Chubb (CB) Q4 FY2021 earnings: revenue $10.5 billion, up 6.4% on the year

Chubb Ltd. (CB) reported revenue of $10.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.4% on the same quarter a year earlier. Net income was $2.1 billion, down 11.5% on the year, and diluted earnings per share $4.96. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$10.5 billion

+6.4% on the year · -3.3% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

24.3%

27.9% a year earlier

Q1 FY2020Q4 FY2021

Net income

$2.1 billion

-11.5% on the year · +16.8% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$4.96

-7.1% on the year · +18.7% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	10,483	10,845	9,848	-3.3%	+6.4%
Operating income	2,545	2,051	2,752	+24.1%	-7.5%
Operating margin	24.3%	18.9%	27.9%
Pre-tax income	2,545	n/a	n/a
Income tax	404	n/a	n/a
Effective tax rate	15.9%	n/a	n/a
Net income	2,141	1,833	2,418	+16.8%	-11.5%
Net margin	20.4%	n/a	n/a
Diluted EPS	$4.96	$4.18	$5.34	+18.7%	-7.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	2,600	n/a	n/a
Cash from investing	-2,908	n/a	n/a
Cash from financing	396	n/a	n/a
Buybacks	920	n/a	n/a
Dividends paid	345	n/a	n/a
Diluted shares, weighted	443m	438m	453m	+1.1%	-2.3%
Shares outstanding at period end	427m	431m	451m	-1.0%	-5.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	59,714	59,318	59,441	+0.7%	+0.5%
Short-term borrowings	999	n/a	n/a
Debt	15,169	14,823	14,948	+2.3%	+1.5%
Other liabilities	124,172	n/a	n/a
Total liabilities and equity	200,054	n/a	n/a
Fixed assets	2,000	n/a	n/a
Goodwill	15,213	n/a	n/a
Intangible assets	5,455	n/a	n/a
Securities held for sale or to maturity	103,261	n/a	n/a
Cash and equivalents	1,659	1,620	1,747	+2.4%	-5.0%
Other assets	72,466	n/a	n/a
Total assets	200,054	n/a	n/a

Questions

What was Chubb's revenue in Q4 FY2021?

Chubb (CB) reported revenue of $10.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 6.4% on the same quarter a year earlier.

How much did Chubb earn in Q4 FY2021?

Net income for Q4 FY2021 was $2.1 billion, down 11.5% on the year, and diluted earnings per share $4.96.

When did Chubb report Q4 FY2021 results?

Chubb filed its 10-K for the year that ended with the quarter on 24 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	10,483	9,631	9,901	12,130	11,426	11,057	11,833	13,853	12,992	12,894	13,835	14,849	14,175	13,353	14,836	16,148	15,065	14,773	15,816	16,195
Operating income	2,545	2,306	1,468	1,077	1,625	2,276	2,185	2,453	2,612	2,636	2,706	2,994	3,119	1,664	3,716	3,894	3,770	2,993	3,624	3,402
Operating margin	24%	24%	15%	9%	14%	21%	18%	18%	20%	20%	20%	20%	22%	12%	25%	24%	25%	20%	23%	21%
Interest expense	n/a	132	134	150	154	160	165	174	173	178	182	192	189	181	181	197	205	198	200	204
Pre-tax income	2,545	2,306	1,481	1,055	1,654	2,276	2,185	2,453	2,612	2,636	2,706	2,994	3,119	1,664	3,716	3,894	3,770	2,993	3,624	3,402
Tax rate	16%	15%	20%	25%	21%	17%	18%	17%	-26%	13%	18%	17%	15%	19%	19%	20%	16%	22%	20%	20%
Net income	2,141	1,953	1,190	792	1,312	1,892	1,793	2,043	3,300	2,143	2,230	2,324	2,575	1,331	2,968	2,801	3,210	2,320	2,854	2,844
Net margin	20%	20%	12%	7%	11%	17%	15%	15%	25%	17%	16%	16%	18%	10%	20%	17%	21%	16%	18%	18%
Diluted EPS	$4.96	$4.55	$2.80	$1.89	$3.13	$4.53	$4.32	$4.95	$8.03	$5.23	$5.46	$5.70	$6.33	$3.29	$7.35	$6.99	$8.10	$5.88	$7.30	$7.30
Operating cash flow	2,600	2,440	2,720	3,432	2,651	2,251	2,515	4,680	3,186	3,220	4,079	4,318	4,565	1,566	3,551	3,639	4,060	3,947	3,730	6,071
Buybacks	920	1,001	1,126	656	111	545	722	581	563	404	652	295	450	691	746	1,086	1,171	1,174	1,062	1,040
Dividends paid	345	341	340	349	345	345	343	356	350	349	349	371	367	366	365	390	384	380	379	398
Shares outstanding	427m	424m	418m	415m	415m	414m	411m	408m	405m	406m	404m	403m	401m	401m	399m	394m	391m	388m	386m	383m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 24 February 2022: the filing.