Fourth-quarter 2022 net income at Chubb Ltd. was about $1.3 billion, nearly 39 percent lower than the same period the prior year, due to catastrophe losses and results in the company’s agriculture business from a below-average crop year.

The P/C combined ratio for Q4 was still well below 100 at 88 but above the combined ratio of 85.5 recorded during the last three months of 2021. Including Chubb’s North American Agriculture insurance segment, the quarter’s combined ratio was 94.2, including an underwriting loss of $165 million in the segment from a true-up to projected full-year crop insurance results. The Q4 combined ratio for the agriculture business was an unprofitable 117.7 compared to 87.3 for the same time period in 2021.

Chubb booked $323 million in after-tax catastrophe losses in Q4 compared to $245 million the prior year. Chubb’s personal insurance business in North America saw an uptick in the Q4 combined ratio of 17 points to 89.3 due to catastrophe losses from Winter Storm Elliot.

Looking at operating results, consolidated net premiums written during Q4 increased about 12 percent to $10.2 billion, with P/C growth up 9.8 percent on “good contributions from our commercial and consumer businesses, up 10.4 percent and 8.1 percent, respectively,” said CEO Evan G. Greenberg.

“Pricing conditions in commercial P/C remain favorable, the vast majority of our portfolio is achieving good risk-adjusted returns, and we are staying on top of loss cost inflation,” Greenberg added. “On the consumer side, premiums in our North America personal lines business grew a very strong 6 percent in the quarter, with our core high-net-worth segments up 12.5 percent.”

For the full year, net income was down 37.8 percent compared to 2021, to about $5.3 billion. The P/C combined ratio was 87.6 compared to 89.1 in 2021.