Latest results update from Chubb;
Chubb Limited (NYSE: CB) has reported net income for the quarter ended March 31, 2023 of $1.89 billion, (up 3% year on year, adjusted) or $4.53 per share, and core operating income of $1.84 billion, or $4.41 per share. Core income was up over 11% says Chubb.
The P&C combined ratio was 86.3% compared to 84.3% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.4% compared to 83.5% prior year. Book value per share and tangible book value per share increased 5.0% and 8.7%, respectively, from December 31, 2022.
Book value was favorably impacted by after-tax net realized and unrealized gains of $1.70 billion in the company’s investment portfolio. In addition, the change in valuation of the long-duration contracts and market risk benefits, including required updates from Long-Duration Targeted Improvements (LDTI), resulted in realized and unrealized losses of $248 million after-tax.
Book value per share and tangible book value per share now stand at $127.94 and $78.84, respectively.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented:
“We began the year with a record quarter that included double-digit core operating earnings growth, broad-based double-digit premium revenue growth globally, an 86.3% published combined ratio, net investment income up more than 30%, and life insurance segment income that more than doubled, driven by our Asia life operations. In this period of economic uncertainty and financial market volatility, Chubb’s business model, capabilities, and ability to deliver provide both a safe haven and long-term growth opportunity for shareholders.
“We grew per share operating earnings 15% on the back of record core operating income. With $1.2 billion in underwriting income and a world-class combined ratio, our P&C underwriting performance was simply excellent in what was an active quarter for natural catastrophes. Excluding CATs, our underlying current accident year combined ratio was a record 83.4%. On the investment side, adjusted net investment income was a record $1.2 billion, up $300 million from prior year. Our investment income continues to grow steadily and contribute to our earning power.”
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