Greenberg cites "another great quarter" in interim financial results

Greenberg cites “another great quarter” in interim financial results | Insurance Business New Zealand

Insurance News

Greenberg cites “another great quarter” in interim financial results

Improvements 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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