Chubb Reports Strong Q3 2024 Earnings with Double-Digit Growth

Chubb Limited has reported its financial results for the third quarter of 2024, showcasing a strong performance with a net income of $2.32 billion, translating to $5.70 per share, marking a 15.2% increase compared to the previous year. The core operating income also witnessed substantial growth at $2.33 billion or $5.72 per share. The positive results are attributed to robust growth in both Property & Casualty (P&C) underwriting and net investment income, with global P&C and life insurance net premiums written up by 8.5% and 10.6%, respectively, in constant dollars.

Evan G. Greenberg, Chairman and CEO of Chubb, emphasized the quarter's outstanding performance, driven by strong contributions from all divisions despite facing industry-wide catastrophe losses. The company reported an impressive combined ratio of 87.7%, reflecting efficient underwriting practices, even amid challenges posed by catastrophes. Premium revenue growth was significant across Chubb’s North America P&C, International P&C, and Life Insurance divisions.

Overall, Chubb’s third quarter financial results contribute to what is shaping up to be a record year for the company, as they continue to leverage growth opportunities while maintaining financial strength in both their underwriting and investment income. This success in the insurance market underlines Chubb's robust business strategy and operational capabilities.