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Chubb reports sharply higher profit

Evan G. Greenberg

Chubb Ltd. reported third-quarter net income of $2.04 billion, up 157% from the year-earlier period on strong commercial performance and record net investment income.

The results were driven by a combination of strong premium growth and underwriting margins and favorable reserve developments in the U.S and overseas, Chubb Chairman and CEO Evan G. Greenberg said Wednesday during an earnings call with analysts. In North America, commercial premiums excluding agriculture rose 8.7% for the quarter, he said.

Premium revenue growth was “well spread and broad-based,” Mr. Greenberg said.  

Total net premiums written rose 9.1% from last year’s third quarter to $13.104 billion, the insurer reported Tuesday after markets closed. Property/casualty net premiums written increased 8.4% to $11.652 billion.

Net investment income rose 34.2% to $1.314 billion, a quarterly record, Mr. Greenberg noted.

Chubb’s property/casualty combined ratio improved to 88.4% from 93.1% in last year’s third quarter. Property/casualty underwriting income was up 83.8% to $1.31 billion.

Speaking to the commercial property/casualty rate environment, Mr. Greenberg said that rates and pricing during the quarter remained strong in the aggregate.

Catastrophe losses for the quarter totaled $670 million pre-tax, principally due to weather-related events and wildfires in North America, Peter Enns, executive vice president, Chubb Group, and chief financial officer, said on the call. That was up from the second quarter’s $400 million but only just over half of third-quarter 2022 catastrophe losses of $1.213 billion.

For the nine months ended Sept. 30, net income rose 45.5% to $5.728 billion.