Chubb(CB) - 2024 Q3 - Quarterly Results

Financial Performance - Chubb Limited reported net premiums written of $13,829 million for the quarter ended September 30, 2024, representing a 5.5% increase from$ 13,104 million in the same quarter of 2023[4]. - The company achieved a core operating income of $2,334 million, up 14.3% from$ 2,041 million year-over-year[4]. - Chubb's net income for the quarter was $2,324 million, a 13.8% increase from$ 2,043 million in the previous year[4]. - The company reported a diluted earnings per share of $5.70, which is a 15.2% increase from$ 4.95 in the same quarter of 2023[4]. - The effective tax rate for the quarter was 17.7%, slightly higher than the 16.8% reported in the same quarter last year[4]. - The company reported net realized gains of $198 million in Q3 2024, up from$ 104 million in Q2 2024[5]. - The company reported a net income of $2,324 million for Q3 2024, up from$ 2,043 million in Q3 2023, reflecting a year-over-year increase of 13.7%[39]. Underwriting Performance - The P&C combined ratio improved to 87.7%, down from 88.4% in the same quarter last year, indicating better underwriting performance[4]. - Chubb's P&C underwriting income was $1,457 million, reflecting an 11.7% increase from$ 1,305 million year-over-year[4]. - The combined ratio for Q3 2024 improved to 86.5%, compared to 84.2% in Q3 2023, indicating a slight deterioration in underwriting performance[11][12]. - The loss and loss expense ratio for Q3 2024 was 63.1%, an increase from 60.6% in Q2 2024[6]. - The CAY combined ratio excluding catastrophes for Q3 2024 was 80.8%, compared to 84.0% in Q3 2023, showing an improvement in operational efficiency[11][12]. Premiums and Revenue - Life Insurance net premiums written increased by 6.8% to $1,552 million, compared to$ 1,452 million in the prior year[4]. - Gross premiums written for Q3 2024 reached $16,761 million, an increase from$ 16,491 million in Q2 2024 and $14,425 million in Q1 2024[5]. - Total consolidated premiums reached$ 13.829 billion in Q3 2024, a 5.5% increase from $13.104 billion in Q3 2023[10]. - Total net premiums written for Q3 2024 reached$ 13,829 million, an increase from $13,104 million in Q3 2023, representing a growth of 5.5% year-over-year[11][12]. Investment Income - Adjusted net investment income rose to$ 1,640 million, reflecting a 15.9% increase compared to $1,415 million in the prior year[4]. - Adjusted net investment income for Q3 2024 was$ 1,640 million, up from $1,415 million in Q3 2023, reflecting a growth of 15.9% year-over-year[11][12]. - The investment portfolio's total market value reached$ 153,327 million as of September 30, 2024, compared to $146,304 million in June 2024, marking a growth of 4.4%[25]. Expenses - Policy acquisition costs in Q3 2024 were$ 2,324 million, an increase from $2,226 million in Q2 2024 and$ 2,207 million in Q1 2024[5]. - Administrative expenses for Q3 2024 remained stable at $1,094 million, consistent with Q2 2024[5]. - The company reported total administrative expenses for Q3 2024 were$ 104 million, up from $99 million in Q2 2024[22]. Assets and Liabilities - Total assets increased to$ 250.557 billion as of September 30, 2024, up from $238.551 billion in June 2024, representing a 5.3% increase[8]. - Total liabilities increased to$ 180.437 billion as of September 30, 2024, compared to $173.976 billion in June 2024, marking a 7.9% increase[8]. - The company reported a total financial debt of$ 16,131 million as of September 30, 2024, an increase from $14,731 million in June 30, 2024[34]. Market and Economic Conditions - The average market yield of fixed income investments decreased to 5.2% in September 2024 from 5.9% in June 2024[25]. - The company emphasizes the importance of non-GAAP measures for understanding overall results, despite their differing definitions across companies[37]. - Future outlook includes a focus on enhancing underwriting performance and managing market risks effectively[37].