Chubb Financials; Premiums Up, 22% Increase on Commercial Lines

Chubb Reports Third Quarter Per Share Net Income and Core Operating Income of $4.18 and $2.64, Up 59% and 32%, Respectively; Consolidated Net Premiums Written Up 15.8%, with Commercial P&C Lines Up 22%

– Net income for the quarter was strong at $1.83 billion versus $1.19 billion prior year, and core operating income was $1.16 billion versus $907 million prior year. Record per share net income and core operating income through nine months were $14.33 and $8.78, respectively.

– P&C net premiums written were up 16.9% globally for the quarter, or 15.4% in constant dollars, driven by 22.0% growth in commercial lines. Total North America P&C net premiums written were up 17.1%, including growth of 22.4% in commercial lines and 0.6% in consumer lines. Overseas General P&C net premiums written were up 15.9%, or 11.2% in constant dollars, including growth of 20.6% in commercial lines and 9.2% in consumer lines. Total company P&C net premiums written were up 14.2% through nine months.

– P&C underwriting income for the quarter was $617 million, up 57.5%, leading to a P&C combined ratio of 93.4%, compared with 95.2% prior year. P&C current accident year underwriting income excluding catastrophe losses was $1.44 billion, up 23.1%, leading to a P&C current accident year combined ratio excluding catastrophe losses of 84.8% compared with 85.7% prior year; both were record quarterly underwriting results. Excluding a one-time COVID-related frequency benefit to last year’s third quarter results, the P&C and Global P&C current accident year combined ratios excluding catastrophe losses improved 1.9 and 2.0 percentage points, respectively.

– Catastrophe losses, net of reinsurance and including reinstatement premiums, for the quarter were $1.15 billion pre-tax, or $943 million after tax, compared with $925 million pre-tax, or $797 million after tax, prior year. The current quarter included pre-tax net catastrophe losses of $806 million from Hurricane Ida.

– Pre-tax net investment income for the quarter was $866 million, up 3.1%, and adjusted net investment income was $940 million, up 4.5%, reflecting strong returns in the company’s private equity portfolio.

– Annualized return on equity (ROE) was 12.3% and annualized core operating ROE was 8.2%. For comparison purposes, including mark-to-market private equity gains, annualized core operating ROE was 13.2%. Annualized core operating return on tangible equity was 12.6%.

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