Chubb shows robust Q3 results

Its net income more than doubles to $2.04b.

Chubb reported robust financial results for the third quarter which saw its net income leap 157.8% to $2.04b.

The cumulative figures for the nine months revealed net income soaring by 45.5% and core operating income hitting a record high at $5.9b, showing an increase of 24.7%.

In the Property and Casualty (P&C) sector, net premiums written experienced an 8.4% increase to $11.7b. 

Global P&C premium growth stood at 12.3%, with commercial lines rising by 10.3% and consumer lines showing a strong increase of 17.6%. 

In North America, commercial P&C premiums experienced a 10.5% increase, while financial lines saw a modest 1% growth. 

Notably, its substantial U.S. middle market business achieved its highest growth rate of the year at 16.3%, and our leading high-net-worth personal lines business continued its exceptional performance with a growth rate of 9.6% for the quarter.

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“Our Overseas General division had a great quarter with premiums up 21.4%, including double-digit growth in Europe, Asia Pacific, and Latin America. Huatai contributed 7.5 percentage points to Overseas General's growth. In our Asia-focused international life business, premiums were up nearly 20%, including the impact of Huatai,” the Chubb statement said.

On the life insurance front, net premiums written displayed a healthy 14.9% increase. International life insurance net premiums written achieved $1.21b, up by 19.7%, and segment income reached $288m. The inclusion of Huatai Life played a significant role in the growth of International Life net premiums written.

Chubb's investment income also experienced a boost, with pre-tax net investment income in the quarter rising by 34.2%. 

Annualised return on equity (ROE) was an impressive 15.5%, while annualised core operating ROE reached 13.5%. Annualised core operating return on tangible equity (ROTE) stood at an impressive 21.2%.