Sezeryadigar/E+ via Getty Images
Chubb (NYSE:CB) posted on Tuesday Q1 earnings that exceeded the Wall Street consensus, thanks to strong growth in P&C underwriting income, investment income and life insurance income.
Q1 core operating income per share (net of tax) of $5.41, vs. $5.30 average analyst estimate, dropped from $8.03 in Q4 2023 and rose from $4.41 in the year-ago period.
Consolidated net premiums written came in at $12.2B, up from $11.6B in Q4 and +14.1% from a year before.
P&C underwriting income stood at $1.40B, up 15.4% Y/Y, with a combined ratio of 86.0%. P&C current accident year underwriting income excluding catastrophe losses was $1.63B, up 10.3% Y/Y, with a combined ratio of 83.7%.
Pretax P&C catastrophe losses, net of reinsurance and including reinstatement premiums,
Adjusted net investment income slipped to $1.48B from $1.49B in Q4, but climbed 23.5% from the year-earlier quarter.
“In sum, we had a very strong start to the year,” said Chairman and CEO Evan G. Greenberg. “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.”
Conference call on April 24 at 8:30 a.m. ET.
Source link
