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Sep 30, 2023
Chubb Q3 2023 Earnings Report
Chubb's financial performance for Q3 2023 was marked by strong growth and profitability, driven by record core operating income and solid underwriting results.
Key Takeaways
Chubb reported a strong third quarter with net income and core operating income of $2.04 billion each, representing significant increases year-over-year. The company benefited from double-digit Global P&C premium revenue growth, excellent P&C underwriting results, record net investment income, and strong life operating income. The consolidation of Huatai Group also contributed positively to the quarter's results.
Net income and core operating income both reached $2.04 billion, up 157.8% and 55.4%, respectively.
P&C net premiums written increased by 8.4%, with Global P&C excluding Agriculture up by 12.3%.
P&C underwriting income rose to $1.31 billion, with a combined ratio of 88.4%.
Adjusted net investment income reached a record $1.41 billion, up 34.2%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Chubb is confident in its ability to continue growing revenue and operating earnings through P&C underwriting income, investment income, and life income.
Positive Outlook
- Continued growth in revenue and operating earnings.
- Strong performance in P&C underwriting.
- Growth in investment income.
- Growth in life income.
- Maintaining pricing discipline.
Challenges Ahead
- Potential impact of unpredictable catastrophic events.
- Uncertainties in the reserving or settlement process.
- Economic and political conditions.
- Potential for new theories of liability.
- Impact of judicial, legislative, regulatory and other governmental developments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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