Chubb Continues ‘Record’ Year With 13.8% Jump in Q3 Net Income

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 property/casualty net premiums excluding agriculture were up 7.6%. Property/casualty 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.