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Sep 30, 2024
Chubb Q3 2024 Earnings Report
Chubb's net income and core operating income increased, driven by double-digit growth in P&C underwriting and net investment income.
Key Takeaways
Chubb reported a strong third quarter with net income of $2.32 billion and core operating income of $2.33 billion, representing increases of 13.8% and 14.3%, respectively. The results were driven by double-digit growth in both P&C underwriting and net investment income. Global P&C and Life Insurance net premiums written also increased in constant dollars.
Net income was $2.32 billion, up 13.8%, and core operating income was $2.33 billion, up 14.3%.
Consolidated net premiums written were up 5.5%, or 6.6% in constant dollars.
P&C underwriting income was $1.46 billion, up 11.7%, with a combined ratio of 87.7%.
Pre-tax net investment income was $1.51 billion, up 14.7%, and adjusted net investment income was $1.64 billion, up 15.9%.
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
Overseas General Revenue
CapyFin.com Forward Guidance
Chubb remains confident in its ability to continue growing operating earnings and EPS at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.
Positive Outlook
- Commercial P&C underwriting conditions globally, including North America, financial lines aside, are favorable in both property and casualty.
- Property and casualty pricing in aggregate in North America, led by rate, improved over prior quarter and pricing is ahead of loss-cost inflation.
- Underwriting and growth conditions are attractive in consumer P&C operations.
- North America high-net-worth and international personal lines businesses grew at a double-digit pace in constant dollars.
- Expect continued growth in operating earnings and EPS through P&C revenue growth and underwriting margins, investment income, and life income.
Challenges Ahead
- Active quarter for industrywide catastrophe losses.
- Financial lines in North America are experiencing less favorable conditions.
- Exposure to the risk business presents inherent uncertainty.
- Potential for commodity pricing to impact underwriting results.
- Unpredictable catastrophic events can impact financial performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income