- Net income was $2.14 billion, up
13.3%, and core operating income was $2.22
billion, up 20.3%.
- Net income and core operating income were impacted modestly by
two one-time items: an incremental deferred tax benefit of
$55 million, or $0.14 per share, related to the Bermuda tax law enacted in December 2023, partially offset by a contribution
to the Chubb Charitable Foundation of $30
million ($24 million
after-tax), or $0.06 per share.
- Global P&C net premiums written, which excludes
Agriculture, were up 13.3%, with commercial insurance up 11.1% and
consumer insurance up 19.3%. North
America was up 10.1%, including growth of 12.3% in personal
insurance and 9.4% in commercial insurance. Overseas General was up
17.5%, with growth of 27.1% in consumer insurance and 12.2% in
commercial insurance; Asia,
Latin America, and Europe were up 34.7%, 17.5%, and 8.6%,
respectively.
- P&C underwriting income was $1.40
billion, up 15.4%, with a combined ratio of 86.0%. P&C
current accident year underwriting income excluding catastrophe
losses was $1.63 billion, up 10.3%,
with a combined ratio of 83.7%.
- Life Insurance net premiums written were $1.63 billion, up 26.3%, and segment income was
$268 million, up 9.8%. Life Insurance
net premiums written and deposits collected were $2.23 billion, up 39.4%.
- Pre-tax net investment income was $1.39
billion, up 25.7%, and adjusted net investment income was
$1.48 billion, up 23.5%.
- Annualized return on equity (ROE) was 14.3%. Annualized core
operating return on tangible equity (ROTE) was 21.9% and annualized
core operating ROE was 13.7%.
ZURICH, April 23,
2024 /PRNewswire/ -- Chubb Limited (NYSE: CB) today
reported net income for the quarter ended March 31, 2024 of $2.14
billion, or $5.23 per share,
and core operating income of $2.22
billion, or $5.41 per share.
Book value per share and tangible book value per share increased
1.5% and 1.8%, respectively, from December
31, 2023 and now stand at $149.09 and $89.55,
respectively. Book value was unfavorably impacted by after-tax net
realized and unrealized losses of $622
million in the company's investment portfolio, principally
due to the mark-to-market impact in the fixed-income portfolio.
Book value per share and tangible book value per share
excluding AOCI increased 2.2% and 2.9%, respectively, from
December 31, 2023.
Chubb
Limited
|
First 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
|
$2,143
|
$1,892
|
13.3 %
|
|
$5.23
|
$4.53
|
15.5 %
|
Adjusted net realized
(gains) losses and other,
net of tax
|
94
|
(165)
|
NM
|
|
0.23
|
(0.40)
|
NM
|
Market risk benefits
(gains) losses, net of tax
|
(21)
|
115
|
NM
|
|
(0.05)
|
0.28
|
NM
|
Core operating income,
net of tax
|
$2,216
|
$1,842
|
20.3 %
|
|
$5.41
|
$4.41
|
22.7 %
|
|
|
|
|
|
|
|
|
Annualized return on
equity (ROE)
|
14.3 %
|
14.6 %
|
|
|
|
|
|
Core operating return
on tangible equity (ROTE)
|
21.9 %
|
19.4 %
|
|
|
|
|
|
Core operating
ROE
|
13.7 %
|
12.6 %
|
|
|
|
|
|
Evan G. Greenberg, Chairman and
Chief Executive Officer of Chubb Limited, commented: "We began the
year with a simply excellent quarter. Core operating income was up
double-digit, driven by P&C underwriting income up over 15%
with a published combined ratio of 86%, investment income up more
than 23%, and life insurance income up almost 10%. We produced
double-digit premium revenue growth from across the globe with
strong results in our commercial and consumer P&C and
Asia life businesses.
"Core operating income and EPS were up over 20%, to $2.2 billion, and up nearly 23%, to $5.41, respectively. Earnings modestly benefited
from two one-time items that partially offset each other. Adjusting
for these, core operating income grew over 18.5%, with operating
EPS up nearly 21% to $5.33. Our
sources of earnings were well balanced and of an enduring quality:
P&C underwriting income of $1.4
billion, driven by strong earned premium growth and great
underwriting margins; adjusted net investment income of nearly
$1.5 billion; and life segment income
of $268 million.
"Total company net premiums written increased over 14% in the
quarter, with total P&C up 12.5% and Life Insurance up over
26%. Global P&C premiums, which exclude Agriculture, increased
13.3%, with commercial lines up over 11% and consumer lines up
19.3%. Premiums in North America
were up over 10%, while in our international retail P&C
business, premiums in Asia,
Latin America, and the Continent
of Europe were up 34.7%, 17.5%,
and 12.3%, respectively. Life Insurance premiums and deposits were
up over 39%, driven, again, by our business in Asia.
"North America's growth
consisted of 12.3% in personal insurance, an outstanding result for
our Chubb Personal Risk Services business, and about 9.5% growth in
commercial, with P&C lines up 13% and financial lines down
about 7.5%. Record new business of over $1.2
billion and strong policy count renewal retention of 84.7%
add to the excellent results of our North
America division and speak to the favorable market tone and
our operating capability.
"The P&C underwriting environment in North America overall is quite favorable,
financial lines aside, with pricing exceeding loss costs, which
remained steady. From our large middle market business to small
commercial to personal lines, and driven by both property and
casualty, we saw the best rates and pricing overall that we have
seen in the last four to five quarters. It was also one of the best
quarters for large-account casualty rates and pricing.
"In our Overseas General division, both our consumer and
commercial businesses performed well in the quarter. Asia was a standout, with consumer premiums up
46% and commercial premiums up 23%, supported by the consolidation
impact of Huatai in China. Retail
commercial P&C lines pricing across our international business
was favorable and our portfolio is well priced.
"In sum, we had a very strong start to the year. Looking
forward, we are confident in our ability to continue growing
operating earnings at a rapid pace through P&C revenue growth
and underwriting margins, investment income, and life income."
Operating highlights for the quarter ended
March 31, 2024 were as follows:
Chubb
Limited
|
Q1
|
Q1
|
|
(in millions of U.S.
dollars except for percentages)
|
2024
|
2023
|
Change
|
Consolidated
|
|
|
|
|
|
Net premiums written
(increase of 14.2% in constant dollars)
|
$
|
12,221
|
$
|
10,710
|
14.1 %
|
|
|
|
|
|
|
P&C
|
|
|
|
|
|
Net premiums written
(increase of 12.2% in constant dollars)
|
$
|
10,588
|
$
|
9,417
|
12.4 %
|
Underwriting
income
|
$
|
1,400
|
$
|
1,213
|
15.4 %
|
Combined
ratio
|
|
86.0 %
|
|
86.3 %
|
|
Current accident year
underwriting income excluding catastrophe losses
|
$
|
1,628
|
$
|
1,475
|
10.3 %
|
Current accident year
combined ratio excluding catastrophe losses
(1)
|
|
83.7 %
|
|
83.4 %
|
|
|
|
|
|
|
|
Global P&C
(excludes Agriculture)
|
|
|
|
|
|
Net premiums written
(increase of 13.0% in constant dollars)
|
$
|
10,339
|
$
|
9,124
|
13.3 %
|
Underwriting
income
|
$
|
1,344
|
$
|
1,212
|
10.9 %
|
Combined
ratio
|
|
86.3 %
|
|
86.1 %
|
|
Current accident year
underwriting income excluding catastrophe losses
|
$
|
1,597
|
$
|
1,450
|
10.2 %
|
Current accident year
combined ratio excluding catastrophe losses
(1)
|
|
83.8 %
|
|
83.4 %
|
|
|
|
|
|
|
|
Life
Insurance
|
|
|
|
|
|
Net premiums written
(increase of 29.7% in constant dollars)
|
$
|
1,633
|
$
|
1,293
|
26.3 %
|
Segment income
(increase of 12.7% in constant dollars)
|
$
|
268
|
$
|
244
|
9.8 %
|
|
|
(1)
|
A large structured
transaction written in North America Major Accounts in the current
quarter adversely impacted both the P&C and Global P&C
ratios by 0.3 percentage points.
|
- Consolidated net premiums earned increased 14.2%, or 14.5% in
constant dollars. P&C net premiums earned increased 12.3%, or
12.2% in constant dollars.
- Operating cash flow was $3.22
billion and adjusted operating cash flow was $3.62 billion.
- Total pre-tax and after-tax P&C catastrophe losses, net of
reinsurance and including reinstatement premiums, were $435 million (4.4 percentage points of the
combined ratio) and $347 million,
respectively, compared with $458
million (5.1 percentage points of the combined ratio) and
$382 million, respectively, last
year.
- Total pre-tax and after-tax favorable prior period development
were $207 million and $168 million, respectively, compared with
$196 million and $149 million, respectively, last year.
- Total capital returned to shareholders was $666 million, including share repurchases of
$316 million at an average purchase
price of $258.75 per share, and
dividends of $350 million.
- During the quarter, the company increased its ownership in
Huatai Group with the closing of incremental interests totaling
approximately 9%, bringing the company's aggregate interest in
Huatai Group to approximately 85.5% at March
31, 2024.
Details of financial results by business segment are available
in the Chubb Limited Financial Supplement. Key segment items for
the quarter ended March 31, 2024 are presented
below:
Chubb
Limited
|
Q1
|
Q1
|
|
|
(in millions of U.S.
dollars except for percentages)
|
2024
|
2023
|
Change
|
|
|
|
|
|
|
|
|
Total North
America P&C Insurance
|
|
|
|
|
|
|
(Comprising NA
Commercial P&C Insurance, NA Personal P&C Insurance and NA
Agricultural Insurance)
Net premiums
written
|
$
|
6,394
|
$
|
5,877
|
8.8 %
|
|
Combined
ratio
|
|
85.6 %
|
|
86.1 %
|
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
81.4 %
|
|
81.1 %
|
|
|
|
|
|
|
|
|
|
North America
Commercial P&C Insurance
|
|
|
|
|
|
|
Net premiums
written
|
$
|
4,689
|
$
|
4,288
|
9.4 %
|
|
Major accounts retail
and excess and surplus (E&S) wholesale
|
$
|
2,779
|
$
|
2,483
|
11.9 %
|
|
Middle market and
small commercial
|
$
|
1,910
|
$
|
1,805
|
5.9 %
|
|
Combined
ratio
|
|
85.9 %
|
|
83.2 %
|
|
|
Current accident
year combined ratio excluding catastrophe losses
|
|
82.0 %
|
|
81.2 %
|
|
|
|
|
|
|
|
|
|
North America
Personal P&C Insurance
|
|
|
|
|
|
|
Net premiums
written
|
$
|
1,456
|
$
|
1,296
|
12.3 %
|
|
Combined
ratio
|
|
87.4 %
|
|
93.9 %
|
|
|
Current accident
year combined ratio excluding catastrophe losses
|
|
79.3 %
|
|
80.6 %
|
|
|
|
|
|
|
|
|
|
North America
Agricultural Insurance
|
|
|
|
|
|
|
Net premiums
written
|
$
|
249
|
$
|
293
|
(15.0) %
|
|
Combined
ratio
|
|
56.6 %
|
|
99.2 %
|
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
81.6 %
|
|
83.9 %
|
|
|
|
|
|
|
|
|
|
Overseas General
Insurance
|
|
|
|
|
|
|
Net premiums written
(increase of 16.7% in constant dollars)
|
$
|
3,835
|
$
|
3,263
|
17.5 %
|
|
Commercial P&C
(increase of 11.4% in constant dollars)
|
$
|
2,348
|
$
|
2,093
|
12.2 %
|
|
Consumer P&C
(increase of 26.2% in constant dollars)
|
$
|
1,487
|
$
|
1,170
|
27.1 %
|
|
Combined
ratio
|
|
83.8 %
|
|
84.0 %
|
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
85.8 %
|
|
85.1 %
|
|
|
|
|
|
|
|
|
|
Global
Reinsurance
|
|
|
|
|
|
|
Net premiums written
(increase of 29.7% in constant dollars)
|
$
|
359
|
$
|
277
|
29.7 %
|
|
Combined
ratio
|
|
76.9 %
|
|
75.1 %
|
|
|
Current accident year
combined ratio excluding catastrophe losses
|
|
76.5 %
|
|
78.4 %
|
|
|
|
|
|
|
|
|
|
Life
Insurance
|
|
|
|
|
|
|
Net premiums written
(increase of 29.7% in constant dollars)
|
$
|
1,633
|
$
|
1,293
|
26.3 %
|
|
Segment income
(increase of 12.7% in constant dollars)
|
$
|
268
|
$
|
244
|
9.8 %
|
|
- North America Commercial P&C Insurance: Net premiums
written increased 9.4% with P&C lines up 13.0% and financial
lines down 7.6%. There were 1.4 percentage points of positive net
impact to the P&C lines growth as a result of a
larger-than-average structured transaction and previously disclosed
planned underwriting actions in primary and excess casualty in our
Major Accounts division. The combined ratio increased 2.7
percentage points, primarily reflecting higher catastrophe losses
and lower favorable prior period development. The current accident
year combined ratio excluding catastrophe losses increased 0.8
percentage point, of which 0.7 percentage point was related to the
structured transaction mentioned above.
- North America Personal P&C Insurance: The combined ratio
decreased 6.5 percentage points, primarily reflecting a 6.2
percentage point decrease in the loss ratio principally due to
higher favorable prior period development, partially offset by
higher catastrophe losses. The current accident year combined ratio
excluding catastrophe losses decreased 1.3 percentage points.
- North America Agricultural Insurance: Net premiums written
declined 15.0%, primarily due to the return of premium under the
government risk-sharing formula related to the 2023 crop year, and
lower commodity prices in the current year. The combined ratio
decreased 42.6 percentage points, primarily reflecting favorable
prior period development related to an improved margin on the 2023
crop year.
- Overseas General Insurance: Net premiums written increased
17.5%, benefiting from the consolidation of Huatai. Excluding
Huatai, net premiums written increased 9.3%. The combined ratio
decreased 0.2 percentage point, primarily reflecting lower
catastrophe losses. The current accident year combined ratio
excluding catastrophe losses increased 0.7 percentage point, with
0.4 percentage point related to the consolidation of Huatai.
- Global Reinsurance: Net premiums written increased 29.7% to
$359 million, primarily reflecting
continued growth in property catastrophe exposed business.
- Life Insurance: Net premiums written were $1.63 billion, up 26.3% and segment income was
$268 million, up 9.8%. Net premiums
written in international life insurance grew 31.5% and Combined
Insurance North America grew 5.5%. International Life segment
income was $225 million.
All comparisons are with the same period last year unless
otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated
March 31, 2024, which is posted on the company's
investor relations website, investors.chubb.com, in the
Financials section for more detailed information on individual
segment performance, together with additional disclosure on
reinsurance recoverable, loss reserves, investment
portfolio, and debt and capital.
Chubb Limited will hold its first quarter earnings conference
call on Wednesday, April 24, 2024
beginning at 8:30 a.m. Eastern. The
earnings conference call will be available via live webcast at
investors.chubb.com or by dialing 877-400-4403 (within
the United States) or 332-251-2601
(international), passcode 1641662. Please refer to the Chubb
website under Events and Presentations for details. A replay will
be available after the call at the same location. To listen to the
replay, please click here to register and receive dial-in
numbers.
Effective July 1, 2023, the
company acquired a majority controlling interest in Huatai Group
(Huatai), and applied consolidation accounting beginning in the
third quarter of 2023. In this release, business activity for, and
the financial position of, Huatai is reported at 100%, as required,
except for core operating income, net income, book value, tangible
book value, ROE, per share data, and certain other key metrics,
which include only the company's ownership interest and exclude the
non-controlling interest.
About Chubb
Chubb is a world leader in insurance. With
operations in 54 countries and territories, Chubb provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. As an underwriting
company, we assess, assume and manage risk with insight and
discipline. We service and pay our claims fairly and promptly. The
company is also defined by its extensive product and service
offerings, broad distribution capabilities, exceptional financial
strength and local operations globally. Parent company Chubb
Limited is listed on the New York Stock Exchange (NYSE: CB) and is
a component of the S&P 500 index. Chubb maintains executive
offices in Zurich, New York, London, Paris
and other locations, and employs approximately 40,000 people
worldwide. Additional information can be found at:
www.chubb.com.
Regulation G – Non-GAAP Financial Measures
In
presenting our results, we included and discussed certain
non-GAAP measures. These non-GAAP measures, which may be
defined differently by other companies, are important for an
understanding of our overall results of operations and financial
condition. However, they should not be viewed as a
substitute for measures determined in accordance with generally
accepted accounting principles (GAAP).
Throughout this document there are various measures presented on
a constant-dollar basis (i.e., excludes the impact of foreign
exchange). We believe it is useful to evaluate the trends in
our results exclusive of the effect of fluctuations in exchange
rates between the U.S. dollar and the currencies in which our
international business is transacted, as these exchange rates
could fluctuate significantly between periods and distort the
analysis of trends. The impact is determined by assuming constant
foreign exchange rates between periods by translating prior period
results using the same local currency exchange rates as the
comparable current period.
Adjusted net investment income is net investment income
excluding the amortization of the fair value adjustment on acquired
invested assets from certain acquisitions of $5 million and $2
million in Q1 2024 and Q1 2023, respectively, and including
investment income of $86 million and
$91 million in Q1 2024 and Q1 2023,
respectively, from partially owned investment companies (private
equity partnerships) where our ownership interest is in excess of
3% that are accounted for under the equity method. The
mark-to-market movement on these private equity partnerships are
included in adjusted net realized gains (losses) as described
below. We believe this measure is meaningful as it highlights the
underlying performance of our invested assets and portfolio
management in support of our lines of business.
Adjusted net realized gains (losses) and other, net of tax,
includes net realized gains (losses) and net realized gains
(losses) recorded in other income (expense) related to
unconsolidated subsidiaries, and excludes realized gains and
losses on crop derivatives. These derivatives were purchased
to provide economic benefit, in a manner similar to
reinsurance protection, in the event that a significant
decline in commodity pricing impacts underwriting results. We
view gains and losses on these derivatives as part of the results
of our underwriting operations, and therefore realized gains
(losses) from these derivatives are reclassified to adjusted losses
and loss expenses. Other includes Cigna integration expenses,
the amortization of fair value adjustment of acquired invested
assets and long-term debt related to certain acquisitions. See Core
operating income, net of tax for further description of these
items.
P&C underwriting income (loss) excludes the Life Insurance
segment and is calculated by subtracting adjusted losses and loss
expenses, adjusted policy benefits, policy acquisition costs and
administrative expenses from net premiums earned. We use
underwriting income (loss) and operating ratios to monitor the
results of our operations without the impact of certain
factors, including net investment income, other income
(expense), interest expense, amortization expense of
purchased intangibles, Cigna integration expense, amortization
of fair value of acquired invested assets and debt, income tax
expense, adjusted net realized gains (losses), and market risk
benefits gains (losses).
P&C current accident year underwriting income excluding
catastrophe losses is P&C underwriting income adjusted to
exclude P&C catastrophe losses and prior period development
(PPD). We believe it is useful to exclude catastrophe
losses, as they are not predictable as to timing and
amount, and PPD as these unexpected loss developments on
historical reserves are not indicative of our current underwriting
performance. We believe the use of these measures enhances the
understanding of our results of operations by highlighting the
underlying profitability of our insurance business.
Core operating income, net of tax, relates only to Chubb income,
which excludes noncontrolling interests. It excludes from Chubb net
income the after-tax impact of adjusted net realized gains (losses)
and other and market risk benefits gains (losses). We believe this
presentation enhances the understanding of our results of
operations by highlighting the underlying profitability of our
insurance business. We exclude adjusted net realized gains (losses)
and other because the amount of these gains (losses) is heavily
influenced by, and fluctuates in part according to, the
availability of market opportunities. We also exclude the
amortization of fair value adjustments on purchased invested assets
and long-term debt related to certain acquisitions due to the size
and complexity of these acquisitions. We also exclude Cigna
integration expenses, which are incurred by the overall company and
are included in Corporate. These expenses include legal and
professional fees and all other costs directly related to the
integration activities of the Cigna acquisition. The costs are
not related to the ongoing activities of the individual segments
and are therefore also excluded from our definition of segment
income. We believe these integration expenses are not
indicative of our underlying profitability, and excluding
these integration expenses facilitates the comparison of our
financial results to our historical operating results. References
to core operating income measures mean net of tax, whether or not
noted.
Metrics adjusted for the impact of the Bermuda Tax Law are
adjusted to exclude the incremental deferred tax benefit for Q1
2024 of $55 million, giving
recognition for transition provisions of the Bermuda Tax Law. We
believe that excluding the impact of the incremental deferred tax
benefit provides a better evaluation of our operating performance
and enhances the understanding of the trends in the underlying
business that may be obscured by this one-time item. For Q1 2024 we
also exclude expense related to the Chubb Charitable Foundation
given that it's a discrete item that is not part of operating
results. Excluding these one-time items facilitates the comparison
of our financial results to our historical operating results.
Core operating return on equity (ROE) and Core operating
return on tangible equity (ROTE) are annualized non-GAAP financial
measures. The numerator includes core operating income
(loss), net of tax. The denominator includes the average
Chubb shareholders' equity for the period adjusted to exclude
unrealized gains (losses) on investments, current discount rate on
future policy benefits (FPB), and instrument-specific credit risk
on market risk benefits (MRB), all net of tax and attributable to
Chubb. For the ROTE calculation, the denominator is also adjusted
to exclude Chubb goodwill and other intangible assets, net of tax.
These measures enhance the understanding of the return on
shareholders' equity by highlighting the underlying profitability
relative to shareholders' equity and tangible equity excluding the
effect of these items as these are heavily influenced by changes in
market conditions. We believe ROTE is meaningful because it
measures the performance of our operations without the impact of
goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss
expense ratio, acquisition cost ratio and the administrative
expense ratio excluding the life business and including the
realized gains and losses on the crop derivatives, as noted
above.
P&C current accident year combined ratio excluding
catastrophe losses excludes the impact of P&C catastrophe
losses and PPD from the P&C combined ratio. We believe this
measure provides a better evaluation of our underwriting
performance and enhances the understanding of the trends in our
property and casualty business that may be obscured by these
items.
Global P&C performance metrics comprise consolidated
operating results (including corporate) and exclude the operating
results of the company's Life Insurance and North America
Agricultural Insurance segments. The agriculture insurance business
is a different business in that it is a public sector and private
sector partnership in which insurance rates, premium growth, and
risk-sharing is not market-driven like the remainder of the
company's P&C insurance business. We believe that these
measures are useful and meaningful to investors as they are used by
management to assess the company's global P&C operations which
are the most economically similar. We exclude the North America
Agricultural Insurance and Life Insurance segments because the
results of these businesses do not always correlate with the
results of our global P&C operations.
Tangible book value per common share is Chubb shareholders'
equity less Chubb goodwill and other intangible assets, net of tax,
divided by the shares outstanding. We believe that goodwill and
other intangible assets are not indicative of our underlying
insurance results or trends and make book value comparisons to less
acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding
accumulated other comprehensive income (loss) (AOCI), excludes AOCI
from the numerator because it eliminates the effect of items that
can fluctuate significantly from period to period, primarily based
on changes in interest rates and foreign currency movement, to
highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding
the operating cash flow related to the net investing activities of
Huatai's asset management companies as it relates to the
Consolidated Investment Products as required under consolidation
accounting. Because these entities are investment companies, we are
required to retain the investment company presentation in our
consolidated results, which means, we include the net investing
activities of these entities in our operating cash flows. Due to
the significant impact that this required investment company
classification has on the presentation of the company's operating
cash flow, the company has elected to remove the impact of these
net investing activities of these investment companies. The
investment company presentation is not consistent with our
consolidated cash flow presentation. These net investing activities
are more appropriately classified outside of operating cash flows,
consistent with our consolidated investing activities, and may
impact a reader's analysis of our underlying operating cash flow
related to the core insurance company operations. Accordingly, we
believe that it is appropriate to adjust operating cash flow for
the impact of these consolidated investment products.
Life Insurance and International life insurance net premiums
written and deposits collected includes deposits collected on
universal life and investment contracts (life deposits). Life
deposits are not reflected as revenues in our consolidated
statements of operations in accordance with GAAP. However, we
include life deposits in presenting growth in our life insurance
business because life deposits are an important component of
production and key to our efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages
25-29 in the Financial Supplement. These measures should not be
viewed as a substitute for measures determined in accordance with
GAAP, including premium, net income, book value, return on equity,
and net investment income.
NM – not meaningful comparison
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements made in this press
release, such as those related to company performance,
pricing, growth opportunities, economic and market conditions, and
our expectations and intentions and other statements that are not
historical facts, reflect our current views with respect to future
events and financial performance and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks and uncertainties that
could cause actual results to differ materially, including without
limitation, the following: competition, pricing and policy term
trends, the levels of new and renewal business achieved, the
frequency and severity of unpredictable catastrophic events, actual
loss experience, uncertainties in the reserving or settlement
process, integration activities and performance of acquired
companies, loss of key employees or disruptions to our
operations, new theories of liability, judicial,
legislative, regulatory and other governmental developments,
litigation tactics and developments, investigation developments and
actual settlement terms, the amount and timing of reinsurance
recoverable, credit developments among reinsurers, rating agency
action, infection rates and severity of pandemics, and their
effects on our business operations and claims activity, possible
terrorism or the outbreak and effects of war, economic, political,
regulatory, insurance and reinsurance business conditions,
potential strategic opportunities including acquisitions and our
ability to achieve and integrate them, as well as management's
response to these factors, and other factors identified in our
filings with the Securities and Exchange Commission (SEC). Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are
made. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Chubb
Limited
|
Summary Consolidated
Balance Sheets
|
(in millions of U.S.
dollars, except per share data)
|
(Unaudited)
|
|
|
March
31
2024
|
|
December 31
2023
|
Assets
|
|
|
|
Investments
|
$
|
140,370
|
|
$
|
136,735
|
Cash and restricted
cash
|
2,651
|
|
2,621
|
Insurance and
reinsurance balances receivable
|
13,991
|
|
13,379
|
Reinsurance recoverable
on losses and loss expenses
|
19,109
|
|
19,952
|
Goodwill and other
intangible assets ($25,660 represents Chubb portion as
of 03/31/2024)
|
26,405
|
|
26,461
|
Other assets
|
32,341
|
|
31,534
|
|
Total assets
|
$
|
234,867
|
|
$
|
230,682
|
|
|
|
|
|
Liabilities
|
|
|
|
Unpaid losses and loss
expenses
|
$
|
80,341
|
|
$
|
80,122
|
Unearned
premiums
|
22,728
|
|
22,051
|
Other
liabilities
|
67,367
|
|
64,818
|
|
Total
liabilities
|
|
170,436
|
|
|
166,991
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Chubb shareholders'
equity, excl. AOCI
|
67,921
|
|
66,316
|
Accumulated other
comprehensive income (loss) (AOCI)
|
(7,386)
|
|
(6,809)
|
|
Chubb shareholders'
equity
|
60,535
|
|
59,507
|
Noncontrolling
interests
|
3,896
|
|
4,184
|
|
Total shareholders'
equity
|
64,431
|
|
63,691
|
|
Total liabilities and
shareholders' equity
|
$
|
234,867
|
|
$
|
230,682
|
|
|
|
|
|
Book value per common
share
|
$
|
149.09
|
|
$
|
146.83
|
Tangible book value per
common share
|
$
|
89.55
|
|
$
|
87.98
|
Book value per common
share, excl. AOCI
|
$
|
167.28
|
|
$
|
163.64
|
Tangible book value per
common share, excl. AOCI
|
$
|
105.75
|
|
$
|
102.78
|
Chubb
Limited
|
Summary Consolidated
Financial Data
|
(in millions of U.S.
dollars, except share, per share data, and ratios)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
March
31
|
|
|
2024
|
|
2023
|
Gross premiums
written
|
|
$
|
14,425
|
|
$
|
13,004
|
Net premiums
written
|
|
12,221
|
|
10,710
|
Net premiums
earned
|
|
11,583
|
|
10,142
|
Losses and loss
expenses
|
|
5,727
|
|
5,148
|
Policy
benefits
|
|
1,180
|
|
797
|
Policy acquisition
costs
|
|
2,207
|
|
1,948
|
Administrative
expenses
|
|
1,070
|
|
930
|
Net investment
income
|
|
1,391
|
|
1,107
|
Net realized gains
(losses)
|
|
(101)
|
|
(77)
|
Market risk benefits
gains (losses)
|
|
21
|
|
(115)
|
Interest
expense
|
|
178
|
|
160
|
Other income
(expense):
|
|
|
|
|
|
Gains (losses) from
separate account assets
|
|
10
|
|
(25)
|
|
Other
|
|
181
|
|
321
|
Amortization of
purchased intangibles
|
|
80
|
|
72
|
Cigna integration
expenses
|
|
7
|
|
22
|
Income tax
expense
|
|
342
|
|
384
|
Net income
|
|
$
|
2,294
|
|
$
|
1,892
|
|
Less: NCI
income
|
|
151
|
|
-
|
Chubb net
income
|
|
$
|
2,143
|
|
$
|
1,892
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
Chubb net
income
|
|
$
|
5.23
|
|
$
|
4.53
|
Core operating
income
|
|
$
|
5.41
|
|
$
|
4.41
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
|
409.7
|
|
417.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P&C combined
ratio
|
|
|
|
|
Loss and loss expense
ratio
|
|
58.1 %
|
|
58.9 %
|
Policy acquisition cost
ratio
|
|
19.2 %
|
|
18.8 %
|
Administrative expense
ratio
|
|
8.7 %
|
|
8.6 %
|
P&C combined
ratio
|
|
86.0 %
|
|
86.3 %
|
|
|
|
|
|
|
P&C underwriting
income
|
|
$
|
1,400
|
|
$
|
1,213
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/chubb-reports-first-quarter-per-share-net-income-and-core-operating-income-of-5-23-and-5-41--up-15-5-and-22-7-respectively-consolidated-net-premiums-written-of-12-2-billion-up-14-1-with-pc-up-12-4-and-life-insurance-up-302125191.html
SOURCE Chubb Limited