Chubb reports Q3 2023 performance

Chubb reports Q3 2023 performance | Insurance Business Canada

Insurance News

Chubb reports Q3 2023 performance

Quarterly numbers part of record nine months

Insurance News

By
Terry Gangcuangco

Chubb Limited’s performance in the third quarter of 2023 has formed part of a record nine months.

According to the insurer, here’s how it fared in the period ended September 30:

Metric

Q3 2023

Q3 2022

9M 2023

9M 2022

Net income

US$2.04 billion

US$792 million

US$5.73 billion

US$3.94 billion

Cigna integration expenses and other, net of tax

US$12 million

US$17 million

US$42 million

US$33 million

Core operating income, net of tax

US$2.04 billion

US$1.31 billion

US$5.93 billion (a record)

US$4.76 billion

The company’s net premiums written in Q3 grew 9.1%. Of this consolidated result, property & casualty, global P&C (excludes agriculture), and life insurance all posted growth. Underwriting income for both P&C and global P&C increased as well, as did the segment income for life insurance.

“We had another outstanding quarter which contributed to a record nine months,” Chubb chair and chief executive Evan G. Greenberg said in a release.

“Our performance in the quarter included double-digit global P&C premium revenue growth, world-class P&C underwriting results, record net investment income, and strong life operating income. Over US$2 billion of core operating income led to per-share earnings growth of 58.1% for the quarter and 27.5% for the year.”

The CEO added that his camp is confident in Chubb’s ability to continue growing revenue and operating earnings.

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