，我们的投资资产也从十年前的 630 亿美元增长到 2024 年年末的 1510 亿美元。较高的利率促成了去年的创纪录投资收益，这部分收益占我们盈利的一半以上，是未来盈利增长的主要来源。通胀和赤字可能会持续高企，政府政策可能会加剧这种情况。鉴于我们不断增长的投资资产、较高的利率以及全球对私募资本日益增长的需求，我们在资产负债表的资产端有大量机会，并且有能力承受金融市场的波动。
“While our country has many issues, mostly derived from our politics, I am long the United States, and I wouldn’t easily bet against it.”
“虽然我们的国家存在许多问题，主要源于我们的政治，但我看好美国，我不会轻易看空它。”
While our country has many issues, mostly derived from our politics, I am long the United States, and I wouldn’t easily bet against it. Our economy is dynamic, growing faster than any other major market, and we have an economic dynamism that’s the envy of the world. Private sector innovation and creative destruction drive our economy. We are a nation of laws. We are market-oriented and energy self-sufficient. We have food security. We’re bordered by peaceful neighbors. We have the advantages of a reserve currency and deep capital markets, and, compared to most other countries, we remain a land of opportunity. However, none of these advantages should be taken for granted – they need to be supported and protected.
虽然我们的国家存在许多问题，主要源于我们的政治，但我看好美国，我不会轻易看空它。我们的经济充满活力，增长速度超过任何其他主要市场，我们拥有令世界羡慕的经济活力。私营部门的创新和创造性破坏推动着我们的经济。我们是一个法治国家。我们以市场为导向，能源自给自足。我们拥有粮食安全。我们与和平的邻国接壤。我们拥有储备货币和深厚资本市场的优势，与大多数其他国家相比，我们仍然是一个充满机遇的土地。然而，这些优势都不应被视为理所当然——它们需要被支持和保护。
Annual federal budget deficits near $2 trillion are a serious self-inflicted threat. Fiscal deficits aren’t a problem until suddenly they are. As supply of treasuries grows, demand will ultimately not keep pace. This has implications for interest rates and the dollar. Total debt, which exceeds $36 trillion, is now triple what it was in 2009, and interest on the debt exceeds military spending. It is not realistic to imagine we will simply grow our way out of the problem. In my judgment, the Administration and Congress should establish firm deficit limits as a percentage of GDP, for instance 3%, and force spending cuts. Reducing fiscal deficits would help to bring interest rates down, and that would be stimulative to the economy. A day of reckoning is coming if the problem isn’t addressed.
近 2 万亿美元的年度联邦预算赤字是一个严重的自我造成的威胁。财政赤字在突然成为问题之前并不是问题。随着国债供应的增加，需求最终将无法跟上。这对利率和美元有影响。总债务超过 36 万亿美元，是 2009 年的三倍，债务利息超过了军事开支。想象我们能简单通过经济增长来解决问题是不现实的。在我看来，政府和国会应当设定以 GDP 百分比为基准的明确赤字限制，例如 3%，并强制削减开支。减少财政赤字将有助于降低利率，这将刺激经济。如果问题得不到解决，清算的日子终将到来。
We are in a period of political change in most Western democracies as voters push back against immigration, inflation, progressive social narratives and global trade. A more conservative and nationalistic brand of politics is growing and pushing back against what’s viewed as elite, liberal and progressive national policies. When leaders look out of touch or arrogant, they are punished.
我们正处于大多数西方民主国家的政治变革时期，选民对移民、通胀、进步社会叙事和全球贸易产生反弹。一种更保守和民族主义的政治品牌正在兴起，反对被视为精英、自由和进步的国家政策。当领导人显得脱节或傲慢时，他们会受到惩罚。
In our own country, throughout our history, we have tended toward isolationism more often than not. Two world wars and advances in technology and transportation changed that. The growth in our relative size and strength, a globalizing world, our emergence as the global power and our interests that extended beyond our borders brought us both the burden and advantage of leadership. Given global realities, withdrawing and destabilizing our system of alliances is not a good option. Problems will quickly find their way back to our shores and threaten our well-being.
在我们自己的国家，纵观历史，我们往往倾向于孤立主义。两次世界大战以及技术和交通的进步改变了这一点。我们相对规模和实力的增长、全球化的世界、我们作为全球强国的崛起以及超越国界的利益，既带来了领导的负担，也带来了优势。鉴于全球现实，撤退并破坏我们的联盟体系不是一个好的选择。问题将很快回到我们的海岸，威胁我们的福祉。
In terms of trade, we shouldn’t ignore reality. The wealth creation model of some major trade partners – including some of our largest allies – creates tensions with our own. In some cases, their model is overly export-oriented, and they run perennial trade surpluses. Their industrial policies feature excessive protection of domestic markets and encourage excess savings, reduced consumption and state-directed investment to support national champions that encourage exports. In some other important countries, crony capitalism protects local monopolies and denies market access. In either case, it is an assault on Ricardo’s notion of comparative advantage, which underpins the principles of a market-oriented trading system.
在贸易方面，我们不应忽视现实。一些主要贸易伙伴——包括我们的一些最大盟友——的财富创造模式与我们自身存在紧张关系。在某些情况下，他们的模式过于依赖出口，长期保持贸易顺差。他们的产业政策过度保护国内市场，鼓励过度储蓄、减少消费以及国家主导的投资，以支持鼓励出口的国家冠军企业。在其他一些重要国家，裙带资本主义保护本地垄断，拒绝市场准入。无论哪种情况，这都是对李嘉图比较优势理论的攻击，而该理论是市场导向贸易体系原则的基础。
Reciprocity of access and opportunity is a fundamental feature of a sustainable trade system, and we should lead in that direction. That’s the notion behind well-negotiated and actively enforced trade agreements. Trade deficits matter when they are in some significant part a symptom of an asymmetric approach to trade. When it comes to global leadership, trade is an important feature of soft power and influence. In my judgment, we should pursue and truly enforce agreements with other countries that open their markets to our goods and services, including digital. In general, I’m not in favor of tariffs, though they may have a place if used in a thoughtful and targeted way to protect against predatory behavior.
互惠的准入和机会是可持续贸易体系的基本特征，我们应当引领这一方向。这就是良好谈判并积极执行的贸易协定背后的理念。当贸易逆差在某种程度上是贸易不对称的表现时，它们才会产生影响。谈到全球领导力，贸易是软实力和影响力的重要组成部分。依我看，我们应当推动并真正执行与其他国家的协定，开放它们的市场以接受我们的商品和服务，包括数字服务。总体而言，我不支持关税，尽管在有针对性地保护免受掠夺性行为时，关税可能有其合理用途。
Property and Casualty Insurance for Businesses and Individuals
面向企业和个人的财产及意外伤害保险
Property and casualty insurance is Chubb’s core business and one of three sources of future income growth. In 2024, we wrote $55.4 billion in P&C gross written premiums and produced a record $5.9 billion of underwriting income. Generally speaking, underwriting conditions were and are favorable globally.
财产及意外伤害保险是 Chubb 的核心业务，也是未来收入增长的三大来源之一。2024 年，我们实现了 554 亿美元的财产及意外伤害保险总保费收入，并创下 59 亿美元的承保利润纪录。总体而言，全球承保环境良好且持续有利。
Our Global P&C business, which includes all of our commercial and consumer P&C businesses excluding U.S. agriculture, grew 9.6%. We grew across all geographies and business segments. Commercial lines grew 8.7% while our consumer P&C businesses, personal lines and A&H, grew 12.1%.
我们的全球财产与意外险业务，包括所有商业和消费者财产与意外险业务（不包括美国农业），增长了 9.6%。我们在所有地区和业务板块均实现了增长。商业险增长了 8.7%，而我们的消费者财产与意外险业务、个人险和意外健康险增长了 12.1%。
The commercial P&C insurance business and parts of the consumer business, again, are cyclical, with periods when insurance pricing is favorable and periods when pricing is inadequate. Underwriting conditions are growing more competitive in a number of product areas and geographies, though pricing remains adequate. In the U.S. and other major markets, competition is increasing for property insurance for large companies, and that’s true for the excess and surplus lines (E&S), or non-admitted, property market in the U.S. and London as well. Commercial casualty pricing is stable or firming, depending on the class, and overall pricing is keeping pace with loss costs. Financial lines is where more competition is reaching for market share at the expense of current accident year underwriting margin.
商业财产与意外险业务以及部分消费者业务具有周期性，存在保险定价有利和定价不足的时期。多个产品领域和地区的承保条件竞争日益激烈，尽管定价仍然充足。在美国及其他主要市场，大型公司的财产保险竞争加剧，美国和伦敦的超额及剩余险（E&S）或非承认财产市场也是如此。商业责任险定价稳定或趋于坚挺，具体取决于险种，总体定价与损失成本保持同步。金融险领域竞争更为激烈，市场份额争夺影响了当前事故年度的承保利润率。
Looking forward, I expect the market to remain reasonably disciplined as it grows more competitive, given unrelenting reminders brought by elevated loss-cost inflation in both property and casualty. Broadly speaking, we are in a prolonged period of loss-cost volatility and inflation. Frequency of catastrophe events and increased concentration of values impact the severity of events. Inflated litigation costs, particularly in the U.S., aren’t going away.
展望未来，我预计随着市场竞争加剧，市场将保持相对有序，因为在财产和意外险领域，持续高企的损失成本通胀不断提醒我们。总体而言，我们正处于一个损失成本波动和通胀的长期阶段。灾难事件的频率和价值集中度的增加影响事件的严重性。尤其是在美国，膨胀的诉讼成本不会消失。
While very early days, businesses in America are beginning to react collectively to the problem of excessive litigation, exacerbated by social attitudes, the trial bar and funding by third parties that have turned their bets on jury awards into an asset class. Common commercial auto accidents that once led to $1 million jury awards now produce awards of $10 million and even some as high as $100 million. There is an increasing volume of individual and class action suits costing billions that are based around clever theories designed to find or assign fault where it simply doesn’t exist. On the other hand, there is plenty of appropriate litigation – our court system was built to remedy legitimate wrongs.
虽然还处于非常早期阶段，但美国的企业开始集体应对过度诉讼的问题，这一问题因社会态度、诉讼律师团体以及第三方资金支持而加剧，这些第三方将对陪审团裁决的押注变成了一种资产类别。过去导致百万美元陪审团裁决的普通商业车祸，现在的裁决金额达到一千万美元，甚至有些高达一亿美元。基于巧妙理论的个人和集体诉讼数量不断增加，耗资数十亿美元，这些理论旨在寻找或归责于根本不存在的过错。另一方面，适当的诉讼依然存在——我们的法院系统是为纠正合法错误而建立的。
“As we entered 2025, about 80% of our global P&C business, commercial and consumer, and our life business have good growth prospects globally.”
“进入 2025 年时，我们全球财产与意外险业务（商业和消费者）以及寿险业务约有 80%的业务在全球范围内具备良好的增长前景。”
Excessive litigation is an unproductive tax on business and on society – it’s a threat to our economic well-being. The U.S. Chamber of Commerce estimates tort costs impose a $529 billion annual tax on economic activity, about $4,207 per American household or 2.1% of gross domestic product. These costs are rising at about 9% annually, materially faster than overall inflation, and much of the money goes to lawyers and funders – only 40 cents of every dollar awarded goes to the plaintiffs. That means the cost of liability insurance is rising at an elevated rate at least as high as legal costs annually. Insurers, major corporations and businesses are beginning to pool their resources to fight for tort reform at both the state and federal level. It will take years to make a real difference. In the meantime, there are battles we can win. My company is putting dollars and talent to work on this important endeavor.
过度诉讼是对企业和社会的一种无效负担——它威胁着我们的经济福祉。美国商会估计，侵权诉讼成本每年对经济活动征收 5290 亿美元的税收，相当于每个美国家庭约 4207 美元，或占国内生产总值的 2.1%。这些成本以约 9%的年增长率上升，远快于整体通胀率，而且大部分资金流向律师和资助者——每一美元赔偿中只有 40 美分真正到达原告手中。这意味着责任保险的成本每年以至少与法律费用同等的高速度上升。保险公司、大型企业和商界开始联合资源，在州和联邦层面争取侵权诉讼改革。这将需要数年时间才能产生真正的影响。与此同时，我们可以赢得一些战斗。我的公司正在投入资金和人才，致力于这项重要工作。
As we entered 2025, about 80% of our global P&C business, commercial and consumer, and our life business have good growth prospects globally. There is plenty of opportunity in front of us. Chubb’s P&C business operates in two principal insurance divisions – North America Insurance and Overseas General Insurance – and a small but important global reinsurance business.
进入 2025 年，我们全球财产与意外险（P&C）业务中约 80%的商业和消费者业务以及我们的寿险业务在全球范围内都具有良好的增长前景。我们面前有大量机会。Chubb 的财产与意外险业务主要分为两个保险部门——北美保险和海外普通保险——以及一个规模较小但重要的全球再保险业务。
North America Insurance
北美保险
North America Insurance, our largest business, had another strong year, with commercial and consumer P&C divisions in the United States, Canada and Bermuda writing $36.5 billion in gross premiums. Chubb is the largest commercial P&C insurer in the U.S., serving companies of all sizes with a very broad range of property, casualty, financial lines and specialty products. In fact, we are an industry leader in many areas. We are the #1 insurer for large corporations, #2 for middle-market companies, a top-five E&S underwriter, and the #1 crop insurer in America supporting the farming community. On the consumer side, we are far and away the #1 personal lines insurer focused on high-net-worth individuals and families; in fact, our coverage and services define the category.
北美保险是我们最大的业务，去年表现依然强劲，美国、加拿大和百慕大的商业和消费者财产与意外险部门共实现 365 亿美元的总保费收入。Chubb 是美国最大的商业财产与意外险保险公司，服务于各种规模的公司，提供非常广泛的财产、意外、金融线和专业产品。事实上，我们在许多领域都是行业领导者。我们是大型企业的第一大保险商，中型市场公司的第二大保险商，排名前五的 E&S 承保商，以及美国农业社区支持的第一大农作物保险商。在消费者方面，我们是专注于高净值个人和家庭的个人险第一大保险商；实际上，我们的保障和服务定义了这一类别。
Premiums, agriculture aside, grew 8%, with commercial up 7% and personal lines up 11%. North America has grown more than 25% over the past three years, and about 50% over the past five. Our North America combined ratio was world-class at 84.1%, and that’s despite an active and expensive year for natural catastrophes.
除农业外，保费增长了 8%，商业险增长了 7%，个人险增长了 11%。北美在过去三年增长了超过 25%，过去五年增长了约 50%。我们的北美综合赔付率达到了世界一流水平，为 84.1%，尽管这一年自然灾害频发且代价高昂。
North America commercial lines produced $24.7 billion of gross premiums in 2024, offering more than 100 products through more than 9,000 agent and broker relationships. We operate two major North America divisions, one focusing on large corporations, multinationals and the E&S market, and the other focusing on middle-market companies and small commercial businesses.
2024 年，北美商业险线产生了 247 亿美元的总保费，通过 9000 多个代理和经纪人关系提供 100 多种产品。我们运营两个主要的北美部门，一个专注于大型企业、跨国公司和超额及差额市场，另一个专注于中型市场公司和小型商业企业。
In the large corporate segment, generally companies with $1 billion or more in annual revenues, we do business with 98% of the Fortune 1000, although it’s often just one or two lines of coverage – so there’s lots of room to grow over time. For large corporations, we both assume and share risk. They are sophisticated buyers with big balance sheets and complex global operations, and they are motivated to either reduce earnings volatility or protect their balance sheets against insurable events. We provide a wide variety of coverages to protect their exposures, and we do it globally – from trucking and logistics to cloud centers and satellite launches, from manufacturing facilities in Mexico or Vietnam to gas terminals on the Gulf. You name it, and we are present.
在大型企业领域，通常指年收入达到 10 亿美元或以上的公司，我们与 98%的财富 1000 强企业有业务往来，尽管通常只涉及一两条保险线——因此随着时间推移，仍有很大增长空间。对于大型企业，我们既承担风险，也分担风险。他们是拥有庞大资产负债表和复杂全球运营的成熟买家，目标是减少收益波动或保护资产负债表免受可保事件的影响。我们提供多种保险保障来保护他们的风险敞口，并且在全球范围内提供服务——从卡车运输和物流到云计算中心和卫星发射，从墨西哥或越南的制造工厂到墨西哥湾的燃气终端。无论您说什么，我们都在其中。
Chubb Bermuda complements coverage for our largest commercial customers, providing very large limits of coverage that many corporates need. Think liability coverage for pharmaceutical and utility companies. Chubb Bermuda dates back to the founding of ACE in 1985, and we’ve earned a reputation as the #1 provider of excess capacity in that market.
Chubb 百慕大为我们最大的商业客户提供补充保障，提供许多企业所需的超大额度保险。比如为制药和公用事业公司提供责任保险。Chubb 百慕大始于 1985 年 ACE 成立之时，我们已赢得该市场超额承保能力第一提供者的声誉。
We are a leader in insurance for middle-market and small commercial companies, increasingly enabled by our digital capabilities. For middle-market companies, with annual revenues from $30 million to $1 billion, we offer the broadest portfolio of products to cover their needs, regardless of what industry they are in. That’s complemented with experts and risk engineering tailored to dozens of industries, from health care and construction to life sciences and technology. Local presence and distribution are important advantages for us. Insurance is local and conducted between people – and will be for a long time, except for simple products, given the arcane nature of what we do. Our middle-market business grew almost 7% last year, and we are making good progress in small commercial, which wrote about $1.3 billion. We see a lot of room to grow.
我们是中型市场和小型商业公司的保险领导者，越来越多地依靠我们的数字化能力。对于年收入在 3000 万美元到 10 亿美元之间的中型市场公司，我们提供最广泛的产品组合来满足他们的需求，无论他们属于哪个行业。我们还配备了针对数十个行业量身定制的专家和风险工程服务，涵盖医疗保健、建筑、生命科学和技术等领域。地方存在和分销是我们的重要优势。保险是本地化的，是人与人之间进行的——并且在很长一段时间内都会如此，除非是简单的产品，因为我们所做的事情本质上较为复杂。我们的中型市场业务去年增长了近 7%，我们在小型商业领域也取得了良好进展，承保额约为 13 亿美元。我们看到有很大的增长空间。
Westchester is our North American E&S business, a $4.2 billion division that provides coverage for tough or difficult-to-write risks that admitted markets do not adequately address due to a lack of underwriting expertise or regulatory constraints. It was another success story in 2024, with almost 9.5% growth, especially in difficult areas of risk where traditional property and casualty industry capacity was harder to come by. Our E&S business is also home to niche programs such as pet insurance, where we have a growing business that covers 520,000 furry citizens.
Westchester 是我们北美的 E&S 业务部门，规模达 42 亿美元，专门为那些因缺乏承保专业知识或监管限制而被准入市场难以充分覆盖的复杂或难以承保的风险提供保障。2024 年，这一部门再次取得成功，增长率接近 9.5%，尤其是在传统财产和意外伤害行业容量较难获得的高风险领域。我们的 E&S 业务还涵盖了利基项目，如宠物保险，我们在该领域的业务不断增长，覆盖了 52 万只毛茸茸的“市民”。
Personal Risk Services (PRS), a $7.5 billion business with 60% market share, is our storied North America high-net-worth personal lines franchise. Premiums grew 11% in 2024. Our PRS clients pay us to meet a high level of service, pre- and post-loss, and we strive to do just that. That’s our reputation. It’s about the richness of coverages, knowledge and capacity to take risk, underwriting and engineering capability, and quality and consistency in claims. We earned a 93% “highly satisfied” customer service rating in 2024 – the top honors – in the J.D. Power & Associates homeowners customer satisfaction rankings. For a sense of our scale, we write more than a million policies each year, and our risk consultants make more than 40,000 personalized client visits.
个人风险服务（PRS）是一家 75 亿美元的业务，拥有 60%的市场份额，是我们著名的北美高净值个人险种特许经营权。2024 年保费增长了 11%。我们的 PRS 客户支付费用以获得高水平的服务，涵盖损失前后的各个环节，我们努力做到这一点。这就是我们的声誉。它关乎保障范围的丰富性、知识和承担风险的能力、承保和工程能力，以及理赔的质量和一致性。2024 年，我们在 J.D. Power & Associates 房主客户满意度排名中获得了 93%的“高度满意”客户服务评分——这是最高荣誉。为了让您了解我们的规模，我们每年承保超过一百万份保单，我们的风险顾问进行超过 40,000 次个性化客户访问。
Most individuals and businesses are in some way exposed to the risk of a changing climate, and our job is to offer more than financial coverage. Our risk consultants and engineers strive to help clients improve their resilience against risk of loss, and our claims team is there when it happens. If you are unfortunate enough to have a personal insurance loss, I hope you have Chubb.
大多数个人和企业在某种程度上都面临气候变化带来的风险，而我们的工作不仅仅是提供财务保障。我们的风险顾问和工程师努力帮助客户提高抵御损失风险的韧性，当损失发生时，我们的理赔团队会提供支持。如果您不幸遭遇个人保险损失，我希望您选择 Chubb。
Solutions for a Growing Catastrophe Problem
应对日益严重的灾难问题的解决方案
As I write this letter, the terrible tragedy of the California wildfires has occurred and will likely cost the industry upwards of $45 billion to $50 billion and us $1.5 billion pre-tax. We are paid to take risk and associated volatility, so no tears here. Growing natural catastrophe risk is a problem for society that is not going away. It’s a problem that needs to be managed through a more thoughtful private and public sector approach.
当我写这封信时，加利福尼亚野火的惨痛灾难已经发生，预计将给行业带来 450 亿至 500 亿美元的损失，而我们预税前损失为 15 亿美元。我们是承担风险和相关波动的，因此这里没有眼泪。日益增长的自然灾害风险是一个不会消失的社会问题。这个问题需要通过更为周到的私营和公共部门合作来管理。
Weather events, large and small, are increasing, and all are temperature and moisture-related: tornadoes, severe thunderstorms and hail, flooding, freezes, wildfires, and hurricanes with more moisture. As well, the concentration of property values has been increasing rapidly for years in CAT-exposed areas, which is virtually everywhere, and people are choosing to live and work right up against nature. Rebuilding costs, due to regulation, standards, labor and materials, are increasing rapidly, further raising the cost of CAT events for society.
天气事件，无论大小，都在增加，且都与温度和湿度有关：龙卷风、强雷暴和冰雹、洪水、霜冻、野火以及含水量更多的飓风。此外，财产价值的集中在灾害暴露区域迅速增加，这几乎遍布各地，人们选择在自然环境边缘生活和工作。由于法规、标准、劳动力和材料的影响，重建成本迅速上升，进一步推高了社会应对灾害事件的成本。
“The public needs greater certainty of insurance availability, and that begins with regulation that supports an adequate price for the risk.”
“公众需要更大的保险可获得性确定性，而这始于支持风险合理定价的监管。”
The insurance industry incurred $140 billion in insured CAT losses globally last year, and it was a normal year. The cost of the new normal is increasing quickly. Over just 90 days or so in late 2024 and early 2025, a combination of two hurricanes and the California wildfires produced what’s probably about $90 billion to $100 billion in insured losses. And as the cost of catastrophes increases for the industry and society, it is naturally impacting the price and availability of insurance.
保险行业去年全球承保的灾难损失达到了 1400 亿美元，那还是一个正常年份。新的常态成本正在迅速上升。仅在 2024 年末和 2025 年初的约 90 天内，两场飓风和加州野火造成的承保损失大约在 900 亿到 1000 亿美元之间。随着灾难成本对行业和社会的影响加剧，自然也影响了保险的价格和可获得性。
The public needs greater certainty of insurance availability, and that begins with regulation that supports an adequate price for the risk. For Chubb, we want a 15% return on capital. Without an adequate return, the private sector can’t attract the capital necessary to cover growing exposures. The cost of catastrophes, and the associated cost of where people choose to live and work, is increasing. Climate change price signals are being broadcast directly through the rising cost of insurance.
公众需要更大的保险可获得性确定性，而这始于支持风险合理定价的监管。对于 Chubb 来说，我们希望获得 15%的资本回报率。没有足够的回报，私营部门无法吸引覆盖日益增长风险所需的资本。灾难成本以及人们选择居住和工作的地点相关的成本正在增加。气候变化的价格信号正通过不断上涨的保险成本直接传递出来。
The industry doesn’t run a printing press; we intermediate money. When state regulators deny insurers the ability to charge an adequate price and restrict our flexibility to tailor coverage, they drive away insurance availability and foolishly suppress economic price signals, which incentivizes the wrong decisions about where and how people choose to live and work. This ultimately creates a crisis. One outcome is the distortion of a state-funded insurer, meant to provide subsidized insurance for those of modest means and who can’t afford to move. Instead, it becomes the general insurer of first resort for too many. Who pays the bill when that insurer inevitably fails? The citizens of the state pay up front or after the fact; the cost can’t be avoided. This political and regulatory approach is not an economically viable model. Going a step further, attempts to suppress price signals disincentivizes most governments and communities from investing in infrastructure, resiliency and loss mitigation efforts. So many promote unwise zoning and land management practices.
该行业并不经营印刷厂；我们是资金的中介。当州监管机构拒绝保险公司收取足够的价格并限制我们定制保险的灵活性时，他们会导致保险供应减少，并愚蠢地压制经济价格信号，这会激励人们在选择居住和工作地点时做出错误的决策。这最终会造成危机。其结果之一是扭曲了一个由州政府资助的保险机构，原本旨在为经济条件有限且无法搬迁的人群提供补贴保险。相反，它成为了太多人的首选普通保险机构。当该保险机构不可避免地失败时，谁来买单？州内公民要么提前支付，要么事后买单；这笔费用无法避免。这种政治和监管方式不是一个经济上可行的模式。更进一步，试图压制价格信号会使大多数政府和社区缺乏投资基础设施、韧性和损失缓解措施的动力。许多人推动不明智的分区和土地管理做法。
The recent wildfires in California are a tragic illustration of the problem. The state suppressed the industry’s ability to charge a fair price for wildfire-exposed coverage. As insurers reduced their exposures and withdrew private insurance capacity, citizens were offered cheap coverage through the state’s insurer-of-last-resort FAIR plan. Add the enormous time and costs associated with reconstruction post-event due to highly inflated state and local requirements as well as approval and permitting processes. It also doesn’t help that insurers are vilified by government and consumer advocacy groups who, for their own populist and political reasons, tell claimants not to trust their insurers and to lawyer up, which only adds more time and cost to claims settlement. Most insurers are striving to do the right thing and take care of their customers. Counter-productive.
加利福尼亚最近的野火是这一问题的悲惨写照。该州限制了保险行业对暴露于野火风险的保险收取合理价格的能力。随着保险公司减少风险敞口并撤回私人保险能力，居民只能通过州政府的最后救助保险计划 FAIR 获得廉价保险。再加上由于州和地方政府高度膨胀的要求以及审批和许可流程，灾后重建所需的时间和成本巨大。政府和消费者维权组织出于自身的民粹和政治原因，将保险公司妖魔化，告诉理赔人不要信任保险公司，要请律师，这只会增加理赔的时间和成本，这也无济于事。大多数保险公司都在努力做正确的事，照顾好客户。这是适得其反的。
“We support the need for energy security and a rational transition toward a more carbon neutral economy through Chubb Climate+, a fast-growing business we created in 2023 for that purpose.”
“我们支持通过 Chubb Climate+实现能源安全和向更碳中和经济的理性转型，Chubb Climate+是我们在 2023 年为此目的创建的快速增长的业务。”
Allowing insurers to adequately charge the right price is the starting point for increasing availability and building a sustainable model. Accounting and tax rules also can be improved to increase the industry’s capacity over time to cover disasters. Current accounting rules allow for insurers to post reserves for natural disasters only after a disaster has occurred. In years when CAT activity is lighter, revenue from insurance premiums collected to fund for larger, more infrequent catastrophes is released to income, and, in turn, the capital account on an after-tax basis. The revenue is treated as profit when, in fact, it’s meant to provision for larger, less frequent events. This isn’t in keeping with accounting practices for banks, which account for the risk of future loan losses when building reserves. The insurance industry should be encouraged to build long-term reserves for more severe CAT events. In simple terms, this change would grow the industry balance sheet – our wherewithal to take risk – and lower our cost of capital, which means damping price increases over time and increasing private sector capital available to cover events. While it isn’t a silver bullet, nor an instant answer, this is a long-term problem requiring longer-term solutions as well.
允许保险公司适当收取合理价格是提高可用性和构建可持续模型的起点。会计和税收规则也可以改进，以随着时间的推移增加行业应对灾难的能力。现行会计规则仅允许保险公司在灾难发生后计提自然灾害准备金。在灾难活动较少的年份，用于资助较大、较少发生的灾难的保险费收入会被计入收益，从而影响税后资本账户。这些收入被视为利润，实际上是为了为较大、较少发生的事件做准备。这与银行的会计做法不符，银行在建立准备金时会考虑未来贷款损失的风险。应鼓励保险行业为更严重的灾难事件建立长期准备金。简单来说，这一变化将扩大行业资产负债表——即我们承担风险的能力——并降低我们的资本成本，这意味着随着时间推移抑制价格上涨，并增加可用于应对事件的私营部门资本。 虽然这不是灵丹妙药，也不是立竿见影的答案，但这是一个需要长期解决方案的长期问题。
Local, state and federal governments have a very important role to play: better wildlands management programs and zoning policies, and infrastructure investments that help to mitigate exposures and increase resiliency in our communities. We need permitting rules that don’t unnecessarily increase the cost of reconstruction and the time it takes to rebuild after an event. That would improve affordability, and it would also help people get back to their lives more quickly. State insurers of last resort can serve a need. They should be designed to subsidize insurance, if necessary, only for those most in need – people who live in high-risk areas, can’t afford private sector coverage and can’t afford to move. They are generally called insurers of last resort for a reason.
地方、州和联邦政府在这方面扮演着非常重要的角色：更好的野地管理项目和分区政策，以及有助于减轻风险和提高我们社区韧性的基础设施投资。我们需要不无故增加重建成本和重建时间的许可规则。这将改善可负担性，也将帮助人们更快地恢复正常生活。州级最后保险人可以满足一定需求。它们应设计为仅在必要时为最需要的人群提供保险补贴——那些居住在高风险地区、负担不起私营部门保险且无法搬迁的人。它们通常被称为“最后保险人”是有原因的。
Serving Agriculture and Energy Needs
服务农业和能源需求
Returning to our North America commercial insurance business results last year, Agriculture is a $4.2 billion division insuring crops and farmers’ property and liability exposures. Rain and Hail is the #1 crop insurer in America, insuring more than 100 types of crops and more than 100 million acres of land. Crop insurance is a good example of a successful public-private partnership that underpins the financial health of our nation’s agriculture community. Agriculture is also an example of how technology is impacting everything we do. Data gathered by farm tractors and combines during harvesting provide yield estimates that assist us in adjusting claims. Imagine the efficiency. We’re really proud of our colleagues in Johnston, Iowa, who work to support the American farm community, helping to keep food affordable and abundant.
回到我们去年北美商业保险业务的业绩，农业是一个价值 42 亿美元的部门，承保农作物及农民的财产和责任风险。Rain and Hail 是美国排名第一的农作物保险公司，承保超过 100 种农作物和超过 1 亿英亩的土地。农作物保险是成功的公私合作伙伴关系的一个很好的例子，这种合作关系支撑着我们国家农业社区的财务健康。农业也是技术如何影响我们所做一切的一个例子。收割期间由农用拖拉机和联合收割机收集的数据提供了产量估算，帮助我们调整理赔。想象一下这种效率。我们为位于爱荷华州约翰斯顿的同事们感到自豪，他们致力于支持美国农业社区，帮助保持食品的价格实惠和充足。
On another front, we support the need for energy security and a rational transition toward a more carbon neutral economy. We support both objectives through Chubb Climate+, a fast-growing business we created in 2023 for that purpose. The world requires greater amounts of energy as societies develop and this includes the digital revolution. The reality is that we are going to rely on carbon-based sources of energy for a long time, and our company will continue to underwrite oil and gas development and production if done responsibly. Through Climate+, we were the first global insurer to announce methane capture criteria for underwriting oil and gas extraction, and we have expanded the criteria from production through transport. We have recently developed underwriting criteria for other high-emitting industries, such as steel and cement. The criteria require our clients to responsibly limit their emissions, or we won’t underwrite the risk. Chubb risk engineers support our clients in meeting the criteria.
在另一方面，我们支持能源安全的需求以及向更加碳中和经济的理性转型。我们通过 Chubb Climate+支持这两个目标，这是我们在 2023 年为此目的创建的一个快速发展的业务。随着社会的发展，世界对能源的需求不断增加，这也包括数字革命。现实情况是，我们将在很长一段时间内依赖基于碳的能源来源，如果油气开发和生产是负责任地进行的，我们公司将继续承保。通过 Climate+，我们成为首个宣布甲烷捕集承保标准的全球保险公司，涵盖油气开采领域，并已将标准扩展到生产到运输环节。我们最近还为其他高排放行业，如钢铁和水泥，制定了承保标准。该标准要求我们的客户负责任地限制排放，否则我们将不承保该风险。Chubb 的风险工程师支持客户满足这些标准。
“Our deep presence, together with our scale and capabilities including data and analytics, technology, product and distribution know-how, gives us the ability to effectively compete for local business almost anywhere.”
“我们深厚的市场存在感，加上我们的规模和能力，包括数据与分析、技术、产品和分销专长，使我们能够有效地在几乎任何地方竞争本地业务。”
On the other side of the coin, Climate+ is innovating insurance coverages for many new and unproven alternative energy technologies that support a shift toward a carbon-neutral economy, including renewables, thermal energy, batteries, wind farms, solar, nuclear and more. By providing insurance to these projects, risk is reduced, which helps lower the cost of capital and encourages greater investment. Underwriting traditional energy sources as well as new and emerging ones is a growth opportunity globally.
另一方面，Climate+ 正在为许多新的和未经验证的替代能源技术创新保险保障，这些技术支持向碳中和经济的转变，包括可再生能源、热能、电池、风电场、太阳能、核能等。通过为这些项目提供保险，降低了风险，有助于降低资本成本，鼓励更多投资。承保传统能源以及新兴能源是全球的增长机会。
Overseas General Insurance
海外普通保险
Our international P&C business, Overseas General, wrote $17.4 billion in gross premiums last year, commercial and consumer. We operate 550 retail branch offices in 51 countries and territories across Asia, Europe and Latin America. We also own and operate a syndicate at Lloyd’s where we are a recognized lead underwriter. Our international general insurance business has been growing quickly, and what an opportunity. Literally, the world is our oyster. Overseas General net premiums grew more than 11% last year, with commercial lines up 9.7% and consumer lines up 13.3%. Growth in our Asia region was especially strong, about 18.5%.
我们的国际财产与意外险业务——海外综合业务，去年承保了 174 亿美元的总保费，涵盖商业和个人客户。我们在亚洲、欧洲和拉丁美洲的 51 个国家和地区运营着 550 个零售分支机构。我们还拥有并运营劳合社的一个辛迪加，我们是公认的主承保人。我们的国际综合保险业务增长迅速，机会巨大。字面意思上，世界就是我们的舞台。海外综合业务的净保费去年增长了超过 11%，其中商业险增长了 9.7%，个人险增长了 13.3%。我们亚洲地区的增长尤其强劲，约为 18.5%。
After North America and Asia, Europe is Chubb’s third-largest region overall, with annual gross premiums of $8.1 billion. With a substantial presence in the U.K. and across continental Europe, the region grew 7.3% last year, with premiums on the Continent up more than 11%. In Latin America, we have major operations in nine countries, with Mexico, Chile and Brazil among our largest, and we write about $3.5 billion in premium. Our Latin America region grew 8.4% last year, or 11% in constant dollars.
在北美和亚洲之后，欧洲是 Chubb 的第三大区域，年总保费为 81 亿美元。我们在英国及欧洲大陆拥有重要业务，去年该地区增长了 7.3%，欧洲大陆的保费增长超过 11%。在拉丁美洲，我们在九个国家拥有主要业务，其中墨西哥、智利和巴西是我们的最大市场之一，我们承保的保费约为 35 亿美元。拉丁美洲地区去年增长了 8.4%，按固定汇率计算增长了 11%。
We write $14.7 billion of premium annually insuring middle-market and small commercial businesses around the globe, and about 40% of this is outside the U.S. The growth prospects are outstanding. After all, economies around the world are made up predominantly of small and medium-sized businesses. Our deep presence – i.e., an extensive branch network in so many countries, together with our scale and capabilities including data and analytics, technology, product and distribution know-how – gives us the ability to effectively compete for local business almost anywhere.
我们每年承保 147 亿美元的保费，主要为全球中端市场和小型商业企业提供保险，其中约 40%来自美国以外地区。增长前景非常出色。毕竟，全球经济主要由中小型企业组成。我们深厚的市场布局——即在众多国家拥有广泛的分支网络，以及我们的规模和能力，包括数据与分析、技术、产品和分销专长——使我们能够几乎在任何地方有效地竞争本地业务。
Our international consumer business includes non-life A&H, personal lines and life insurance. Chubb is one of the largest personal accident and supplemental health insurers in the world – a $7 billion global business with more than $5 billion of the premium outside America through our non-life and life companies. We also have a growing international personal lines business that underwrites everything from autos to homes to cell phones. International personal lines premiums were up 22% last year, focused mostly in Asia and Latin America.
我们的国际消费者业务包括非寿险意外与健康保险、个人险种和寿险。Chubb 是全球最大的个人意外和补充健康保险公司之一——这是一项 70 亿美元的全球业务，其中超过 50 亿美元的保费来自美国以外的非寿险和寿险公司。我们还有一个不断增长的国际个人险业务，承保从汽车到住宅再到手机的各种险种。去年，国际个人险保费增长了 22%，主要集中在亚洲和拉丁美洲。
As the #1 direct marketer of insurance in Asia, we have more than 7,000 telemarketers, massive consumer databases and powerful digital technology in the hands of a team with considerable marketing and sales know-how. We actively bundle and cross-sell our consumer products. Distribution partnerships with some of the most successful digital companies in the world – including Nubank, ByteDance, Shopee and others – give us access to hundreds of millions of customers.
作为亚洲第一大直接保险营销商，我们拥有超过 7,000 名电话营销人员、庞大的消费者数据库以及强大的数字技术，配备了一支具备丰富营销和销售经验的团队。我们积极捆绑销售和交叉销售我们的消费产品。与一些全球最成功的数字公司——包括 Nubank、字节跳动、Shopee 等——的分销合作伙伴关系，使我们能够接触到数亿客户。
Our digital unit that serves international consumer, non-life and life, reached a cool milestone last year, surpassing more than $1 billion in premiums, and it generated an underwriting profit. We have rapidly expanded the products and services that we bring to the customers of 240 digital partners, including some of the world’s largest fintech and e-commerce businesses. We have built our native digital business from scratch in six years, and we have plans to grow exponentially in size and profitability.
我们的数字部门服务于国际消费者、非寿险和寿险，去年达到了一个重要里程碑，保费超过 10 亿美元，并实现了承保利润。我们迅速扩展了为 240 个数字合作伙伴客户提供的产品和服务，这些合作伙伴包括一些全球最大的金融科技和电子商务企业。我们从零开始建立了本土数字业务，历时六年，并计划在规模和盈利能力上实现指数级增长。
While early innings, I like the progress we made last year with Huatai Group in China. We have put in place new leadership, updated strategies for each division and made good tactical progress across the three businesses – property and casualty, life and asset management. We’re reshaping the business and strategy around product, distribution, technology, sales capability and expense efficiencies. The economic environment is difficult in China, yet, despite that, we are moving ahead, and each business saw solid growth last year.
虽然还处于初期阶段，但我喜欢我们去年与中国华泰集团取得的进展。我们已经建立了新的领导团队，更新了各个部门的战略，并在三大业务——财产与意外险、寿险和资产管理方面取得了良好的战术进展。我们正在围绕产品、分销、技术、销售能力和费用效率重塑业务和战略。中国的经济环境较为困难，但尽管如此，我们仍在前进，每个业务去年都实现了稳健增长。
Global Reinsurance
全球再保险
We’ve been in the reinsurance business for more than 30 years and were one of the original pioneers of CAT reinsurance, a market that grew out of the aftereffects of Hurricane Andrew in 1992. Reinsurance is a small but important part of Chubb and a book value compounder. We keep it relatively small to limit volatility and concentration while we allocate the majority of our risk appetite to insurance. The leadership team under Jim Wixtead is a highly disciplined group of professionals who have made us money. Global Re had a very good year in terms of growth, with net premiums up 32% to $1.3 billion, as underwriting conditions in the reinsurance markets have become more favorable and have attracted our attention in certain targeted areas.
我们从事再保险业务已有 30 多年，是 CAT 再保险的最初开拓者之一，该市场起源于 1992 年安德鲁飓风的后续影响。再保险是 Chubb 中规模较小但重要的一部分，是账面价值的复合增长器。我们保持其规模相对较小，以限制波动性和集中度，同时将大部分风险偏好分配给保险业务。由 Jim Wixtead 领导的团队是一支高度自律的专业团队，为我们带来了收益。全球再保险业务在增长方面表现非常好，净保费增长 32%，达到 13 亿美元，因为再保险市场的承保条件变得更加有利，并在某些特定领域吸引了我们的关注。
Life Insurance: A Growing Source of Earnings
人寿保险：不断增长的收益来源
Our Life Insurance business is another major source of growth and opportunity. Two-thirds of our premiums come from risk-based products, as opposed to pure savings and asset management types. We have two divisions: our Asia international life company, Chubb Life, and a still small and growing U.S. worksite benefits business, Combined Insurance. Life Insurance premiums were up 18.5% in constant dollars to $6.3 billion in 2024, with growth of 21.6% in Asia, while income rose to $1.1 billion. Chubb Life net premiums and deposits rose nearly 30% to $7.8 billion.
我们的寿险业务是另一个主要的增长和机遇来源。我们的保费中有三分之二来自风险型产品，而非纯储蓄和资产管理类产品。我们有两个部门：亚洲国际寿险公司 Chubb Life，以及仍处于小规模且不断增长的美国工作场所福利业务 Combined Insurance。2024 年，寿险保费以固定汇率计算增长了 18.5%，达到 63 亿美元，亚洲地区增长了 21.6%，收入上升至 11 亿美元。Chubb Life 的净保费和存款增长近 30%，达到 78 亿美元。
We operate in nine countries in North and Southeast Asia, and direct marketing, brokerage and agency are our primary distribution channels. Let me give you a few examples to bring this to life (pardon the pun). In North Asia – Korea, Taiwan, China, Hong Kong and the Greater Bay Area – we serve a more wealthy and aging population with health and asset preservation needs. Korea is our largest life insurance market, and we are a recognized supplemental health and direct marketing leader. We have companies on the China mainland and in Hong Kong. As Hong Kong and Guangdong Province integrate more closely, the Greater Bay Area, with a population of 86 million and established tech and financial centers, represents a real opportunity for growth. In Southeast Asia – Vietnam, Thailand and Indonesia – dynamic and growing economies have young populations and a rising middle class with limited social safety nets. They have growing needs for accident and health protection and savings to fund family life events such as education and the purchase of a home. Across the entire region, our life business serves 22 million consumers and works hand-in-glove with our non-life business and digital team, again compounding opportunity through product design, distribution partnerships and cross-selling.
我们在北亚和东南亚的九个国家开展业务，直销、经纪和代理是我们的主要分销渠道。让我举几个例子来说明这一点（请原谅这个双关语）。在北亚——韩国、台湾、中国、香港和大湾区——我们服务的是更富裕且老龄化的人口，满足他们的健康和资产保全需求。韩国是我们最大的寿险市场，我们是公认的补充健康和直销领导者。我们在中国大陆和香港设有公司。随着香港和广东省的更紧密融合，拥有 8600 万人口并设有成熟的科技和金融中心的大湾区，代表了真正的增长机会。在东南亚——越南、泰国和印度尼西亚——充满活力且不断增长的经济体拥有年轻的人口和不断壮大的中产阶级，但社会保障网有限。他们对意外和健康保障以及用于家庭生活事件（如教育和购房）的储蓄需求日益增长。 在整个地区，我们的寿险业务服务于 2200 万消费者，并与我们的非寿险业务和数字团队紧密合作，通过产品设计、分销合作伙伴关系和交叉销售再次增加机会。
“We have grown investment income at a compound annual rate of 11% over the past 10 years and about 20% over the last three years alone.”
“在过去 10 年中，我们的投资收入以 11%的复合年增长率增长，而仅在过去三年中就增长了约 20%。”
We are focused on growing revenue in our life business that produces real earnings. It has become the convention outside the U.S. to measure life company value creation and share price by what is called value of new business, or VNB, which is an estimated present value of expected future profits from new policies written. For me this is a speculative and naïve way to measure value, and I find it a lower-quality, secondary metric. It assumes the future is smooth and predictable. To me, as an operator and investor, what really matters is GAAP and cash earnings as well as growth in quality revenue, meaning products that produce good absolute margin and return on capital.
我们专注于增长能够产生实际收益的寿险业务。在美国以外，衡量寿险公司价值创造和股价的惯例是所谓的新业务价值（VNB），即新签保单预期未来利润的现值估算。对我来说，这是一种投机且幼稚的价值衡量方式，我认为它是一个较低质量的次要指标。它假设未来是平稳且可预测的。作为运营者和投资者，我真正关心的是 GAAP 和现金收益，以及高质量收入的增长，即产生良好绝对利润率和资本回报的产品。
Meanwhile, in North America, Combined Insurance markets voluntary benefits to the employees of large, midsized and small companies with a product mix that is predominantly A&H focused. This is a $1 billion business that is growing at a double-digit pace, with five million policies in place. This could become a multi-billion-dollar business and real contributor to Chubb earnings over time.
同时，在北美，Combined Insurance 向大型、中型和小型公司的员工推广自愿福利，产品组合主要集中在意外与健康保险（A&H）领域。这是一项价值 10 亿美元的业务，正以两位数的速度增长，已有五百万份保单。这有可能成为一个数十亿美元的业务，并随着时间的推移成为 Chubb 收益的真正贡献者。
Digital Transformation: On Track and Accelerating
数字化转型：进展顺利且加速推进
We are well advanced in our strategy to transform our businesses into digital or digitally enabled enterprises over the next few years, an effort that permeates virtually everything we do. Underwriters and claims professionals work more and more in teams with engineers and data analysts in operating the different functional aspects of our businesses. In the past year alone, we hired 1,500 more engineers of all types across the globe, people who are involved in software, data, process, risk – engineering everything.
我们在将业务转型为数字化或数字驱动企业的战略上已取得显著进展，这一努力几乎渗透到我们所做的每一件事。承保人员和理赔专业人员越来越多地与工程师和数据分析师组成团队，共同运营我们业务的不同职能方面。仅在过去一年，我们就在全球范围内新增了 1500 名各类工程师，这些人涉及软件、数据、流程、风险——对一切进行工程化。
Wide-scale and more efficient ingestion and enrichment of customer information and broad use of artificial intelligence and analytics are leading to improved customer experience, better underwriting, marketing and claims insights and outcomes, increased speed of cycle times of change and reduced expense. Imagine: We receive about 290 million emails a year, 90 million of which have data-rich attachments. In a short period of time, the vast majority will be ingested into our systems with limited-to-no human intervention.
大规模且更高效地摄取和丰富客户信息，以及广泛使用人工智能和分析技术，正在提升客户体验、改善承保、营销和理赔的洞察与结果，加快变革周期时间并降低费用。想象一下：我们每年收到大约 2.9 亿封电子邮件，其中有 9000 万封包含数据丰富的附件。在短时间内，绝大多数将被摄取到我们的系统中，几乎无需人工干预。
Importantly, we are using data to better understand and price risk. Insurance, by definition, is about discriminating one risk against another based on its proclivity to loss. Our tools, skills and data are enabling our ability to understand and price risk more finely. Why should one risk subsidize another? The price our insureds pay should more accurately reflect their risk profile.
重要的是，我们正在利用数据更好地理解和定价风险。保险的定义就是基于损失倾向区分不同风险。我们的工具、技能和数据使我们能够更精细地理解和定价风险。为什么一个风险要补贴另一个风险？我们的被保险人所支付的价格应更准确地反映其风险特征。
An Investment Manager with a History of Excellent Returns
拥有卓越回报历史的投资管理者
As investment managers, we have a long track record of producing excellent risk-adjusted returns. Investment income contributed more than half of our earnings in 2024 and is central to our plans for the future. We have been iteratively diversifying our holdings over the past 10 to 15 years to include more income- and alpha-producing, private, less-liquid assets. Given our strong liquidity and growing invested asset, we will allocate a greater share of our growing investment portfolio to this class of alternative assets.
作为投资管理者，我们在实现卓越的风险调整回报方面拥有悠久的记录。2024 年，投资收入贡献了我们超过一半的收益，并且是我们未来计划的核心。过去 10 到 15 年间，我们不断多元化持仓，增加了更多产生收入和阿尔法的私有、流动性较低的资产。鉴于我们强大的流动性和不断增长的投资资产，我们将把越来越多的投资组合分配给这一类另类资产。
Over the course of 20 years, our invested asset has grown from less than $30 billion to more than $150 billion at the end of 2024, and it will continue to expand as our basic insurance business grows. Pick any period during that 20 years and Tim Boroughs, my partner responsible for investing our assets, has produced risk-adjusted returns well in excess of our cost of capital and accretive to operating return on equity. We have grown investment income at a compound annual rate of 11% over the past 10 years and about 20% over the last three years alone.
过去 20 年间，我们的投资资产从不足 300 亿美元增长到 2024 年底超过 1500 亿美元，随着我们的基础保险业务增长，这一数字还将继续扩大。在这 20 年中的任何一个时期，负责我们资产投资的合伙人 Tim Boroughs 都实现了远超资本成本且有助于提升股本运营回报率的风险调整回报。过去 10 年，我们的投资收入以 11%的复合年增长率增长，过去三年更是达到了约 20%。
On the fixed-income side, which is 89% of our invested asset, we’re principally buy-and-hold investors with a high-quality portfolio of A-rated securities. This portion of our portfolio will continue to benefit from higher interest rates. Given economic growth, federal deficits and more persistent inflation, the yield curve will likely continue steepening. That’s the future direction of travel for rates, and that will benefit us. The other 11% is in alternative classes, predominantly private equity and credit.
在固定收益方面，占我们投资资产的 89%，我们主要是买入并持有高质量的 A 级证券组合。我们这部分投资组合将继续受益于较高的利率。鉴于经济增长、联邦赤字和更持久的通胀，收益率曲线可能会继续变陡。这是利率未来的走势方向，这将对我们有利。其余 11%投资于另类资产类别，主要是私募股权和信贷。
Under Tim’s leadership, our investment activities are managed by a seasoned team that oversees a limited number of outside, best-in-class partners with deep research, analytical capability and transactional scale. The consortium is tasked with implementing an investment strategy and trading discipline that our team creates and oversees.
在 Tim 的领导下，我们的投资活动由一支经验丰富的团队管理，该团队监督少数外部的顶级合作伙伴，这些合作伙伴具备深厚的研究、分析能力和交易规模。该联盟负责执行我们的团队制定和监督的投资策略和交易纪律。
As our invested assets grow, we will increase our allocation to less-liquid, private investments from 11% to about 15%, or potentially upwards of $35 billion. Our results over time in our private portfolio have been outstanding, producing a historical cash yield of approximately 8% and an annual internal rate of return of 14.5%. The increase in interest rates should increase future cash yield.
随着我们投资资产的增长，我们将把对流动性较低的私募投资的配置比例从 11%提高到约 15%，或潜在地超过 350 亿美元。我们私募投资组合的长期表现非常出色，历史现金收益率约为 8%，年内部收益率为 14.5%。利率的上升应会提高未来的现金收益率。
To illustrate a unique feature of our investment approach, approximately half, or more than $7.5 billion, of our private investments are held in Strategic Holdings, established as a holding company with KKR and another partner in 2017. Today total investments in the holding company are valued at $24 billion and produce more than $2 billion in earnings. KKR and Chubb invest on a “pari-passu” basis, meaning we and KKR each invest a dollar of our capital equally. We participate in the governance of the investment process and our investment teams meet biweekly to discuss strategy, review portfolio companies and consider opportunities and prospective investments.
为了说明我们投资方法的一个独特特点，我们约一半以上的私募投资，即超过 75 亿美元，持有于战略控股公司，该公司于 2017 年与 KKR 及另一合作伙伴共同成立。如今，该控股公司的总投资价值达到 240 亿美元，产生超过 20 亿美元的收益。KKR 和 Chubb 以“同等比例”方式投资，意味着我们和 KKR 各自以相等的资本金额投资。我们参与投资过程的治理，投资团队每两周会面一次，讨论策略，审查投资组合公司，并考虑机会和潜在投资。
Our diversified portfolio of Strategic Holdings owns controlling interests in 18 companies that we’ve acquired over the last seven years – companies like Arnott’s, the highly recognized Australian cookie and food brands company with operations across Asia; 1-800-Contacts, an industry leader in the field of contact lenses and eyewear; and Heartland Dental, the largest dental service organization in the U.S. We continue to see growth across our portfolio of companies. They are each managed by quality teams, maintain low leverage, generate predictable cash-flow and tend to be less cyclical. These are businesses we plan to own for the long term; think permanently. We are building a conglomerate.
我们的多元化战略控股组合拥有过去七年中收购的 18 家公司的控股权——这些公司包括 Arnott’s，这家备受认可的澳大利亚饼干和食品品牌公司，在亚洲拥有业务；1-800-Contacts，隐形眼镜和眼镜领域的行业领导者；以及 Heartland Dental，美国最大的牙科服务组织。我们继续看到旗下公司的增长。它们均由高素质团队管理，保持低杠杆，产生可预测的现金流，且周期性较低。这些都是我们计划长期持有的业务；可以说是永久持有。我们正在打造一个企业集团。
Since inception, the Strategic Holdings partnership has generated an internal rate of return of more than 16% and earns a cash yield of more than 7% that will increase meaningfully in the future. Over the next several years, we envision Chubb’s share of the partnership producing close to $1 billion in operating income with a cash yield of 10-12% on invested capital and annual returns of 14-16%. Strategic Holdings will be a strong and important contributor to our portfolio returns and operating income in the years to come.
自成立以来，战略控股合作伙伴关系已实现超过 16%的内部收益率，并获得超过 7%的现金收益率，未来这一收益率将显著提升。在未来几年内，我们预计 Chubb 在该合作伙伴关系中的份额将产生接近 10 亿美元的经营收入，投资资本的现金收益率将达到 10-12%，年回报率为 14-16%。战略控股将在未来几年成为我们投资组合回报和经营收入的重要且强劲的贡献者。
有点扯，弄不好有大的风险。
“Our country’s alliances and security partnerships are foundational to our ability to provide deterrence, security and stability in Asia.”
“我们国家的联盟和安全伙伴关系是我们在亚洲提供威慑、安全和稳定能力的基础。”
Beyond our KKR Strategic Holdings partnership, the demand for patient, private capital is enormous and growing in many sectors, from energy and infrastructure to cloud computing, to name a few. This demand is in the trillions of dollars, and governments have limited wherewithal to fund. We expect that competition for capital will benefit strategic investors like Chubb that have capital to deploy. In total, annual income from our private asset portfolio is expected to increase from about $800 million to approximately $2 billion over the next few years.
除了我们与 KKR 战略控股的合作伙伴关系外，对耐心的私人资本的需求在许多领域都非常庞大且不断增长，从能源和基础设施到云计算，仅举几例。这种需求以数万亿美元计，而政府的资金能力有限。我们预计，资本竞争将有利于像 Chubb 这样拥有可部署资本的战略投资者。总体而言，我们的私人资产组合的年收入预计将在未来几年内从约 8 亿美元增加到约 20 亿美元。
The U.S.-China Relationship
美中关系
The U.S.-China relationship today is without modern precedent. Both countries are advancing rapidly and pushing the boundaries of technological innovation. The gap in relative power, economically and militarily, between the United States and China in comparison to virtually every other country is widening by the year. We both operate within the same international system and are vulnerable to common threats such as climate change, nuclear proliferation, pandemics and geopolitical instability. Breakthroughs in bioscience and artificial intelligence are creating risks and opportunities for both countries. These shared interests cannot be ignored in an evaluation of how the U.S. and China should relate to each other.
当今美中关系前所未有。两国都在快速发展，推动技术创新的边界。美国和中国在经济和军事上的相对实力差距，相较于几乎所有其他国家，正逐年扩大。我们都在同一个国际体系内运作，且面临气候变化、核扩散、流行病和地缘政治不稳定等共同威胁。生物科学和人工智能的突破为两国带来了风险和机遇。在评估美中关系时，这些共同利益不容忽视。
Our two countries are in an era of intense and growing rivalry. We each perceive the other as a threat and impediment to achieving our national aims. Both countries have deep cultural and political differences that inform our values and approach to governance.
我们两国正处于一个激烈且日益加剧的竞争时代。我们各自将对方视为实现国家目标的威胁和障碍。两国在文化和政治上存在深刻差异，这些差异影响着我们的价值观和治理方式。
We distrust each other and view the ambitions of the other as the source of increasing rivalry. Our relationship has grown more unstable. Economically, the U.S. and China have different models for value creation and are in competition. Both are a source of tension. Each country is working to immunize itself against overexposure and dependence on the other. Despite efforts to limit our mutual exposure, the American and Chinese economies remain deeply interdependent; trade is nearly $700 billion annually between us. Companies in both countries are entwined through dense webs of global value chains.
我们彼此不信任，将对方的野心视为日益加剧竞争的根源。我们的关系变得更加不稳定。在经济上，美国和中国有不同的价值创造模式，并且处于竞争状态。双方都是紧张局势的来源。每个国家都在努力使自己免受对方过度暴露和依赖的影响。尽管努力限制相互暴露，但美中经济仍然深度相互依存；我们之间的贸易额每年接近 7000 亿美元。两国的公司通过密集的全球价值链网络相互交织。
Asia is the epicenter of U.S.-China rivalry. We have competing visions for the future of the region as we vie for leadership and influence. Our country seeks an Indo-Pacific that remains free from Chinese hegemony. We are deeply invested in Asia, see ourselves as a Pacific country and view the region as an important source of opportunity. We are determined to maintain security and stability – in partnership with our allies and partners. China, by contrast, is determined to return to what it views as its rightful historical role as the dominant and central power in the region. It expects countries in the region to grow more deferential to its core interests, including its territorial claims. Beijing seeks greater freedom of movement in the region, and that means weakening or breaking America’s alliance network and undermining the credibility of America’s commitment to our allies and partners.
亚洲是美中竞争的中心。我们对该地区的未来有着不同的愿景，争夺领导权和影响力。我国寻求一个不受中国霸权影响的印太地区。我们深度投资亚洲，自视为太平洋国家，并将该地区视为重要的机遇来源。我们决心与盟友和伙伴共同维护安全与稳定。相比之下，中国决心回归其视为理所当然的历史地位，成为该地区的主导和核心力量。它期望该地区国家对其核心利益，包括领土主张，表现出更多的顺从。北京寻求在该地区获得更大的行动自由，这意味着削弱或打破美国的联盟网络，破坏美国对盟友和伙伴承诺的可信度。
The competition for influence in the Indo-Pacific is playing out along two axes – economic or national development and security. In my judgment, the U.S. economic model should provide a strong starting point to attract support for our vision of leadership. That means trade agreements. An affirmative U.S. trade agenda is a matter of urgency. However, China is expanding and deepening trade in the region while we are becoming more protectionist.
印太地区的影响力竞争正在沿着两个轴线展开——经济或国家发展与安全。在我看来，美国的经济模式应成为吸引支持我们领导愿景的有力起点。这意味着贸易协定。积极的美国贸易议程刻不容缓。然而，中国正在扩大和深化该地区的贸易，而我们则变得更加保护主义。
“We have a limitless number of opportunities, ambitious objectives, and the balance sheet, people, capability and patience to deliver.”
“我们拥有无限的机会、雄心勃勃的目标，以及实现这些目标所需的资产负债表、人才、能力和耐心。”
At the same time, our military edge in Asia is being challenged. China is making rapid military advances. Our country’s alliances and security partnerships are foundational to our ability to provide deterrence, security and stability in the region. However, we are sending mixed signals about our commitment to our alliance relationships. And we are currently not capable of producing the ships, planes, missiles, munitions and autonomous systems at a speed and scale needed to meet security requirements and commitments made to allies.
同时，我们在亚洲的军事优势正受到挑战。中国正在迅速推进军事发展。我们国家的联盟和安全伙伴关系是我们提供威慑、安全和地区稳定能力的基础。然而，我们对联盟关系的承诺发出了混合信号。目前，我们无法以满足安全需求和对盟友承诺所需的速度和规模生产舰船、飞机、导弹、弹药和自主系统。
Globally speaking, neither America nor China is going away. Neither country is capable of establishing primacy over the other, neither is willing to accept a subordinate role, and neither will succeed in fully immunizing itself from the other. I view our contest for leadership and power as relative, not absolute.
从全球角度来看，美国和中国都不会消失。两国都无法在对方之上确立主导地位，也都不愿接受从属地位，且都无法完全避免彼此的影响。我认为我们之间的领导权和权力竞争是相对的，而非绝对的。
In this environment of intensifying and accelerating rivalry, achieving stability in the first instance is of paramount importance. Leadership will be the key as to how the United States and China relate to each other without conflict. Practically speaking, I am hopeful that President Trump and President Xi meet soon to set the tone and direction for the future development of relations. Both leaders should reaffirm their shared determination to avoid conflict. They should work toward establishing principles and a shared framework for managing tensions. They should set the course for how we define our relationship as it is and what it could be.
在这种日益激烈和加速的竞争环境中，首先实现稳定至关重要。领导力将决定美国和中国如何在不发生冲突的情况下相互关系。实际上，我希望特朗普总统和习近平主席能尽快会面，为未来关系的发展定下基调和方向。两位领导人应重申共同避免冲突的决心，努力建立管理紧张局势的原则和共同框架，明确我们当前关系的定义及其未来可能的发展方向。
Both leaders should instruct their militaries to develop more direct, sustained and substantive channels of communication. This could lower risk and strengthen capacity for managing crises. It also is a first step for advancing discussion on strategic stability, including nuclear issues.
双方领导人应指示各自军队建立更直接、持续且实质性的沟通渠道。这可以降低风险并增强危机管理能力。这也是推动战略稳定讨论（包括核问题）的第一步。
Both countries will need to manage and rebalance our economic relations. At present, China overproduces and under-consumes. America is the inverse. I think both sides should consider returning to the May 2019 draft agreement that preceded the phase one trade deal of January 2020. The former was more comprehensive and ambitious in terms of structural reforms and purchases and could serve as a potential starting point.
两国需要管理和重新平衡我们的经济关系。目前，中国生产过剩且消费不足。美国则相反。我认为双方应考虑回归 2019 年 5 月的草案协议，该协议先于 2020 年 1 月的第一阶段贸易协议。前者在结构性改革和采购方面更全面、更有雄心，可能作为一个潜在的起点。
A Compounder of Long-Term Shareholder Value
长期股东价值的复合增长者
I want to thank my colleagues around the globe and our senior management team for their outstanding contributions last year. They are simply the best in the business – talented, dedicated and driven. Thanks to their individual and collective sacrifices, we continue to build a great and enduring company. I also want to thank our active and supportive Board of Directors, whose commitment and counsel have been essential to our success.
我想感谢全球各地的同事和我们的高级管理团队在过去一年的杰出贡献。他们无疑是业内最优秀的——才华横溢、敬业且充满动力。正是由于他们个人和集体的牺牲，我们才能继续打造一家伟大而持久的公司。我还要感谢我们积极支持的董事会成员，他们的承诺和建议对我们的成功至关重要。
Chubb is a compounder of long-term shareholder value; we are a compelling wealth creation story. I am so optimistic about our future and confident that there are many more chapters ahead of us. We have a limitless number of opportunities, ambitious objectives, and the balance sheet, people, capability and patience to deliver. We have come a long way in the last two decades, and I have no doubt that our best days are ahead of us.
Chubb 是长期股东价值的复合增长者；我们是一个引人注目的财富创造故事。我对我们的未来充满乐观，并且相信我们还有许多篇章等待书写。我们拥有无限的机会、雄心勃勃的目标，以及实现这些目标所需的资产负债表、人才、能力和耐心。过去二十年我们已经走过了很长的路，我坚信我们的最好时光还在前方。
On behalf of the entire organization, thank you for your trust in us.
我谨代表整个组织，感谢您对我们的信任。
Sincerely,
signature
Evan G. Greenberg
Chairman and Chief Executive Officer
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