Chubb’s Q3 P&C underwriting income climbs 12% to $1.5bn

Global property and casualty insurer Chubb has reported P&C underwriting income for Q3 2024 of $1.46 billion, up 11.7% from the same period in 2023, with a combined ratio of 87.7%.

This occurred despite the firm disclosing pre-tax catastrophe losses of $765 million in Q3, including $250 million from Hurricane Helene, compared with $670 million last year.

Meanwhile, Chubb’s P&C current accident year underwriting income excluding catastrophe losses was a record $1.98 billion, up 11.5%, with a combined ratio of 83.4%.

For the first nine months of 2024, P&C underwriting income was $4.28 billion, up 8.4%, and $5.41 billion, up 11%, on a current accident year excluding catastrophe losses basis, leading to a combined ratio of 83.4%.

At the same time, Chubb’s P&C net premiums written in Q3 2024 stood at $12.28 billion, up 5.4%, or 6.1% in constant dollars from the same period of 2023.

Elsewhere, in the firm’s Global Reinsurance segment, Q3 2024 net premiums written were $352 million, up 34.8% from Q3 of 2023.

However, the combined ratio in this segment climbed to 94.4% in Q3 2024 from 81.3% in the same period of 2023.

As for the Global P&C segment (excluding Agriculture), net premiums written increased 7.6% in Q3 2024 to $10.9 billion.

Underwriting income in Chubb’s Global P&C segment in the quarter was up 10.2% to $1.32 billion, while the combined ratio slightly improved at 87.3%.

In the firm’s life segment, net premiums written in Q3 2024 were $1.55 billion, up 6.8 % from the same period of 2023.

With all this in mind, Chubb’s total consolidated net premiums written in Q3 2024 were around $13.83 billion, up 5.5% from Q3 2023.

The firm’s total Q3 2024 net income was $2.32 billion, up 13.8%, and core operating income was $2.33 billion, up 14.3%.

For the first nine months of 2024, Chubb’s net income and core operating income were a record $6.70 billion and $6.75 billion, up 16.9% and 13.8%, respectively.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented, “Commercial P&C underwriting conditions globally, including North America, financial lines aside, are favorable in both property and casualty.

“In fact, our property and casualty pricing in aggregate in North America, led by rate, improved over prior quarter and pricing is ahead of loss-cost inflation.

“In our consumer P&C operations, underwriting and growth conditions are attractive, and we grew both our North America high-net-worth and international personal lines businesses at a double-digit pace in constant dollars.

“In summary, we had another excellent quarter and are having a record earnings year. Notwithstanding the fact that we are in the risk business, with so many opportunities and avenues for growth globally, we remain confident in our ability to continue growing our operating earnings and EPS at a superior rate through P&C revenue growth and underwriting margins, investment income, and life income.”

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