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 P/C net premiums excluding agriculture were up 7.6%. P/C 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 Chubb
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