Chubb Limited Reports Strong Third Quarter 2024 Financial Results
Chubb Limited (NYSE: CB) announced its financial results for the third quarter ended September 30, 2024, showcasing robust growth in income and premiums despite challenging market conditions.
Key Financial Metrics
| Metrics | Q3 2024 Reported | % Change YOY | Consensus Estimate |
|---|---|---|---|
| Total Revenue | $12.54 billion | - | $12.54 billion |
| Net Income | $2.32 billion | 13.8% | - |
| Earnings Per Share (EPS) | $5.70 | 15.6% | $4.98 |
| Core Operating Income | $2.33 billion | 14.3% | - |
Chubb Limited exceeded Wall Street consensus estimates for the quarter, significantly boosting its net income and EPS. This performance reflects strong underwriting and investment income growth.
Revenue Performance by Segment
| Segment | Q3 2024 Reported | % Change in Constant Dollars |
|---|---|---|
| Global P&C (Excludes Agriculture) | 7.6% growth | 8.5% growth |
| North America P&C | 7.8% growth | - |
| Life Insurance | 10.6% growth | - |
| Agriculture | -9.3% decline | - |
Strong performance across Chubb's segments, notably in Global P&C and Life Insurance, drove overall revenue growth, despite a downturn in the Agriculture segment due to lowered commodity prices.
Key Developments and Operational Highlights
- Pre-tax Catastrophe Losses: $765 million, including $250 million from Hurricane Helene.
- Investment Income: Record pre-tax net investment income of $1.51 billion, up 14.7%.
- Book Value: Book value per share increased by 8.0% from June 30, 2024.
Executive Comments
Evan G. Greenberg, Chairman and CEO, highlighted the quarter's success, stressing the company's record underwriting and investment income. Greenberg praised Chubb's favorable P&C conditions and strong underwriting margins, projecting continued growth through P&C revenue, investment income, and life premiums.
Shareholder Returns
- Total capital returned to shareholders was $782 million, comprising share repurchases of $413 million and dividends of $369 million.
Forward Guidance
Chubb did not provide specific forward guidance in the earnings release. However, CEO comments suggest confidence in continued earnings growth.
Stock Price Movement
Following the earnings release, Chubb's stock experienced a decline of approximately 0.97%, reflecting mixed market reactions to the financial results.
Chubb Limited has demonstrated notable resilience and operational strength, positioning itself well for sustained future growth.
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