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Jun 30, 2024
Chubb Q2 2024 Earnings Report
Net income and core operating income increased, driven by strong premium growth and underwriting results.
Key Takeaways
Chubb reported a strong second quarter with net income of $2.23 billion, up 24.3%, and core operating income of $2.20 billion, up 7.5%. The P&C combined ratio was 86.8%, and the company saw double-digit premium revenue growth across the globe.
Net income was $2.23 billion, up 24.3%, and core operating income was $2.20 billion, up 7.5%.
Global P&C net premiums written were up 11.2%, with commercial insurance up 9.6% and consumer insurance up 15.2%.
P&C underwriting income was $1.42 billion, and the combined ratio was 86.8%.
Life Insurance net premiums written were $1.58 billion, up 24.5%, and segment income was $276 million, up 8.7%.
Chubb
Chubb
Chubb Revenue by Segment
Chubb Revenue by Geographic Location
Revenue by Segment
North America P&C Revenue
CapyFin.comNA Commercial P&C Revenue
CapyFin.comNA Personal P&C Revenue
CapyFin.comNA Agricultural Ins. Revenue
CapyFin.comOverseas General Revenue
CapyFin.comLife Insurance Revenue
CapyFin.comRevenue by Geographic Location
North America P&C Revenue
CapyFin.comOverseas General Revenue
CapyFin.com Forward Guidance
Chubb is confident in its ability to continue growing operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.
Positive Outlook
- Commercial P&C underwriting conditions are favorable.
- Casualty pricing is firming in areas that need it.
- Consumer P&C underwriting and growth conditions are attractive.
- Double-digit pace growth in high-net-worth personal lines business in North America.
- Pursuing a broad set of opportunities in A&H and personal lines across the globe.
Challenges Ahead
- Property is naturally more competitive.
- Loss-cost inflation in short- and long-tail lines remained steady.
- Higher level of catastrophe losses.
- Financial lines down about 3% in North America.
- Combined ratio increased 4.2 percentage points due to higher catastrophe losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income