In spite of incurring nearly $1 billion in pre-tax net losses from Hurricane Ian, Chubb reported a combined ratio of 93.1 for the third quarter of 2022, representing $710 million in underwriting income.
Property/casualty underwriting income was up 15% compared to third-quarter 2021, when the combined ratio was almost the same—93.4.
According to an earnings statement published late yesterday afternoon, $1.16 billion of P/C catastrophe losses added 11.3 points to the third-quarter 2022 combined ratio, while a similar level of cat losses ($1.15 billion pretax) added 12.2 points to the third-quarter combined ratio last year.
Hurricane Ian contributed $975 million to this year’s total.
Chubb’s net written premiums jumped more than 10%, with North American commercial lines showing the most growth among Chubb’s reporting segments (up 11.4%).
Still, net income was down for the quarter, falling to $812 million compared to $1.8 billion in third-quarter 2022. Chubb attributed the decline to the adverse impact of realized investment losses, amounting to just over $0.5 billion (principally due to mark-to-market impact on derivatives and private equities as well as from sales in fixed income securities).
Net income also fell for the nine month period to just over $4 billion, compared to $6.4 billion for the first nine months of 2021.
Topics Trends Profit Loss Property Casualty
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