Greenberg cites "another great quarter" in interim earnings
Greenberg cites “another great quarter” in interim earnings | Insurance Business Australia
Insurance News
Greenberg cites “another great quarter” in interim earnings
Increases seen in core operating income and net income
Insurance News
By
Terry Gangcuangco
Chubb Limited chair and chief executive Evan G. Greenberg (pictured) is happy with the insurer’s performance in the three months ended June 30, calling the period “another great quarter” for the company.
Here’s how Chubb performed in the second quarter:
Metric
Q2 2024
Q2 2023
Property and casualty underwriting income
US$1.418 billion
US$1.425 billion
Global P&C (excludes agriculture) underwriting income
US$1.383 billion
US$1.337 billion
Life insurance segment income
US$276 million
US$254 million
Net income
US$2.230 billion
US$1.793 billion
Core operating income, net of tax
US$2.196 billion
US$2.044 billion
Commenting on the numbers, the CEO said: “We had another great quarter which contributed to record six-month results. Per-share core operating income in the quarter was up 9.3% while record year-to-date operating income was up 15.7%. Our P&C underwriting results in the quarter were simply excellent in spite of a higher level of catastrophe losses, highlighted by a published combined ratio of 86.8%, and supported by record ex-CAT current accident year underwriting income of $1.8 billion and a combined ratio of 83.2%.
“Adjusted investment income topped US$1.5 billion, up nearly 26% and a record, and we grew life segment income about 11.5% in constant dollars with international life up over 15%. We produced double-digit premium revenue growth across the globe with strong results in our North America P&C, international P&C, and life insurance divisions.”
Greenberg went on to say: “In summary, we had a great quarter, and our results reflect the strength, breadth, and depth globally of the company. We are confident in our ability to continue growing our operating earnings at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.”
In the first half, Chubb’s net income grew 18.7% to US$4.373 billion.
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