Early Access

10-QPeriod: Q1 FY2024

Chubb Ltd Quarterly Report for Q1 Ended Mar 31, 2024

Filed April 26, 2024For Securities:CB

Summary

Chubb Ltd. reported a strong first quarter for 2024, with net income attributable to Chubb of $2.1 billion, a 13.3% increase year-over-year. This growth was driven by solid performance in its Property & Casualty (P&C) insurance segments, evidenced by a P&C combined ratio of 86.0%, an improvement from 86.3% in the prior year. Net premiums written across the company surged by 14.1% to $12.2 billion, boosted by the ongoing consolidation of Huatai Group and broad-based growth in commercial and personal lines. Net investment income also saw a significant increase of 25.7% to $1.4 billion, reflecting higher reinvestment rates and the inclusion of Huatai's portfolio. The company demonstrated robust operating cash flow of $3.2 billion. While total capital returned to shareholders through dividends ($350 million) and share repurchases ($316 million) amounted to $666 million, Chubb's shareholders' equity grew by $1.0 billion during the quarter, despite unrealized investment losses of $648 million. The effective tax rate decreased to 13.0% from 16.9%, partly due to a deferred tax benefit related to Bermuda tax law. Overall, Chubb's first quarter results indicate a healthy and growing business with effective risk management and strong investment performance.

Financial Highlights

39 data points
Beta

Revenue

$12.89B

Net Income

$2.14B

0.2% Net Margin

EPS (Diluted)

$5.23

Total Assets

$234.87B

Cash & Equivalents

$2.65B

Free Cash Flow

$3.22B

Financial Statements
Beta
Revenue$12.89B
Interest Expense$178.00M
Net Income$2.14B
EPS (Basic)$5.28
EPS (Diluted)$5.23
Shares Outstanding (Basic)405.66M
Shares Outstanding (Diluted)409.74M

Key Highlights

  • 1Net income attributable to Chubb increased by 13.3% to $2.1 billion.
  • 2Consolidated net premiums written grew by 14.1% to $12.2 billion, with P&C lines up 12.4% and Life Insurance up 26.3%.
  • 3Net investment income rose by 25.7% to $1.4 billion due to higher reinvestment rates and the consolidation of Huatai Group.
  • 4The P&C combined ratio improved slightly to 86.0% from 86.3%, indicating solid underwriting performance.
  • 5Operating cash flow was strong at $3.2 billion.
  • 6Chubb returned $666 million to shareholders via dividends and share repurchases while growing total shareholders' equity.
  • 7The effective tax rate decreased to 13.0% from 16.9%, aided by a deferred tax benefit.

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