Chubb ended 2017 in relatively solid shape, challenged by wildfire-related catastrophe costs but buttressed by a one-time gain from the Trump tax cuts.

The insurer booked $1.5 billion in net income, or $3.27 per share, for the 2017 fourth quarter, down from $1.6 billion, or $3.41 per share over the same quarter a year ago.

Chubb’s fourth-quarter combined ratio was at 90.7 compared to 87.8 over the 2016 fourth quarter.

Chubb Chairman and Chief Executive Officer Evan Greenberg noted the insurer made some gains from improved commercial P/C pricing and a one-time gain of $450 million from the tax reform law, though he also admitted challenges from the historic California wildfires. He noted costs from the ACE/Chubb merger in 2017 are largely behind Chubb now.

“With merger-related underwriting actions and their impact on revenue growth largely behind us, a strong economy, both domestic and global, and positive momentum continuing to build for commercial P/C pricing in a number of classes, we are quite optimistic about our prospects for improved premium revenue growth in the year ahead,” Greenberg said in prepared remarks.

Here are highlights from Chubb’s 2017 Q4 and full-year results:

• Consolidated and P/C net premiums written were $7.1 billion and $6.5 billion, respectively, for the quarter, and $29.2 billion and $27.1 billion, respectively, for the year. Excluding merger-related costs, P/C net premiums written were up 3.7 percent for the quarter and 6.3 percent for the year.

• Adjusted net investment income was $873 million pretax for the quarter and a record $3.5 billion pretax for the year, up 3.5 percent and 6.1 percent, respectively, over the same period a year ago.

• Full-year net income of $3.9 billion, or $8.19 per share, included after-tax catastrophe losses of $2.2 billion, or $4.61 per share. Catastrophe losses came from California wildfires and at least three hurricanes that hit in the 2017 second half.

Source: Chubb