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Chubb Reports $235 Billion in Assets

Chubb Limited, the Swiss-incorporated holding company of the Chubb Group of Companies, reported its consolidated operating results for the three months ended March 31, 2024. The company's total assets stood at $235 billion, with total Chubb shareholders' equity, excluding noncontrolling interests, at $60.5 billion. Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance.

Financial Highlights for the Three Months Ended March 31, 2024: Net income attributable to Chubb was $2.1 billion, a 13.3% increase from the prior year period. Consolidated net premiums written were $12.2 billion, up 14.1%, driven by strong P&C underwriting results and the consolidation of Huatai Group's life and P&C businesses. Pre-tax net investment income was $1.4 billion, a 25.7% increase from the prior year period, primarily due to strong operating cash flow and the consolidation of Huatai Group. Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $435 million and $347 million, respectively. The P&C combined ratio was 86.0%, an improvement from 86.3% in the prior year period, primarily due to lower catastrophe losses and higher favorable prior period development. Operating cash flow was $3.2 billion, compared with $2.3 billion in the prior year period.

Net Premiums Written for the Three Months Ended March 31, 2024: Property and other short-tail lines grew 16.5% globally due to strong premium retention, including rate and exposure increases, and strong new business. Commercial casualty grew 16.1% globally due to strong retention, including rate and exposure increases, and strong new business. Personal lines, including homeowners and automobile, saw significant growth, with personal automobile net premiums written increasing by 50.4%. Life Insurance segment net premiums written increased by 26.3% due to the impact of the consolidation of Huatai Group on July 1, 2023.

Chubb's financial performance in the first quarter of 2024 reflects strong underwriting results, robust premium growth, and improved investment income, driven by the consolidation of Huatai Group and strong operating cash flow. The company also experienced improved P&C combined ratios and significant growth across various product lines. The market has reacted to these announcements by moving the company's shares 0.3% to a price of $246.65. If you want to know more, read the company's complete 10-Q report here.

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