Chubb reports Q3 2023 results

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Chubb reports Q3 2023 results | Insurance Business America















Quarterly numbers contribute to record nine months


Insurance News

By
Terry Gangcuangco

Chubb Limited’s performance in the third quarter of 2023 has formed part of a record nine months.

According to the insurer, here’s how it fared in the period ended September 30:







Metric

Q3 2023

Q3 2022

9M 2023

9M 2022

Net income

$2.04 billion

$792 million

$5.73 billion

$3.94 billion

Cigna integration expenses and other, net of tax

$12 million

$17 million

$42 million

$33 million

Core operating income, net of tax

$2.04 billion

$1.31 billion

$5.93 billion (a record)

$4.76 billion

 

The company’s net premiums written in Q3 grew 9.1%. Of this consolidated result, property & casualty, global P&C (excludes agriculture), and life insurance all posted growth. Underwriting income for both P&C and global P&C increased as well, as did the segment income for life insurance.

“We had another outstanding quarter which contributed to a record nine months,” Chubb chair and chief executive Evan G. Greenberg said in a release.

“Our performance in the quarter included double-digit global P&C premium revenue growth, world-class P&C underwriting results, record net investment income, and strong life operating income. Over $2 billion of core operating income led to per-share earnings growth of 58.1% for the quarter and 27.5% for the year.”

The CEO added that his camp is confident in Chubb’s ability to continue growing revenue and operating earnings.

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