Chubb Reports First Quarter Per Share Net Income and Core Operating Income of $5.23 and $5.41, Up 15.5% and 22.7%, Respectively; Consolidated Net Premiums Written of $12.2 Billion, Up 14.1%, with P&C Up 12.4% and Life Insurance Up 26.3%; P&C Combined Ratio of 86.0%
- Net income increased by 13.3% to $2.14 billion, while core operating income rose by 20.3% to $2.22 billion.
- Consolidated net premiums written were $12.2 billion, with P&C up 12.4% and Life Insurance up 26.3%.
- P&C underwriting income saw a 15.4% increase to $1.40 billion, with a combined ratio of 86.0%.
- Pre-tax net investment income surged by 25.7% to $1.39 billion, leading to an annualized return on equity of 14.3%.
- Chubb's global P&C premiums grew by 13.3%, with commercial lines up 11.1% and consumer lines up 19.3%.
- North America experienced a 10.1% growth in premiums, while international regions like Asia and Latin America saw significant increases.
- Life Insurance net premiums written and deposits collected were $2.23 billion, up 39.4% from the previous year.
- Chubb's strong financial performance in the first quarter showcased double-digit premium revenue growth and solid underwriting margins.
- Annualized core operating return on tangible equity (ROTE) stood at 21.9%, reflecting Chubb's robust financial position and operational efficiency.
- None.
Insights
The reported increase in net income to $2.14 billion, up 13.3% and the surge in core operating income to $2.22 billion, up 20.3%, are significant indicators of Chubb's financial health and efficiency. Particularly noteworthy is the annualized return on equity (ROE) of 14.3%, which, although slightly down from 14.6% the previous year, still demonstrates strong profitability. The combined ratio of 86.0% for the property and casualty (P&C) sector is a critical metric, as it is below 100%, indicating profitable underwriting activity. A decrease in the combined ratio generally signifies improved profitability, which is reflected in the 15.4% increase in P&C underwriting income.
From an investment perspective, the robust growth of pre-tax net investment income by 25.7% suggests that Chubb's investment strategies are yielding favorable returns, bolstering overall earnings. However, investors should account for the after-tax net realized and unrealized losses of $622 million in the investment portfolio, impacted by market volatility, particularly within the fixed-income portfolio. This aspect could raise concerns about future investment income sensitivity to market fluctuations.
Chubb's double-digit growth in premiums across various sectors, including a 12.4% rise in P&C and 26.3% in Life Insurance, underscores a robust expansion strategy and market penetration. The global distribution of growth, with notable increases in North America and overseas markets such as Asia and Latin America, reflects a balanced and diversified portfolio, reducing the company's exposure to risks specific to single markets or regions. The substantial 34.7% growth in Asia for P&C premiums signifies a strategic foothold in emerging markets, presenting opportunities for future growth, given the increasing demand for insurance products in these regions.
On the consumer side, a 19.3% increase in consumer insurance premiums suggests effective targeting of end-users, a critical component as consumer preferences evolve and demand more personalized insurance products. This is especially pertinent for retail investors looking for companies with strong customer-oriented growth. The rise in Chubb's personal insurance premiums by 12.3% in North America indicates a strong performance in a competitive sector and may signify a robust consumer base and high renewal rates.
Chubb's reported increases in premiums and underwriting income are supported by wider market trends in both commercial and consumer insurance, suggesting a proactive response to market demands and successful acquisition of market share. For instance, the upswing in commercial insurance premiums by 11.1% reflects the company's capacity to capitalize on economic recovery and new business opportunities, which might be attributed to increased risk awareness in the post-pandemic business environment.
Long-term investors should take note of the company's focus on enduring quality and well-balanced sources of earnings. Growth driven by both underwriting and investment income provides a more stable earnings base than relying heavily on either. This stability is attractive in an environment where uncertainty can affect either market-dependent investment returns or underwriting profits impacted by unforeseen claim events.
- Net income was
$2.14 billion 13.3% , and core operating income was$2.22 billion 20.3% . - Net income and core operating income were impacted modestly by two one-time items: an incremental deferred tax benefit of
$55 million $0.14 Bermuda tax law enacted in December 2023, partially offset by a contribution to the Chubb Charitable Foundation of$30 million $24 million $0.06 - Global P&C net premiums written, which excludes Agriculture, were up
13.3% , with commercial insurance up11.1% and consumer insurance up19.3% .North America was up10.1% , including growth of12.3% in personal insurance and9.4% in commercial insurance. Overseas General was up17.5% , with growth of27.1% in consumer insurance and12.2% in commercial insurance;Asia ,Latin America , andEurope were up34.7% ,17.5% , and8.6% , respectively. - P&C underwriting income was
$1.40 billion 15.4% , with a combined ratio of86.0% . P&C current accident year underwriting income excluding catastrophe losses was$1.63 billion 10.3% , with a combined ratio of83.7% . - Life Insurance net premiums written were
$1.63 billion 26.3% , and segment income was$268 million 9.8% . Life Insurance net premiums written and deposits collected were$2.23 billion 39.4% . - Pre-tax net investment income was
$1.39 billion 25.7% , and adjusted net investment income was$1.48 billion 23.5% . - Annualized return on equity (ROE) was
14.3% . Annualized core operating return on tangible equity (ROTE) was21.9% and annualized core operating ROE was13.7% .
Chubb Limited | |||||||
First Quarter Summary | |||||||
(in millions of | |||||||
(Unaudited) | |||||||
(Per Share) | |||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||
Net income | 13.3 % | 15.5 % | |||||
Adjusted net realized (gains) losses and other, net of tax | 94 | (165) | NM | 0.23 | (0.40) | NM | |
Market risk benefits (gains) losses, net of tax | (21) | 115 | NM | (0.05) | 0.28 | NM | |
Core operating income, net of tax | 20.3 % | 22.7 % | |||||
Annualized return on equity (ROE) | 14.3 % | 14.6 % | |||||
Core operating return on tangible equity (ROTE) | 21.9 % | 19.4 % | |||||
Core operating ROE | 13.7 % | 12.6 % | |||||
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We began the year with a simply excellent quarter. Core operating income was up double-digit, driven by P&C underwriting income up over
"Core operating income and EPS were up over
"Total company net premiums written increased over
"
"The P&C underwriting environment in
"In our Overseas General division, both our consumer and commercial businesses performed well in the quarter.
"In sum, we had a very strong start to the year. Looking forward, we are confident in our ability to continue growing operating earnings at a rapid pace through P&C revenue growth and underwriting margins, investment income, and life income."
Operating highlights for the quarter ended March 31, 2024 were as follows:
Chubb Limited | Q1 | Q1 | |||
(in millions of | 2024 | 2023 | Change | ||
Consolidated | |||||
Net premiums written (increase of | $ | 12,221 | $ | 10,710 | 14.1 % |
P&C | |||||
Net premiums written (increase of | $ | 10,588 | $ | 9,417 | 12.4 % |
Underwriting income | $ | 1,400 | $ | 1,213 | 15.4 % |
Combined ratio | 86.0 % | 86.3 % | |||
Current accident year underwriting income excluding catastrophe losses | $ | 1,628 | $ | 1,475 | 10.3 % |
Current accident year combined ratio excluding catastrophe losses (1) | 83.7 % | 83.4 % | |||
Global P&C (excludes Agriculture) | |||||
Net premiums written (increase of | $ | 10,339 | $ | 9,124 | 13.3 % |
Underwriting income | $ | 1,344 | $ | 1,212 | 10.9 % |
Combined ratio | 86.3 % | 86.1 % | |||
Current accident year underwriting income excluding catastrophe losses | $ | 1,597 | $ | 1,450 | 10.2 % |
Current accident year combined ratio excluding catastrophe losses (1) | 83.8 % | 83.4 % | |||
Life Insurance | |||||
Net premiums written (increase of | $ | 1,633 | $ | 1,293 | 26.3 % |
Segment income (increase of | $ | 268 | $ | 244 | 9.8 % |
(1) | A large structured transaction written in North America Major Accounts in the current quarter adversely impacted both the P&C and Global P&C ratios by 0.3 percentage points. | |||||
- Consolidated net premiums earned increased
14.2% , or14.5% in constant dollars. P&C net premiums earned increased12.3% , or12.2% in constant dollars. - Operating cash flow was
$3.22 billion $3.62 billion - Total pre-tax and after-tax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, were
$435 million $347 million $458 million $382 million - Total pre-tax and after-tax favorable prior period development were
$207 million $168 million $196 million $149 million - Total capital returned to shareholders was
$666 million $316 million $258.75 $350 million - During the quarter, the company increased its ownership in Huatai Group with the closing of incremental interests totaling approximately
9% , bringing the company's aggregate interest in Huatai Group to approximately85.5% at March 31, 2024.
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2024 are presented below:
Chubb Limited | Q1 | Q1 | ||||
(in millions of | 2024 | 2023 | Change | |||
Total North America P&C Insurance | ||||||
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance) Net premiums written | $ | 6,394 | $ | 5,877 | 8.8 % | |
Combined ratio | 85.6 % | 86.1 % | ||||
Current accident year combined ratio excluding catastrophe losses | 81.4 % | 81.1 % | ||||
North America Commercial P&C Insurance | ||||||
Net premiums written | $ | 4,689 | $ | 4,288 | 9.4 % | |
Major accounts retail and excess and surplus (E&S) wholesale | $ | 2,779 | $ | 2,483 | 11.9 % | |
Middle market and small commercial | $ | 1,910 | $ | 1,805 | 5.9 % | |
Combined ratio | 85.9 % | 83.2 % | ||||
Current accident year combined ratio excluding catastrophe losses | 82.0 % | 81.2 % | ||||
North America Personal P&C Insurance | ||||||
Net premiums written | $ | 1,456 | $ | 1,296 | 12.3 % | |
Combined ratio | 87.4 % | 93.9 % | ||||
Current accident year combined ratio excluding catastrophe losses | 79.3 % | 80.6 % | ||||
North America Agricultural Insurance | ||||||
Net premiums written | $ | 249 | $ | 293 | (15.0) % | |
Combined ratio | 56.6 % | 99.2 % | ||||
Current accident year combined ratio excluding catastrophe losses | 81.6 % | 83.9 % | ||||
Overseas General Insurance | ||||||
Net premiums written (increase of | $ | 3,835 | $ | 3,263 | 17.5 % | |
Commercial P&C (increase of | $ | 2,348 | $ | 2,093 | 12.2 % | |
Consumer P&C (increase of | $ | 1,487 | $ | 1,170 | 27.1 % | |
Combined ratio | 83.8 % | 84.0 % | ||||
Current accident year combined ratio excluding catastrophe losses | 85.8 % | 85.1 % | ||||
Global Reinsurance | ||||||
Net premiums written (increase of | $ | 359 | $ | 277 | 29.7 % | |
Combined ratio | 76.9 % | 75.1 % | ||||
Current accident year combined ratio excluding catastrophe losses | 76.5 % | 78.4 % | ||||
Life Insurance | ||||||
Net premiums written (increase of | $ | 1,633 | $ | 1,293 | 26.3 % | |
Segment income (increase of | $ | 268 | $ | 244 | 9.8 % | |
- North America Commercial P&C Insurance: Net premiums written increased
9.4% with P&C lines up13.0% and financial lines down7.6% . There were 1.4 percentage points of positive net impact to the P&C lines growth as a result of a larger-than-average structured transaction and previously disclosed planned underwriting actions in primary and excess casualty in our Major Accounts division. The combined ratio increased 2.7 percentage points, primarily reflecting higher catastrophe losses and lower favorable prior period development. The current accident year combined ratio excluding catastrophe losses increased 0.8 percentage point, of which 0.7 percentage point was related to the structured transaction mentioned above. - North America Personal P&C Insurance: The combined ratio decreased 6.5 percentage points, primarily reflecting a 6.2 percentage point decrease in the loss ratio principally due to higher favorable prior period development, partially offset by higher catastrophe losses. The current accident year combined ratio excluding catastrophe losses decreased 1.3 percentage points.
- North America Agricultural Insurance: Net premiums written declined
15.0% , primarily due to the return of premium under the government risk-sharing formula related to the 2023 crop year, and lower commodity prices in the current year. The combined ratio decreased 42.6 percentage points, primarily reflecting favorable prior period development related to an improved margin on the 2023 crop year. - Overseas General Insurance: Net premiums written increased
17.5% , benefiting from the consolidation of Huatai. Excluding Huatai, net premiums written increased9.3% . The combined ratio decreased 0.2 percentage point, primarily reflecting lower catastrophe losses. The current accident year combined ratio excluding catastrophe losses increased 0.7 percentage point, with 0.4 percentage point related to the consolidation of Huatai. - Global Reinsurance: Net premiums written increased
29.7% to$359 million - Life Insurance: Net premiums written were
$1.63 billion 26.3% and segment income was$268 million 9.8% . Net premiums written in international life insurance grew31.5% and Combined Insurance North America grew5.5% . International Life segment income was$225 million
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated March 31, 2024, which is posted on the company's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 24, 2024 beginning at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within
Effective July 1, 2023, the company acquired a majority controlling interest in Huatai Group (Huatai), and applied consolidation accounting beginning in the third quarter of 2023. In this release, business activity for, and the financial position of, Huatai is reported at
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of
Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. Other includes Cigna integration expenses, the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income, net of tax for further description of these items.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, Cigna integration expense, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Core operating income, net of tax, relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and other because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We also exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude Cigna integration expenses, which are incurred by the overall company and are included in Corporate. These expenses include legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. The costs are not related to the ongoing activities of the individual segments and are therefore also excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. References to core operating income measures mean net of tax, whether or not noted.
Metrics adjusted for the impact of the Bermuda Tax Law are adjusted to exclude the incremental deferred tax benefit for Q1 2024 of
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our property and casualty business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of the company's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of the company's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Due to the significant impact that this required investment company classification has on the presentation of the company's operating cash flow, the company has elected to remove the impact of these net investing activities of these investment companies. The investment company presentation is not consistent with our consolidated cash flow presentation. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities, and may impact a reader's analysis of our underlying operating cash flow related to the core insurance company operations. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of these consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.
NM – not meaningful comparison
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, infection rates and severity of pandemics, and their effects on our business operations and claims activity, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve and integrate them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited | ||||||
Summary Consolidated Balance Sheets | ||||||
(in millions of | ||||||
(Unaudited) | ||||||
March 31 2024 | December 31 | |||||
Assets | ||||||
Investments | $ | 140,370 | $ | 136,735 | ||
Cash and restricted cash | 2,651 | 2,621 | ||||
Insurance and reinsurance balances receivable | 13,991 | 13,379 | ||||
Reinsurance recoverable on losses and loss expenses | 19,109 | 19,952 | ||||
Goodwill and other intangible assets ( | 26,405 | 26,461 | ||||
Other assets | 32,341 | 31,534 | ||||
Total assets | $ | 234,867 | $ | 230,682 | ||
Liabilities | ||||||
Unpaid losses and loss expenses | $ | 80,341 | $ | 80,122 | ||
Unearned premiums | 22,728 | 22,051 | ||||
Other liabilities | 67,367 | 64,818 | ||||
Total liabilities | 170,436 | 166,991 | ||||
Shareholders' equity | ||||||
Chubb shareholders' equity, excl. AOCI | 67,921 | 66,316 | ||||
Accumulated other comprehensive income (loss) (AOCI) | (7,386) | (6,809) | ||||
Chubb shareholders' equity | 60,535 | 59,507 | ||||
Noncontrolling interests | 3,896 | 4,184 | ||||
Total shareholders' equity | 64,431 | 63,691 | ||||
Total liabilities and shareholders' equity | $ | 234,867 | $ | 230,682 | ||
Book value per common share | $ | 149.09 | $ | 146.83 | ||
Tangible book value per common share | $ | 89.55 | $ | 87.98 | ||
Book value per common share, excl. AOCI | $ | 167.28 | $ | 163.64 | ||
Tangible book value per common share, excl. AOCI | $ | 105.75 | $ | 102.78 | ||
Chubb Limited | |||||||||
Summary Consolidated Financial Data | |||||||||
(in millions of | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
March 31 | |||||||||
2024 | 2023 | ||||||||
Gross premiums written | $ | 14,425 | $ | 13,004 | |||||
Net premiums written | 12,221 | 10,710 | |||||||
Net premiums earned | 11,583 | 10,142 | |||||||
Losses and loss expenses | 5,727 | 5,148 | |||||||
Policy benefits | 1,180 | 797 | |||||||
Policy acquisition costs | 2,207 | 1,948 | |||||||
Administrative expenses | 1,070 | 930 | |||||||
Net investment income | 1,391 | 1,107 | |||||||
Net realized gains (losses) | (101) | (77) | |||||||
Market risk benefits gains (losses) | 21 | (115) | |||||||
Interest expense | 178 | 160 | |||||||
Other income (expense): | |||||||||
Gains (losses) from separate account assets | 10 | (25) | |||||||
Other | 181 | 321 | |||||||
Amortization of purchased intangibles | 80 | 72 | |||||||
Cigna integration expenses | 7 | 22 | |||||||
Income tax expense | 342 | 384 | |||||||
Net income | $ | 2,294 | $ | 1,892 | |||||
Less: NCI income | 151 | - | |||||||
Chubb net income | $ | 2,143 | $ | 1,892 | |||||
Diluted earnings per share: | |||||||||
Chubb net income | $ | 5.23 | $ | 4.53 | |||||
Core operating income | $ | 5.41 | $ | 4.41 | |||||
Weighted average shares outstanding | 409.7 | 417.9 | |||||||
P&C combined ratio | |||||||||
Loss and loss expense ratio | 58.1 % | 58.9 % | |||||||
Policy acquisition cost ratio | 19.2 % | 18.8 % | |||||||
Administrative expense ratio | 8.7 % | 8.6 % | |||||||
P&C combined ratio | 86.0 % | 86.3 % | |||||||
P&C underwriting income | $ | 1,400 | $ | 1,213 | |||||
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SOURCE Chubb Limited
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