Log In

Reset Password
BERMUDA | RSS PODCAST

Chubb reports record nine-month profit of $6.7bn

Chubb CEO Evan Greenberg has reported record results (File photograph)

Chubb’s latest earnings report reveals that in the first nine months, net income and core operating income were a record $6.7 billion and $6.75 billion, up 16.9 per cent and 13.8 per cent, respectively.

The firm also reported net income of $2.32 billion in the third quarter, up 13.8 per cent, and core operating income of $2.33 billion, up 14.3 per cent.

On a per share basis, year-to-date net income and core operating income of $16.38 and $16.50 were records, and up 18.8 per cent and 15.6 per cent, respectively.

Evan Greenberg, the chairman and chief executive of Chubb Limited, called the quarter “outstanding”, and said it had contributed to record year-to-date results.

“Core operating income and EPS were up 14.3 per cent and 15.6 per cent, respectively, in the quarter, supported by double-digit growth in both P&C underwriting and investment income,” he said. “Core operating income and EPS for the year are up 13.8 per cent and 15.6 per cent.”

He said for the year they had produced record underwriting and investment income. Book and tangible book value per share were up 11.1 per cent and 16.7 per cent year-to-date, and Chubb’s core operating ROE was 13.6 per cent.

“Our P&C underwriting results in the quarter were excellent, with strong contributions from all divisions, though it was an active quarter for industry-wide catastrophe losses,” Mr Greenberg said. “We published a combined ratio of 87.7 per cent with P&C underwriting income up over 11.5 per cent.”

He said on an ex-CAT current accident year basis, underwriting income of $2 billion led to a world-class combined ratio of 83.4 per cent. On the other side of the balance sheet, they managed an invested asset of $151 billion and generated adjusted investment income in excess of $1.6 billion, up nearly 16 per cent.

For the quarter, they also had strong premium revenue results in their North America P&C, international P&C, and life insurance divisions.

Global P&C net premiums written, which excludes agriculture, grew 7.6 per cent, or 8.5 per cent in constant dollars, with commercial premiums up more than 8 per cent and consumer up 9.4 per cent, while life insurance premiums were up 10.6 per cent.

Mr Greenberg said commercial P&C underwriting conditions globally, including North America, financial lines aside, were favourable in both property and casualty.

“In fact, our property and casualty pricing in aggregate in North America, led by rate, improved over prior quarter and pricing is ahead of loss-cost inflation,” he said.

“In our consumer P&C operations, underwriting and growth conditions are attractive, and we grew both our North America high-net-worth and international personal lines businesses at a double-digit pace in constant dollars.”

You must be Registered or to post comment or to vote.

Published October 29, 2024 at 7:10 pm (Updated October 29, 2024 at 9:06 pm)

Chubb reports record nine-month profit of $6.7bn

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon