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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%.
Revenue by Segment
Revenue by Geographic Location
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.
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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