Chubb reported third-quarter net income of $2.84 billion, up 1.5% from $2.80 billion a year earlier, while per-share net income rose 4.4% to $7.30 from $6.99.
Core operating income slipped 2.2% to $2.98 billion, but core operating income per share edged up 0.8% to $7.66 from $7.60.
Consolidated net premiums written increased 1.9% to $15.14 billion from $14.87 billion. Property and casualty net premiums written rose 1.9% to $13.18 billion from $12.93 billion, while life insurance net premiums written increased 1.4% to $1.96 billion from $1.93 billion.
Within property and casualty, underwriting income fell 8.8% to $2.06 billion from $2.26 billion as the combined ratio worsened to 84.1% from 81.8%. On a current accident-year basis excluding catastrophe losses, underwriting income increased 3.3% to $2.26 billion from $2.18 billion, and the combined ratio inched up to 82.6% from 82.5%.
Catastrophe losses jumped to $705 million from $285 million a year earlier. Favorable prior-period development rose to $511 million from $361 million.
North America commercial property and casualty net premiums written declined 2.7% to $5.51 billion from $5.66 billion. Major accounts, retail and excess-and-surplus wholesale fell 5.0% to $3.21 billion, while middle market and small commercial rose 0.8% to $2.30 billion. The segment’s combined ratio widened to 86.3% from 81.5%.
North America personal property and casualty net premiums written increased 5.3% to $1.91 billion from $1.81 billion. North America agriculture rose 5.1% to $1.54 billion from $1.47 billion.
Overseas general net premiums written climbed 6.7% to $3.49 billion from $3.28 billion, with consumer insurance up 7.2% and commercial insurance up 6.3%. By region, Latin America rose 11.7%, Asia 7.5% and Europe 6.8%.
Life insurance segment income increased 11.4% to $369 million from $332 million. International life insurance net premiums written and deposits collected rose 15.7% to $2.44 billion.
Pre-tax net investment income increased 8.6% to $1.79 billion, and adjusted net investment income rose 6.3% to $1.89 billion.
Operating cash flow reached a record $6.07 billion, while adjusted operating cash flow was $5.55 billion.
Chubb returned $1.57 billion to shareholders in the quarter, including $1.18 billion in share repurchases and $393 million in dividends. Year to date, capital returned totaled $4.47 billion, made up of $3.30 billion in buybacks and $1.17 billion in dividends.
For the first nine months, net income rose 12.9% to $8.02 billion from $7.10 billion, and core operating income increased 21.0% to $8.60 billion from $7.11 billion. Per-share net income climbed 16.2% to $20.46, while core operating income per share advanced 24.5% to $21.94.
Nine-month consolidated net premiums written rose 1.9% to $45.90 billion, including a 1.9% increase in property and casualty premiums written to $40.02 billion and a 1.4% rise in life premiums written to $5.89 billion. Following these announcements, the company's shares moved -0.98%, and are now trading at a price of $356.27. If you want to know more, read the company's complete 8-K report here.
