Chubb, the New Jersey-based insurer, has reported an 11.7% increase in property/casualty (P/C) underwriting income in Q3, with a combined ratio of 87.7. This contributed to the firm’s Q3 net income of approximately $2.2bn, up 13.8% from the previous year. CEO Evan G. Greenberg stated that Chubb is “having a record earnings year,” with net income for 2024 up almost 17% to a record of around $6.7bn as of the end of September.
The Q3 results included pretax catastrophe losses of $765m, including $250m from Hurricane Helene. However, pretax favorable prior year development was $244m in Q3 compared to $200m a year ago during the same period. Consolidated net premiums written were approximately $13.8bn, up 5.5% compared to Q3 2023. Global P/C net premiums, excluding agriculture, were up 7.6%, while P/C net premiums increased by 5.4% over Q3 2023.
Greenberg noted that premiums in North America were up 7.8%, with 10% growth in high net worth personal insurance and a 7.2% increase in commercial. He also stated that commercial P/C aggregate pricing in North America “improved over prior quarter and pricing is ahead of loss-cost inflation.” North America commercial P/C had a Q3 combined ratio of 85.5%, with net premiums written up 7.2% to $5.5bn. The company’s personal insurance business in North America had a Q3 combined ratio of 81.3%, which was nine points better than the prior year.
Chubb’s impressive Q3 results and record earnings year reflect the company’s continued growth and success. Despite significant pretax catastrophe losses, the firm’s favorable prior year development and increased premiums written demonstrate its resilience and ability to navigate challenging market conditions. With commercial P/C pricing improving and net premiums written increasing in North America, Chubb appears to be well-positioned for continued success in the future.
Related topics：
