Chubb Ltd., which was created by Ace Ltd.’s acquisition of Chubb Corp. a year ago, reported fourth-quarter 2016 net income of $1.6 billion, up 135.7% from the same period in 2015, which was the last quarter that Ace reported separate results.

Chubb said the increase included a one-time $113 million pretax benefit related to harmonizing the insurer’s U.S. pension plan after the January 2016 acquisition of Chubb by Ace Ltd. for $29.7 billion.

Consolidated net premiums written for the quarter increased 67.4% to $6.9 billion, Chubb said in a statement. The property/casualty combined ratio was 87.8%, or 87.6% on an “as if” basis, up from 87.3% in the fourth quarter of 2015. The “as if” figure compares with the combined operations before and after the merger.

Total pretax and after-tax catastrophe losses for the quarter were $268 million and $222 million, respectively, Chubb said, compared with $75 million and $67 million, respectively, last year. On an “as if” basis, total pretax and after-tax catastrophe losses for the fourth quarter of 2015 were $159 million and $121 million, respectively.

Evan Greenberg, chairman and CEO, said in a statement that “Chubb had a very good quarter that contributed to a year of great accomplishment in both financial and nonfinancial results.”

“Even with elevated natural catastrophe losses and soft P&C market conditions globally,” Mr. Greenberg said, “our underwriting results in the quarter were … driven by strong performances from our global P&C businesses and our agriculture division, which had an outstanding quarter.”

Political climate of concern

During Wednesday’s conference call with analysts, Mr. Greenberg took time to address the current political climate. Broadly speaking, he said, “we are in a time of uncertainty, economically and geopolitically.”

“On the one hand,” Mr. Greenberg said, “the world is a tense place, marked by growing nationalism and populism that are feeding protectionist sentiment. This is a global phenomenon. I might add that, while early days, I am concerned about our own country’s potential trade and security posture. “

On the other hand, he said that in the United States, “the monetary and fiscal changes afoot around tax, regulation of business, infrastructure and higher interest rates are a real positive for business, jobs and the economy if implemented in a way that doesn’t exacerbate budget deficits.”

“Finally,” he said, “our country’s openness to immigration is fundamental to our identity and history as a nation and vital to our future prosperity. I am 100% for the security of our citizens, but at the same time America is the land of the free. And we are a beacon and place of refuge for those seeking a better safer life for themselves and their families. Shutting our doors to immigration is a mistake.”

Chubb’s full-year net income for 2015 was $4.1 billion, up 45.9% from the previous year. P/C net premiums written increased 65.6% to $26 billion. The P/C combined ratio was 88.7% for the year, or 88% on an “as if” basis, up from 87.5% in 2015.