Chubb reported a decrease in core operating income despite growth in P&C net premiums. The company experienced significant catastrophe losses but saw improvement in underlying underwriting margins.
Net income was $1,194 million, up from $1,091 million in the prior year.
Core operating income was $907 million, down from $1,236 million in the prior year.
Catastrophe losses were $925 million pre-tax, significantly higher than $232 million in the prior year.
P&C net premiums written increased by 6.4% in constant dollars, driven by commercial P&C growth.
Chubb expects to continue capitalizing on the underwriting environment to grow EPS through both revenue growth and improved margins.
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