NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Chubb (NYSE: CB) today announced two appointments that enhance the company's leadership structure in Latin America.Recognizing fast-moving developments and opportunities across the region, Chubb named Mario Romanelli as Regional President South America and Diego Sosa as Regional President Northern Latin America. Effective immediately, both Mario and Diego will report to Paul McNamee, Executive Vice President, Chubb Group and President, Chubb Overseas General.Romanelli ...

Chubb CB reported stronger-than-expected earnings for the third quarter on Tuesday. The company posted quarterly earnings of $5.72 per share which beat the analyst consensus estimate of $4.98 per share. The company reported quarterly sales of $12.28 billion which missed the analyst consensus estimate of $12.54 billion. Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented, "We had an outstanding quarter which contributed to record year- to-date results. Core operating income an ...

Financial Performance - Net income attributable to Chubb was $2.3 billion, up 21.9% from $2.0 billion in the prior year period, driven by strong underwriting results and record net investment income [205]. - Consolidated net premiums written were $13.8 billion, an increase of 5.5%, or 6.6% in constant dollars, with commercial insurance up 5.1% and consumer insurance up 9.4% [206]. - Total revenues increased to $14.8 billion, up 7.2% from $13.9 billion in the prior year [204]. - Operating cash flow was $4.3 billion, down from $4.7 billion in the prior year period [211]. - The total consolidated net premiums earned increased by $3.4 billion, or 10.2%, for the nine months ended September 30, 2024, compared to the same period last year [217]. - The company reported a favorable PPD adjustment of $643 million, contributing positively to net premiums earned [303]. - The company anticipates continued growth in net premiums earned, driven by strategic market expansions and product innovations [304]. Investment Income - Pre-tax net investment income reached a record $1.5 billion, a 14.7% increase from $1.3 billion in the prior year period, primarily due to strong operating cash flow and higher reinvestment rates [207]. - Net investment income increased by 14.7% to $1,508 million for the three months ended September 30, 2024, and by 22.5% to $4,367 million for the nine months ended September 30, 2024, primarily due to higher reinvestment rates on fixed maturities and the consolidation of Huatai Group [310]. - The total mark-to-market gain on private equity was $170 million for the three months ended September 30, 2024, compared to $90 million for the same period in 2023 [312]. Catastrophe Losses - Total pre-tax catastrophe losses were $765 million, contributing 6.4 percentage points to the P&C combined ratio, compared to $670 million and 6.0 percentage points in the prior year [208]. - Catastrophe losses for the three months ended September 30, 2024, were $765 million, compared to $670 million in the same period last year, primarily due to severe weather-related events [219]. - Catastrophe losses for Q3 2024 were $340 million, compared to $246 million in Q3 2023, with significant losses attributed to flooding, hail, tornadoes, and winter storms [234]. Combined Ratio - The P&C combined ratio improved to 87.7% from 88.4% in the prior year, with the current accident year combined ratio excluding catastrophe losses at 83.4% [210]. - The combined ratio for Q3 2024 was 86.5%, up from 84.2% in Q3 2023, reflecting higher catastrophe losses and lower favorable prior period development [238]. - The combined ratio for Q3 2024 was 94.4%, an increase from 81.3% in Q3 2023, primarily due to higher catastrophe losses [266]. Policy Benefits and Premiums - Policy benefits rose to $1.1 billion, a 17.1% increase from $938 million in the prior year [210]. - Life insurance premiums increased by 6.8% to $1.6 billion for the three months ended September 30, 2024, driven by strong growth in Asia and the consolidation of Huatai Group's life business [213][215]. - Policy benefits increased to $1,099 million for Q3 2024, up from $938 million in Q3 2023, and $3,498 million for the nine months ended September 30, 2024, compared to $2,565 million in the same period of 2023, primarily due to the consolidation of Huatai Group [229]. Shareholder Equity and Dividends - Chubb's shareholders' equity increased by $4.7 billion in the quarter, driven by net income of $2.3 billion and net unrealized gains of $3.3 billion from the investment portfolio, partially offset by $782 million returned to shareholders [212]. - The annual dividend approved in May 2024 was $3.64 per share, representing a $0.20 per share increase over the prior year dividend [347]. Acquisitions and Consolidation - The company completed the acquisition of a controlling majority interest in Huatai Group on July 1, 2023, with its results included in the consolidated results from the acquisition date [203]. - The Life Insurance segment now includes 100% of Huatai Group's life and asset management business effective July 1, 2023, impacting overall results [273]. Debt and Financing - Total financial debt increased to $16.131 billion as of September 30, 2024, compared to $14.495 billion at December 31, 2023, reflecting a rise in long-term debt from $13.035 billion to $14.560 billion [342]. - Cash used for financing decreased to $0.1 billion in the nine months ended September 30, 2024, from $3.3 billion in the prior year, primarily due to net proceeds from long-term debt issuance [354]. Risk Management - The company actively manages catastrophe risk accumulation and utilizes sophisticated modeling techniques to assess potential losses [333]. - The U.S. hurricane modeled losses for a 1-in-100 return period could exceed $3,786 million, or 5.8% of total Chubb shareholders' equity [335]. Operational Efficiency - The loss and loss expense ratio for the P&C segment was 62.9%, reflecting a slight improvement from the previous year [304]. - Administrative expenses increased by $6 million (6.5%) for the three months and by $20 million (7.0%) for the nine months ended September 30, 2024, primarily due to increased spending on digital growth initiatives [282].

Financial Data and Key Metrics Changes - Core operating EPS growth exceeded 15.5% for the quarter, with core operating income reaching $2.3 billion, up 14.3% [6][7] - Global P&C premium revenue grew 7.6%, or 8.5% in constant dollars, reflecting strong contributions from various business segments [6][13] - Net and operating income for the year increased by 16.9% and 13.8% respectively, with record levels achieved [7][29] - The published combined ratio for the quarter was 87.7%, with P&C underwriting income of $1.5 billion, up over 11.5% [8][9] Business Line Data and Key Metrics Changes - Life insurance segment income was $284 million, ahead of plan, with annualized core operating ROE for the quarter at 13.9% [12] - North America P&C premiums excluding agriculture increased by 7.8%, with personal insurance growing by 10% and commercial by 7.2% [16] - International general insurance operations saw net premiums up 4.9%, or 7.5% in constant dollars, with Asia Pacific leading growth at 9.2% [23][24] Market Data and Key Metrics Changes - Commercial premiums increased by 8.1%, while consumer premiums rose by 9.4% [13] - Life premiums grew 10.6% in constant dollars, with international life growing by 10% and North America by 15% [14] - The property book is well-priced, with terms and conditions remaining steady, while casualty pricing in North America was up 12.7% [20][22] Company Strategy and Development Direction - The company aims to continue growing operating earnings and EPS at a superior rate, focusing on P&C revenue growth, investment income, and life income [28] - Management emphasized the importance of risk selection and pricing in maintaining competitive advantages in the underwriting market [36] - The company is confident in its ability to reinvest cash flows at rates that will enhance overall portfolio yield [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that loss cost inflation remains steady and is accounted for in pricing and reserving [15] - The company expects the Fed to take a cautious approach to lowering rates, which will support future reinvestment rates [10] - Management expressed confidence in the ability to navigate competitive pressures, particularly in the London wholesale market [65] Other Important Information - The company returned $782 million to shareholders in the quarter, including $413 million in share repurchases and $369 million in dividends [30] - Adjusted net investment income for the quarter was $1.64 billion, with a fixed income portfolio yield of 4.9% [10][29] - The company issued $700 million of 5-year debt and $600 million of 10-year debt at an attractive average cost of under 5% [30] Q&A Session Summary Question: North America commercial growth expectations - Management refrained from providing specific guidance but indicated confidence in continued growth due to strong new business and retention rates [35][36] Question: Impact of competition in London on international growth - Management clarified that London wholesale business is only 10% of international operations, with strong growth expected from Asia and other regions [37][38] Question: Expectations for property lines amid hurricane activity - Management noted that pricing remains firm and continues to increase due to active weather events [41] Question: Details on adverse development in casualty - Adverse development was primarily from general casualty, with mixed results across long-tail classes [42] Question: Outlook for troubled classes in North America commercial - Management indicated that there are still a few quarters to go before fully addressing troubled classes, but the impact is not significant relative to total premiums [44][45] Question: Casualty pricing dynamics and adequacy - Management emphasized that pricing varies by area and that the majority of their portfolio is adequately priced [68][90] Question: Growth in invested asset base - Management confirmed that the growth in the invested asset base is driven by overall business growth and strong margins [71] Question: Financial lines premium performance - Management stated that they are not writing business unless it is profitable, indicating a focus on maintaining profitability in D&O and other financial lines [73]

Chubb Limited (CB) reported third-quarter 2024 core operating income of $5.72 per share, which beat the Zacks Consensus Estimate by 16%. The bottom line increased 15.6% year over year. Chubb's results reflect strong performance in North America P&C, Overseas General and Life Insurance divisions, solid underwriting income and improved investment income, partially offset by a higher level of catastrophe. Quarter in Detail Net premiums written improved 5.5% year over year to $13.8 billion in the quarter. Our e ...

Chubb (CB) reported $15.01 billion in revenue for the quarter ended September 2024, representing a year-overyear increase of 6.6%. EPS of $5.72 for the same period compares to $4.95 a year ago. The reported revenue represents a surprise of -1.56% over the Zacks Consensus Estimate of $15.25 billion. With the consensus EPS estimate being $4.93, the EPS surprise was +16.02%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

Chubb (CB) reported $15.01 billion in revenue for the quarter ended September 2024, representing a year-overyear increase of 6.6%. EPS of $5.72 for the same period compares to $4.95 a year ago. The reported revenue represents a surprise of -1.56% over the Zacks Consensus Estimate of $15.25 billion. With the consensus EPS estimate being $4.93, the EPS surprise was +16.02%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

Chubb (CB) came out with quarterly earnings of $5.72 per share, beating the Zacks Consensus Estimate of $4.93 per share. This compares to earnings of $4.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.02%. A quarter ago, it was expected that this insurer would post earnings of $5.04 per share when it actually produced earnings of $5.38, delivering a surprise of 6.75%.Over the last four quarters, the company has surpassed ...

Financial Performance - Chubb Limited reported net premiums written of $13,829 million for the quarter ended September 30, 2024, representing a 5.5% increase from $13,104 million in the same quarter of 2023[4]. - The company achieved a core operating income of $2,334 million, up 14.3% from $2,041 million year-over-year[4]. - Chubb's net income for the quarter was $2,324 million, a 13.8% increase from $2,043 million in the previous year[4]. - The company reported a diluted earnings per share of $5.70, which is a 15.2% increase from $4.95 in the same quarter of 2023[4]. - The effective tax rate for the quarter was 17.7%, slightly higher than the 16.8% reported in the same quarter last year[4]. - The company reported net realized gains of $198 million in Q3 2024, up from $104 million in Q2 2024[5]. - The company reported a net income of $2,324 million for Q3 2024, up from $2,043 million in Q3 2023, reflecting a year-over-year increase of 13.7%[39]. Underwriting Performance - The P&C combined ratio improved to 87.7%, down from 88.4% in the same quarter last year, indicating better underwriting performance[4]. - Chubb's P&C underwriting income was $1,457 million, reflecting an 11.7% increase from $1,305 million year-over-year[4]. - The combined ratio for Q3 2024 improved to 86.5%, compared to 84.2% in Q3 2023, indicating a slight deterioration in underwriting performance[11][12]. - The loss and loss expense ratio for Q3 2024 was 63.1%, an increase from 60.6% in Q2 2024[6]. - The CAY combined ratio excluding catastrophes for Q3 2024 was 80.8%, compared to 84.0% in Q3 2023, showing an improvement in operational efficiency[11][12]. Premiums and Revenue - Life Insurance net premiums written increased by 6.8% to $1,552 million, compared to $1,452 million in the prior year[4]. - Gross premiums written for Q3 2024 reached $16,761 million, an increase from $16,491 million in Q2 2024 and $14,425 million in Q1 2024[5]. - Total consolidated premiums reached $13.829 billion in Q3 2024, a 5.5% increase from $13.104 billion in Q3 2023[10]. - Total net premiums written for Q3 2024 reached $13,829 million, an increase from $13,104 million in Q3 2023, representing a growth of 5.5% year-over-year[11][12]. Investment Income - Adjusted net investment income rose to $1,640 million, reflecting a 15.9% increase compared to $1,415 million in the prior year[4]. - Adjusted net investment income for Q3 2024 was $1,640 million, up from $1,415 million in Q3 2023, reflecting a growth of 15.9% year-over-year[11][12]. - The investment portfolio's total market value reached $153,327 million as of September 30, 2024, compared to $146,304 million in June 2024, marking a growth of 4.4%[25]. Expenses - Policy acquisition costs in Q3 2024 were $2,324 million, an increase from $2,226 million in Q2 2024 and $2,207 million in Q1 2024[5]. - Administrative expenses for Q3 2024 remained stable at $1,094 million, consistent with Q2 2024[5]. - The company reported total administrative expenses for Q3 2024 were $104 million, up from $99 million in Q2 2024[22]. Assets and Liabilities - Total assets increased to $250.557 billion as of September 30, 2024, up from $238.551 billion in June 2024, representing a 5.3% increase[8]. - Total liabilities increased to $180.437 billion as of September 30, 2024, compared to $173.976 billion in June 2024, marking a 7.9% increase[8]. - The company reported a total financial debt of $16,131 million as of September 30, 2024, an increase from $14,731 million in June 30, 2024[34]. Market and Economic Conditions - The average market yield of fixed income investments decreased to 5.2% in September 2024 from 5.9% in June 2024[25]. - The company emphasizes the importance of non-GAAP measures for understanding overall results, despite their differing definitions across companies[37]. - Future outlook includes a focus on enhancing underwriting performance and managing market risks effectively[37].

Core Viewpoint - Analysts forecast a quarterly earnings per share (EPS) of $4.92 for Chubb, indicating a year-over-year decline of 0.6%, while revenues are expected to reach $15.24 billion, reflecting an increase of 8.2% compared to the previous year [1] Financial Estimates - The consensus estimate for 'Net Premiums written - North America Personal Lines' is projected at $1.67 billion, showing a year-over-year increase of 9.5% [2] - Analysts anticipate 'Net investment income - Overseas General' to be $286.89 million, representing a year-over-year growth of 15.7% [2] - The estimate for 'Global Reinsurance - Net investment income' is $56.31 million, indicating a year-over-year increase of 19.8% [2] Key Ratios - 'Net Premiums written - P&C' is expected to reach $12.61 billion, reflecting an 8.2% increase from the prior year [3] - The 'Loss and loss expense ratio' is projected at 64.7%, up from 60.1% in the previous year [3] - The estimated 'Combined ratio' is 89.6%, compared to 87.6% a year ago [3] - The 'North America Agricultural Insurance - Combined ratio' is expected to be 89.5%, down from 93.2% in the previous year [3] - The 'North America Agricultural Insurance - Loss and loss expense ratio' is forecasted at 84.0%, compared to 88.1% last year [3] - 'North America Commercial P&C Insurance - Combined ratio' is expected to be 86.6%, up from 84.2% in the same quarter last year [3][4] - The 'North America Commercial P&C Insurance - Loss and loss expense ratio' is projected at 66.3%, compared to 63.9% in the previous year [4] - The 'Overseas General Insurance - Combined ratio' is expected to be 88.1%, compared to 87% last year [4] - The 'Overseas General Insurance - Loss and loss expense ratio' is projected at 52.3%, slightly up from 52.1% in the previous year [4] Stock Performance - Chubb shares have increased by 1.6% over the past month, slightly outperforming the Zacks S&P 500 composite, which rose by 1.5% [4]