Q3 2024 Chubb Ltd Earnings Call Transcript
Key Points
- Chubb Ltd (CB) reported strong double-digit growth in both P&C underwriting and investment income, leading to core operating EPS growth of over 15.5%.
- Global P&C premium revenue grew 7.6%, or 8.5% in constant dollars, reflecting the company's broad and diversified nature.
- Core operating income for the quarter was $2.3 billion, up 14.3%, with record levels of net and operating income for the year.
- The company's combined ratio for the quarter was 87.7%, with P&C underwriting income of $1.5 billion, despite an active quarter for natural catastrophes.
- Adjusted net investment income topped $1.6 billion, up 15.9%, with a fixed income portfolio yield of 4.9% and a new money rate averaging 5.5%.
- The London wholesale market is becoming more competitive, which could impact underwriting prosperity over time.
- Financial lines in North America saw a decline, with premiums down about 5% and pricing down 3.2%.
- The international wholesale market, particularly in London, is exhibiting competitive behavior that may affect future performance.
- The quarter included pretax catastrophe losses of $765 million, impacting overall profitability.
- There was $59 million of unfavorable development in long-tail lines, primarily from general casualty.
Thank you for standing by, and welcome to the Chubb Limited Third Quarter 2024 Earnings Conference Call. (Operator Instructions)
I'd now like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations. You may begin.
Thank you, and welcome, everyone, to our September 30, 2024, Third Quarter Earnings Conference Call. Our report today will contain forward-looking statements, including statements relating to company performance, pricing and business mix, growth opportunities, and economic and market conditions, which are subject to risks and uncertainties and actual results may differ materially. Please see our recent SEC filings, earnings release and financial supplement, which are available on our website at investors.chubb.com for more information on factors that could affect these matters. We will also refer today to non-GAAP financial measures, reconciliations of which to the most direct comparable GAAP measures and related details are provided in our earnings press release and
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