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Chubb Reports Strong First Quarter 2024 Performance with Notable Gains in Core Operating Income and Premiums
ZURICH, April 23, 2024 — Chubb Limited (NYSE: CB) today announced its financial results for the first quarter ended March 31, 2024, showcasing robust increases in both per share net income and core operating income alongside significant growth in net premiums written across its diverse portfolios.
Financial Highlights
- Net Income and Core Operating Income: Chubb reported a net income of $2.14 billion, an increase of 13.3% year-over-year, translating to $5.23 per share. Core operating income rose by 20.3% to $2.22 billion, or $5.41 per share, driven by strong performance in both property and casualty (P&C) and life insurance sectors.
- Premium Growth: The company's consolidated net premiums written surged by 14.1% to $12.2 billion. Notably, P&C premiums grew by 12.4% while life insurance premiums saw a remarkable increase of 26.3%.
- P&C Combined Ratio: Demonstrating efficient operations, the P&C segment posted a combined ratio of 86.0%, indicating strong profitability.
Sector Performance
- Global P&C: Excluding agriculture, global P&C net premiums written rose by 13.3%, with notable increases in both commercial and consumer insurance, up 11.1% and 19.3% respectively.
- North American Markets: In North America, growth was robust with a 10.1% increase overall. The region saw a 12.3% growth in personal insurance and 9.4% in commercial insurance.
- Overseas General Insurance: This sector experienced a 17.5% increase, highlighted by a 27.1% surge in consumer insurance and a 12.2% rise in commercial insurance.
- Life Insurance: Life insurance net premiums were particularly strong, up 26.3% with segment income increasing by 9.8%.
Financial Management and Outlook
- Investment Income: Chubb's pre-tax net investment income increased by 25.7% to $1.39 billion, with adjusted net investment income up 23.5%.
- Shareholder Returns: The company returned $666 million to shareholders, including $316 million in share repurchases and $350 million in dividends.
- Strategic Investments: Chubb increased its ownership in Huatai Group, further consolidating its presence in key international markets.
Executive Commentary
Evan G. Greenberg, Chairman and CEO of Chubb, commented on the results: "We began the year with an excellent quarter, reflecting double-digit growth in core operating income and strong premium revenue increases across the globe. Our balanced sources of earnings, encompassing P&C underwriting income, robust investment income, and solid life segment performance, underscore our enduring quality and operational capability."
Greenberg further noted the favorable underwriting environment in North America and highlighted strong rates and pricing across the board. He expressed confidence in the company's ability to continue growing operating earnings rapidly through sustained revenue growth in P&C, enhanced investment income, and life income.
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