‘Another outstanding quarter’: Chubb
Chubb’s property and casualty (P&C) underwriting income nearly doubled in the third quarter to $US1.3 billion ($2.05 billion).
The P&C combined operating ratio was 88.4%, compared with 93.1% a year earlier when Hurricane Ian led to catastrophe losses of $US975 million ($1.5 billion) and P&C underwriting income came in at $US710 million ($1.1 billion).
This year, July-September catastrophe losses were $US670 million ($1.06 billion).
“We had another outstanding quarter which contributed to a record nine months,” Chairman and CEO Evan Greenberg said. "Our underwriting results were driven by strong P&C earned premium growth, excellent current accident year underwriting margins inclusive of catastrophe losses, and favourable prior period reserve development in both North America and overseas.
“We are confident in our ability to continue growing revenue and operating earnings.”
Mr Greenberg said rates and price increases in the commercial P&C line remained strong in the quarter globally, and pricing was up 14% in North America and 12% in the international business.
Financial lines pricing was down in North America and up modestly overseas.
P&C pricing exceeded loss cost trends, which were stable in the quarter.
“We are vigilant and disciplined and are staying on top of loss cost inflation,” he said.
P&C net premiums written jumped more than 8% year-on-year to $11.7 billion ($18.47 billion) in the quarter.
In its Life business, Chubb reported quarterly income of $US288 million ($454.59 million), up 15% from a year earlier. Net premiums written grew 15% to $US1.5 billion ($2.37 billion).