2023-07-25 17:42:47 ET
Chubb ( NYSE: CB ) stock perked up 2.7% in Tuesday after-hours trading after turning in Q2 earnings that advanced past Wall Street expectations thanks to robust underwriting results.
"Our exceptional underwriting performance was driven by strong P&C premium revenue growth, excellent current accident year underwriting margins with a record combined ratio of 83.3%, favorable prior period reserve development, and a moderate level of catastrophe losses," said Chairman and CEO Evan G. Greenberg.
Q2 core operating income (net of tax) of $4.92 per share, beating the $4.42 average analyst estimate, rose from $4.41 in Q1 and from $4.22 in the year-earlier quarter.
Net premiums earned came in at $11.0B for the three months ended June 30, compared with $10.1B for the three months ended March 31 and $9.55M a year ago.
P&C underwriting income of $1.43B rose from $1.21B in the prior quarter and slipped from $1.44B in Q2 2022.
Pretax P&C catastrophe losses, net of reinsurance and including reinstatement premiums, of $400M vs. $458M in Q1 and $291M in Q2 2022.
Adjusted net investment income was $1.15B, down from $1.20B in Q1 and up from $888M a year before.
Conference call on July 26 at 8:00 a.m. ET.
More on Chubb:
- SA's Quant system rates CB a Buy
- Chubb: Opportunity To Buy An Insurer In Strong Financial Condition
- Chubb authorizes new $5B share buyback
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Chubb stock rises after Q2 earnings climb past consensus