Chubb reports Q3 2023 performance
Chubb reports Q3 2023 performance | Insurance Business Canada
Insurance News
Chubb reports Q3 2023 performance
Quarterly numbers part of record nine months
Insurance News
By
Terry Gangcuangco
Chubb Limited’s performance in the third quarter of 2023 has formed part of a record nine months.
According to the insurer, here’s how it fared in the period ended September 30:
Metric
Q3 2023
Q3 2022
9M 2023
9M 2022
Net income
US$2.04 billion
US$792 million
US$5.73 billion
US$3.94 billion
Cigna integration expenses and other, net of tax
US$12 million
US$17 million
US$42 million
US$33 million
Core operating income, net of tax
US$2.04 billion
US$1.31 billion
US$5.93 billion (a record)
US$4.76 billion
The company’s net premiums written in Q3 grew 9.1%. Of this consolidated result, property & casualty, global P&C (excludes agriculture), and life insurance all posted growth. Underwriting income for both P&C and global P&C increased as well, as did the segment income for life insurance.
“We had another outstanding quarter which contributed to a record nine months,” Chubb chair and chief executive Evan G. Greenberg said in a release.
“Our performance in the quarter included double-digit global P&C premium revenue growth, world-class P&C underwriting results, record net investment income, and strong life operating income. Over US$2 billion of core operating income led to per-share earnings growth of 58.1% for the quarter and 27.5% for the year.”
The CEO added that his camp is confident in Chubb’s ability to continue growing revenue and operating earnings.
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