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Chubb reports strong Q3 results, shares rise

EditorRachael Rajan
Published 30/10/2024, 07:32 am
© Reuters.
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NEW YORK - Chubb Limited (NYSE:CB) reported better-than-expected third quarter results, with earnings and revenue topping analyst estimates, sending shares up 1.5% in after-hours trading.

The property and casualty insurer posted adjusted earnings per share of $5.72, significantly beating the consensus estimate of $4.98. Revenue also came in strong, with gross premiums written reaching $16.76 billion compared to expectations of $14.16 billion.

Chubb's core operating income rose 14.3% year-over-year to $2.33 billion, driven by double-digit growth in both P&C underwriting income and investment income. The company's P&C combined ratio improved to 87.7% from 88.4% last year.

"We had an outstanding quarter which contributed to record year-to-date results," said Evan G. Greenberg, Chairman and CEO of Chubb. "Core operating income and EPS were up 14.3% and 15.6%, respectively, in the quarter, supported by double-digit growth in both P&C underwriting and investment income."

Global P&C net premiums written, excluding agriculture, grew 7.6% or 8.5% in constant dollars. Commercial premiums increased over 8% while consumer premiums rose 9.4%.

The company's strong results were achieved despite an active quarter for industrywide catastrophe losses. Chubb reported pre-tax catastrophe losses of $765 million, including $250 million from Hurricane Helene.

Looking ahead, Greenberg expressed confidence in Chubb's growth prospects, citing favorable commercial P&C underwriting conditions globally and attractive growth opportunities in consumer P&C operations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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