Chubb Ltd (CB, Financial) released its earnings report on October 24, 2023, revealing a significant increase in its net income and core operating income for Q3 2023. Both figures stood at $2.04 billion each, or $4.95 per share, marking a substantial rise from the previous year. The company's year-to-date net income per share also saw a notable increase of 48.9%, reaching $13.79. This was accompanied by a record core operating income per share of $14.27, up 27.5%.
Financial Performance
Chubb Ltd (CB, Financial)'s financial performance for Q3 2023 was marked by several key achievements. The company reported consolidated net premiums written of $13.1 billion, up 9.1% from the previous year. This was driven by a 12.3% increase in Global P&C premiums. However, the company's book value per share and tangible book value per share decreased by 0.3% and 10.2% respectively, from June 30, 2023, and now stand at $128.37 and $70.89 respectively.
Ownership Interest in Huatai Group
Effective July 1, 2023, Chubb Ltd (CB, Financial) increased its aggregate ownership interest in Huatai Group (Huatai) to 69.6%. This strategic move positively impacted the company's earnings, with the consolidation accounting beginning in Q3 2023. The financial position of Huatai is reported at 100%, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only the company’s ownership interest and exclude the non-controlling interest.
CEO's Commentary
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented on the company's performance, stating:
We had another outstanding quarter which contributed to a record nine months. 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."
Looking Ahead
Chubb Ltd (CB, Financial) remains confident in its ability to continue growing revenue and operating earnings, which in turn drive EPS, through the three engines of P&C underwriting income, investment income, and life income. The company's strategic investments and robust financial performance position it well for continued growth and success in the future.
