Chubb scored robust results for its 2018 third quarter, with solid profit, increases in net premiums written and a healthy property/casualty combined ratio.
“We’re confident and optimistic about our ability to outperform the balance of the year and beyond,” Chubb Chairman and CEO Evan Greenberg said in prepared remarks.
The insurer booked $1.2 billion in net income during Q3, or $2.64 per share, versus a $70 million net loss, or negative $0.15 per share, over the same period a year ago. Its property/casualty combined ratio was 90.9 compared to 110.8 in the 2017 third quarter, a period that dealt insurers an onslaught of natural catastrophe losses from hurricanes and other storms.
Chubb said its P/C net premiums written were $7.5 billion during the quarter, up 2.5 percent from a year ago. Its global P/C net premiums written, excluding agriculture, were at $6.7 billion, a 3.5 percent rise from the 2017 third quarter.
Pre-tax catastrophe losses during Q3 were $450 million, a large number but much lower than the $1.9 billion reported in the prior year.
Property/casualty underwriting income reached $669 million during Q3 versus a $784 million loss in the 2017 third quarter.
Net investment income reached $883 million in Q3.
Greenberg said that the insurer saw solid growth in its U.S. commercial P/C divisions and “simply excelled” in its international P/C business. He noted that the insurer, with operations in 54 countries, achieved successful results even with “an active quarter for natural catastrophes around the world.”
Source: Chubb