Chubb Ltd ( (CB) ) has realeased its Q3 earnings. Here is a breakdown of the information Chubb Ltd presented to its investors.
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Chubb Limited is a global insurance company headquartered in Zurich, Switzerland, providing a wide range of insurance products including property and casualty, personal accident, supplemental health, reinsurance, and life insurance across 54 countries. The company is a component of the S&P 500 index, employing approximately 40,000 people worldwide.
Chubb Limited has reported a strong performance for the third quarter of 2024, with both net income and core operating income per share increasing by over 15%. The company’s insurance underwriting and net investment income have both seen double-digit growth, contributing to an overall increase in net premiums written by 8.5% for property and casualty (P&C) and 10.6% for life insurance on a constant dollar basis.
The company’s key financial metrics for the quarter include a net income of $2.32 billion and core operating income of $2.33 billion. P&C underwriting income rose by 11.7%, with a combined ratio of 87.7%, indicating strong underwriting performance. Life insurance premiums also showed significant growth, particularly in international markets. Despite challenges from catastrophe losses, Chubb’s investment income reached record levels, with a 14.7% increase in pre-tax net investment income.
Chubb’s management has expressed confidence in continued growth, citing favorable underwriting conditions in the P&C sector and robust performance in both North America and international markets. The company remains focused on expanding its operating earnings through strategic growth in P&C and life insurance revenues, maintaining strong underwriting margins, and capitalizing on investment income opportunities.
Looking ahead, Chubb is optimistic about sustaining its growth trajectory, leveraging its extensive global reach and diverse product offerings to navigate the evolving insurance landscape and deliver value to its shareholders.
