Chubb has published its financial results for the third quarter of 2024, reporting increases in both net income and core operating income.
Here are the numbers for the three and nine months ended September 30:
|
Metric |
Q3 2024 |
Q3 2023 |
9M 2024 |
9M 2023 |
|---|---|---|---|---|
|
Net income |
US$2.32 billion |
US$2.04 billion |
US$6.70 billion |
US$5.73 billion |
|
Core operating income, net of tax |
US$2.33 billion |
US$2.04 billion |
US$6.75 billion |
US$5.93 billion |
Commenting on the interim financials, Chubb chair and chief executive Evan G. Greenberg (pictured) said: “We had an outstanding quarter which contributed to record year-to-date results. Core operating income and EPS (earnings per share) were up 14.3% and 15.6%, respectively, in the quarter, supported by double-digit growth in both P&C (property and casualty) underwriting and investment income.
“Core operating income and EPS for the year are up 13.8% and 15.6%. For the year, we have produced record underwriting and investment income. Book and tangible book value per share are up 11.1% and 16.7% year-to-date, and our core operating ROE (return on equity) is 13.6%.”
Greenberg went on to call Chubb’s P&C underwriting results in the third quarter “excellent,” citing strong contributions from all divisions despite catastrophe losses across the industry.
“We published a combined ratio of 87.7% with P&C underwriting income up over 11.5%,” he noted. “On an ex-CAT current accident year basis, underwriting income of US$2 billion led to a world-class combined ratio of 83.4%. On the other side of the balance sheet, we manage an invested asset of US$151 billion and generated adjusted investment income in excess of US$1.6 billion, up nearly 16%.”
The CEO added: “We remain confident in our ability to continue growing our operating earnings and EPS at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.”
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