Chubb sees profits jump 58% on premium growth and underwriting income

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Global insurer Chubb’s third-quarter net profit climbed more than 58% year-on-year, as premium gains continued their double-digit climb.

The insurer’s third-quarter net income reached $ 1.83 billion in the quarter, or $ 4.18 per share. That compares to just under $ 1.2 billion, or $ 2.63 per share. Year over year, results reflect an improvement of nearly 59%.

“Chubb had a very strong third quarter, evidenced by exceptional growth in premium income globally and simply excellent underwriting results,” said Chubb Chief Executive Officer Evan Greenberg.

Net P&C written premiums increased 16.9% globally for the quarter, driven by 22.0% growth in the commercial lines. Total net non-life insurance premiums written in North America increased 17.1%, including growth of 22.4% in commercial insurance and 0.6% in consumer insurance.

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P / C underwriting revenue for the quarter was $ 617 million, up 57.5%, resulting in a combined P / C ratio of 93.4, compared to 95.2 for the quarter of the previous fiscal year.

This strong underwriting result for the quarter was achieved despite higher catastrophe losses of $ 1.15 billion, compared to $ 925 million the previous year.

In nine months, Chubb generated technical income of $ 2.4 billion and a combined ratio of 90.4% despite a high level of disaster-related losses since the start of the year. “The growing impact of climate change on a global scale is evident in the industry results, and we are responding thoughtfully but quickly to ensure we maintain an adequate risk-adjusted return on the businesses we write,” Greenberg said.

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Greenberg said Chubb continues to capitalize on “robust commercial pricing terms for P / Cs” in most places around the world. The results: Business lines grew 22.5% in North America and over 20.5% in Chubb’s international operations.

Chubb’s international consumer lines business is recovering from the continuing effects of the pandemic on consumer activity, Greenberg said. The results for this sector show that premiums increased by almost 10% during the quarter.

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Here are the additional third quarter results:

  • Consolidated gross written premiums reached $ 13 billion, up from $ 11.2 billion a year ago.
  • Consolidated net written premiums reached $ 10.5 billion, up from $ 9 billion in the third quarter of 2020.
  • Net P / C written premiums were $ 9.9 billion, an increase from nearly $ 8.5 billion last year.
  • Consolidated net investment income reached $ 866 million in the quarter, compared to $ 840 million last year.

Source: Chubb

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