Chubb reported third-quarter net income of $2.84 billion, up 1.5% from $2.80 billion a year earlier, while net income per share rose 4.4% to $7.30 from $6.99.
Core operating income fell 2.2% to $2.98 billion from $3.05 billion, but core operating income per share edged up 0.8% to a record $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 also 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 P&C, underwriting income dropped 8.8% to $2.06 billion from $2.26 billion. The combined ratio worsened to 84.1% from 81.8%. Excluding catastrophe losses, current accident year underwriting income rose 3.3% to $2.26 billion from $2.18 billion, and the combined ratio ticked up to 82.6% from 82.5%.
P&C catastrophe losses jumped to $705 million from $285 million. Favorable prior-period development increased to $511 million from $361 million.
Regional P&C performance was mixed. North America commercial net premiums written declined 2.7% to $5.51 billion from $5.66 billion. North America personal rose 5.3% to $1.91 billion from $1.81 billion, and North America agriculture increased 5.1%. Overseas general grew 6.7% to $3.69 billion, with Latin America up 11.7%, Asia up 7.5%, and Europe up 6.8%.
Life insurance segment income climbed 11.4% to $369 million from $332 million. International life insurance net premiums written and deposits collected increased 15.7% to $2.44 billion, while international life income rose 7.0%.
Pre-tax net investment income increased 8.6% to $1.79 billion, and adjusted net investment income rose 6.3% to $1.89 billion, both records.
Book value per share increased 5.1% year over year to $191.43, while tangible book value per share rose 5.7% to $126.96. Excluding accumulated other comprehensive income, tangible book value per share increased 15.4%.
For the first nine months, net income rose 12.9% to a record $8.02 billion, or $20.46 per share, from $7.10 billion, or $17.61 per share. Core operating income climbed 21.0% to a record $8.60 billion, or $21.94 per share, from $7.11 billion, or $17.62 per share.
Year-to-date P&C underwriting income increased 33.7% to a record $5.79 billion. On a current accident year ex-cat basis, it rose 6.1% to a record $6.39 billion.
Operating cash flow reached $6.07 billion in the quarter, and adjusted operating cash flow was $5.55 billion, both records.
Chubb returned $1.57 billion to shareholders in the quarter, including $1.18 billion of share repurchases and $393 million of dividends. For the first nine months, capital returned totaled $4.47 billion, made up of $3.30 billion in buybacks and $1.17 billion in dividends. Today the company's shares have moved 0.41% to a price of $357.75. For more information, read the company's full 8-K submission here.
