The latest financials from Chubb are impressive; income up and book value up, the company says. Here’s the detail;
Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2024 of $2.32 billion, or $5.70 per share, and core operating income of $2.33 billion, or $5.72 per share. Book value per share and tangible book value per share increased 8.0% and 12.8%, from June 30, 2024 and now stand at $163.16 and $102.67.
Book value was favorably impacted by after-tax net realized and unrealized gains of $3.53 billion in the company’s investment portfolio and $344 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 2.7% and 4.3%, from June 30, 2024.
| Chubb Limited
Third Quarter Summary (in millions of U.S. dollars, except per share amounts and ratios) (Unaudited) |
|||||||
| (Per Share) | |||||||
| 2024 | 2023 | Change | 2024 | 2023 | Change | ||
| Net income | $2,324 | $2,043 | 13.8 % | $5.70 | $4.95 | 15.2 % | |
| Adjusted net realized (gains) losses and other,
net of tax |
(220) | (34) | NM | (0.54) | (0.08) | NM | |
| Market risk benefits (gains) losses, net of tax | 230 | 32 | NM | 0.56 | 0.08 | NM | |
| Core operating income, net of tax | $2,334 | $2,041 | 14.3 % | $5.72 | $4.95 | 15.6 % | |
| Annualized return on equity (ROE) | 14.7 % | 15.5 % | |||||
| Core operating return on tangible equity (ROTE) | 21.7 % | 21.2 % | |||||
| Core operating ROE | 13.9 % | 13.5 % | |||||
For the nine months ended September 30, 2024, net income was $6.70 billion, or $16.38 per share, and core operating income was $6.75 billion, or $16.50 per share. Book value per share and tangible book value per share increased 11.1% and 16.7%, from December 31, 2023. Book value was favorably impacted by after-tax net realized and unrealized gains of $2.47 billion in the company’s investment portfolio. Book value per share and tangible book value per share excluding AOCI increased 7.7% and 10.6%, from December 31, 2023.
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