Q2 2024 Chubb Ltd Earnings Call Transcript
Key Points
- Chubb Ltd (CB) reported a core operating EPS of $5.38, up 9.3% year-over-year.
- Premium revenue growth was strong across North America P&C, international P&C, and life insurance segments.
- Investment income grew by more than 25%, reaching $1.5 billion.
- Life segment income increased by 8.7%, with international life income up double digits.
- The company achieved a combined ratio of 86.8%, indicating excellent underwriting results.
- P&C underwriting income was flat due to higher catastrophe losses globally.
- Catastrophe losses amounted to $580 million, up from $400 million in the prior year.
- Financial lines pricing was down 3.2%, with rates down about 3.5%.
- The corporate run-off portfolio had adverse development of $93 million, mostly from molestation-related claims.
- The company noted that the underwriting environment in financial lines is not favorable, leading to a strategic reduction in this area.
Good morning. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Chubb Limited second quarter 2024 conference call. (Operator instructions)
I would now like to turn the call over to Karen Beyer, Senior Vice President, Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to our June 30, 2024, second quarter earnings conference call. Our report today will contain forward-looking statements, including statements relating to company performance, pricing, and business mix (technical difficulty) growth opportunities, and economic and market conditions which are subject to risks and uncertainties and actual results may differ materially. Please see our recent SEC filings, earnings release, and financial supplement, which are available on our website at investors.chubb.com for more information on factors that could affect these matters. We will also refer today to non-GAAP financial measures,
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