Chubb reports record net income and core operating income for 9M2024

5 November 2024 — Marina MAGNAVAL
Chubb reported net income for the quarter ended September 30, 2024 of USD 2.32 billion, or USD 5.70 per share, and core operating income of USD 2.33 billion, or USD 5.72 per share. Up 15.2% and 15.6%, respectively, with P&C underwriting and net investment income both up double-digit; global P&C and Life insurance net premiums written up 8.5% and 10.6%, in Constant Dollars, according to the press release.

Chubb Limited
Third Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
20242023Change20242023Change
Net income$2,324$2,04313.8 %$5.70$4.9515.2 %
Adjusted net realized (gains) losses and other,
net of tax
(220)(34)NM(0.54)(0.08)NM
Market risk benefits (gains) losses, net of tax23032NM0.560.08NM
Core operating income, net of tax$2,334$2,04114.3 %$5.72$4.9515.6 %
Annualized return on equity (ROE)14.7 %15.5 %
Core operating return on tangible equity (ROTE)21.7 %21.2 %
Core operating ROE13.9 %13.5 %
Chubb Limited
Nine Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
20242023Change20242023Change
Net income$6,697$5,72816.9 %$16.38$13.7918.8 %
Adjusted net realized (gains) losses and other,
net of tax
(189)45NM(0.46)0.11NM
Market risk benefits (gains) losses, net of tax23815454.5 %0.580.3756.8 %
Core operating income, net of tax$6,746$5,92713.8 %$16.50$14.2715.6 %
Annualized return on equity (ROE)14.3 %14.8 %
Core operating return on tangible equity (ROTE)21.5 %21.1 %
Core operating ROE13.6 %13.3 %
The key takeaways of the report are:

  • Net income was USD 2.32 billion, up 13.8%, and core operating income was USD 2.33 billion, up 14.3%. For the nine months, net income and core operating income were a record USD 6.70 billion and USD 6.75 billion, up 16.9% and 13.8%, respectively. On a per share basis, year-to-date net income and core operating income of USD 16.38 and USD 16.50 were records and up 18.8% and 15.6%.
  • Consolidated net premiums written were up 5.5%, or 6.6% in constant dollars.
  • P&C net premiums written were up 5.4%, or 6.1% in constant dollars.
    • Global P&C net premiums written, which excludes Agriculture, were up 7.6%, or 8.5% in constant dollars, with commercial insurance up 8.1% and consumer insurance up 9.4%. North America was up 7.8%, including growth of 10.0% in personal insurance and 7.2% in commercial insurance, with P&C lines up 9.9% and financial lines down 5.1%. Overseas General was up 4.9%, or 7.5% in constant dollars, with growth of 8.5% in consumer insurance and 6.7% in commercial insurance; Asia-Pacific, Latin America, and Europe were up 9.2%, 7.7%, and 7.1%.
    • Agriculture net premiums written were down 9.3% due to lower commodity prices while our market share grew.
  • P&C underwriting income was USD 1.46 billion, up 11.7%, with a combined ratio of 87.7%. P&C current accident year underwriting income excluding catastrophe losses was a record USD 1.98 billion, up 11.5%, with a combined ratio of 83.4%. For the nine months, P&C underwriting income was USD 4.28 billion, up 8.4%, and USD 5.41 billion, up 11.0%, on a current accident year excluding catastrophe losses basis, leading to a combined ratio of 83.4%.
  • Pre-tax catastrophe losses were USD 765 million, including USD 250 million from Hurricane Helene, compared with USD 670 million last year.
  • Pre-tax net investment income was USD 1.51 billion, up 14.7%, and adjusted net investment income was USD 1.64 billion, up 15.9%. Both were records.
  • Life Insurance net premiums written were USD 1.55 billion, up 6.8%, or 10.6% in constant dollars, and segment income was USD 284 million, up 2.3% in constant dollars, with International Life up 9.1%. Life Insurance net premiums written and deposits collected were USD 2.14 billion, up 16.1%, or 19.9% in constant dollars.
  • Annualized return on equity (ROE) was 14.7%. Annualized core operating return on tangible equity (ROTE) was 21.7% and annualized core operating ROE was 13.9%.
"In summary, we had another excellent quarter and are having a record earnings year. Notwithstanding the fact that we are in the risk business, with so many opportunities and avenues for growth globally, we remain confident in our ability to continue growing our operating earnings and EPS at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income", commented Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited.



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