Chubb has reported a record after-tax profit of $US9.95 billion ($14 billion) for last year, with double-digit growth in both property and life.

“We had a great quarter and a great year,” chairman and CEO Evan Greenberg said. “Our full-year results in virtually every category were the best in our company’s history.”

Property and casualty underwriting income rose 12%, with a record low combined operating ratio of 85.7%.

Life insurance income was up 13% and investment income rose 9%.

The strong result came despite last year’s California wildfires pushing catastrophe losses up slightly to $US2.92 billion ($4.1 billion).

Mr Greenberg says commercial insurance is becoming more competitive, but “we see many opportunities for growth given our broad diversification by geography, product, commercial and consumer customer segments, and distribution channel”.

Total net income for the year was up 11% to $US10.3 billion ($14.7 billion). Property and casualty net written premium grew 5% to $US47.6 billion ($68 billion) and life insurance net premium rose 15% to $US7.28 billion ($10.4 billion).