Chubb Ltd (NYSE:CB) stock fell 4.99% (As on February 19, 11:50:32 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Consolidated net premiums written were $10.2 billion, up 11.9%, or 16.0% in constant dollars. P&C net premiums written were up 5.9%, or 9.8% in constant dollars, with commercial lines up 10.4% and consumer/personal lines up 8.1%. North America was up 9.7%, with growth of 10.8% in commercial lines and 5.9% in personal lines, and Overseas General was down 1.3%, or up 9.7% in constant dollars, with growth of 9.4% in commercial lines and 10.3% in consumer lines. While unfavorable foreign currency movement negatively impacted premium growth in the quarter, the weakening of the U.S. dollar, which reached a 20-year high in September 2022, will benefit growth in the future. Global P&C current accident year underwriting income excluding catastrophe losses was a record $1.49 billion, up 13.9%, leading to a record combined ratio of 82.9% on the same basis compared with 84.1% prior year. Fourth quarter Life Insurance net premiums written increased 92.0%, or 100.8% in constant dollars, to $1.21 billion. Growth came predominantly from the company’s international life insurance division, driven by the acquisition of the Cigna Asian business in the third quarter. Fourth quarter pre-tax net investment income was $1.05 billion, up 24.8%, and adjusted net investment income was $1.12 billion, up 23.6%. Both were records.

CB in the fourth quarter of FY 22 has reported the adjusted earnings per share of $4.05, missing the analysts’ estimates for the adjusted earnings per share of $4.26. The company had reported the adjusted revenue of $10.23 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $9.65 billion.

Moreover, consolidated net premiums, P&C and life together, increased 12% in the quarter, or 16% in constant dollars, to $10.2 billion. P&C premium growth of 9.8% was broad-based globally with good contributions from our commercial and consumer businesses, up 10.4% and 8.1%, respectively. Life premiums, reflecting the addition of the Cigna Asia business, were up over 100%. In P&C, North America grew 9.7%, and so did Overseas General in constant dollars while declining 1.3% on a published basis, impacted by the strongest U.S. dollar in 20 years. Operating cash flow was $2.65 billion for the quarter.

Additionally, total capital returned to shareholders in the quarter was $544 million, including share repurchases of $199 million at an average purchase price of $221.67 per share, and dividends of $345 million.