Chubb recorded an 11.7% increase in P/C underwriting income with a combined ratio of 87.7 as part of third quarter net income of about $2.2 billion, up 13.8%.
CEO Evan G. Greenberg said the Whitehouse Station, New Jersey-based insurer is “having a record earnings year.”
Net income for 2024 as of the end of September was up nearly 17% to a record of about $6.7 billion.
Results for the third quarter included pretax catastrophe losses of $765 million, including $250 million from Hurricane Helene.
Pretax favorable prior year development was $244 million in Q3 compared to $200 million a year ago during the same period.
Consolidated net premiums written were about $13.8 billion, up 5.5% compared to Q3 2023. Global property/casualty net premiums excluding agriculture were up 7.6%. Property/casualty net premiums were 5.4% over Q3 2023.
Greenberg, in a statement, said 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 said 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 turned in a Q3 combined ratio of 85.5% with net premiums written up 7.2% to $5.5 billion.
The insurer’s personal insurance business in North America logged a Q3 combined ratio of 81.3 — nine points better than the year prior.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
The Good and Bad About Being an Independent Insurance Agent 
New York High Court Unleashes Expanded Liability for Pet Owners 
AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S 
Florida Class Action Targets Litigation Funding Firm Over Data Breach From This Issue
